Calculation Agent for Structured Credit

Credibur replaces manual, spreadsheet-based calculation agents with fully automated infrastructure, delivering accurate outputs, formal investor reports, and a complete audit trail on every reporting date.

Fully automated calculations

Waterfall distributions, interest and fee calculations, advance rate determinations, and borrowing base outputs generated automatically on each reporting date.

Independent and conflict-free

Credibur holds no lending, origination, or investment position in your transaction. Our outputs are produced by a neutral infrastructure layer with no commercial entanglement with any party.

Formal investor and lender reporting

Distribution notices, borrowing base certificates, lender reports, and ESMA securitization reports produced and delivered directly to stakeholders on schedule.

Portfolio Monitoring

Eligibility criteria, concentration limits, and covenant thresholds are monitored continuously against live portfolio data. Breaches are discovered early and reported automatically.

Full audit trail

Every calculation is logged, versioned, and traceable. Lenders, investors, and regulators can request a complete record of inputs, methodology, and outputs for any reporting date.

What is a Calculation Agent?

A calculation agent is the independent party in a structured credit transaction responsible for performing and certifying the financial calculations that determine how cash flows are distributed among stakeholders.

This includes: waterfall and interest calculations, borrowing base determinations, eligibility testing and advance rate calculations, concentration limit monitoring, and the production of distribution notices and formal investor reports.

The role is sometimes referred to as determination agent in certain CLO and derivatives structures. Across European ABS and private credit, calculation agent is the standard term.

Traditionally, this role has been handled by law firms, accountants, or in-house teams using spreadsheets and manual reconciliation. Credibur replaces it with software.

How It Works

Transaction Onboarding

Before go-live, Credibur configures your transaction and integrates with your data sources:

✓Review facility agreements and annexes

✓Configure eligibility criteria, concentration limits, and advance rate mechanics

✓Integrate with originator and SPV systems (API or file upload)

✓Build reporting templates to lender and investor specifications

✓Complete a dry run across at least one reporting period before go-live

Live Operation

On each reporting date, Credibur automatically produces and delivers:

✓Borrowing base certificate

✓Advance rate and overcollateralization calculations

✓Waterfall distribution calculations and payment instructions

✓Eligibility testing results and breach notifications (if any)

✓Distribution notices to noteholders and lenders

✓ESMA securitization reporting where applicable

Continuous Monitoring

Between reporting dates, the platform monitors continuously:

✓Real-time eligibility and covenant checks

✓Emerging risk flagging with automated alerts

✓Full audit log maintained for every reporting period

✓Live dashboard access or automated reporting to email, data room, or systems

Platform Fit

Credibur's calculation agent service is built for the operational realities of European private credit and structured finance. Our infrastructure handles the complexity of multi-tranche, multi-party transactions without manual intervention.

ABS and securitization

Multi-tranche waterfall logic, note interest calculations, overcollateralization and credit enhancement testing, and ESMA Article 7 reporting. Structured for compliance with European securitization regulation.

Trade receivables and invoice finance

High-frequency asset pools with dynamic eligibility criteria, short settlement cycles, and concentration limit monitoring. Fully automated across reporting periods regardless of volume.

BNPL facilities

Consumer asset pools with forward-flow mechanics, originator-specific eligibility filters, and lender reporting requirements handled at scale. Built for facilities where portfolio composition changes rapidly.

SME loan portfolios

Amortizing assets, complex repayment schedules, covenant-linked advance rates, and multi-lender reporting structures supported natively. Works across warehouse lines and fully funded term facilities.

Leasing

Residual value tracking, scheduled repayment reconciliation, and asset-level eligibility monitoring across lease portfolios. Handles the complexity of mixed amortization profiles and equipment-class concentration limits.

Stronger Together: Calculation Agent + Backup Servicing

Institutional lenders increasingly expect both a calculation agent and a backup servicer to be operationally capable, not just contractually present. Credibur is built to deliver both from a single infrastructure layer.

Because our calculation agent and backup servicing functions run on shared portfolio data and reporting infrastructure, onboarding is faster, there is no data reconciliation between providers, and backup servicing activation (if ever needed) is immediate.

Learn more about Credibur Backup Servicing

Discuss calculation agent services for your transaction