by Agentronics

AGX Finance · ABL borrowing-base study · Synthetic example

Does the collateral support
the availability you report?

A challenged receivable changes this example from $25,000 of available borrowing to a $15,000 overadvance. The CFO’s question is whether the reported borrowing base and availability are supported by the eligible collateral and agreed facility rules.

Covenant verification remains our lead offer. Borrowing-base review is complementary where an asset-based facility makes it relevant. It is separate from the demonstrated planning workflow; ABL availability is not a planning input.

Synthetic demonstration agreement. Demo Receivables Ltd, its ledger, eligibility attestations and submitted certificate are fictional. This receivables-only example does not establish source authenticity, legal perfection, lender acceptance or customer production readiness. Human approval authorizes analysis, not a lender submission or borrowing transaction.

30 September 2026 · Synthetic USD facility

Challenge the collateral.
Check the reported position.

$25,000baseline available borrowing
$15,000overadvance after the challenged exclusion
$40,000overstatement in each unchanged certificate field after exclusion

A certificate can match the calculation and still show an overadvance. Certificate agreement and facility status answer different questions. The review reports both, alongside human authorization and verification.

01 / Financial exposure

What changes when
one invoice is excluded?

The fictional facility has $1.2 million of receivables, a $600,000 commitment, $450,000 of funded principal and $25,000 of letter-of-credit usage. A $200,000 invoice from debtor A is challenged. Gross receivables remain unchanged; its eligibility treatment changes.

Treatment of challenged invoiceCalculated borrowing baseSigned availabilitySubmitted certificateFacility position
Included with eligibility evidence$500,000$25,000MatchesAvailable
UnresolvedUndeterminedUndeterminedNo comparisonCannot determine
Excluded; original claims retained$460,000−$15,000Each field overstated by $40,000Overadvanced

The unchanged submitted certificate states a $500,000 borrowing base and $25,000 availability. Exclusion reduces the calculated base by $40,000. With $475,000 of principal and LC usage, the calculated position becomes a $15,000 overadvance.

Unresolved eligibility prevents determination. A conditional preview can show the consequence of an explicit hypothesis, but cannot resolve the canonical record or confer approval.

02 / Financial workings

Follow the deductions.
Preserve the signed result.

US dollarsBaselineExclude challenged invoice
Gross receivables$1,200,000$1,200,000
Eligible receivables before concentration$1,000,000$800,000
Per-debtor concentration limit$250,000$200,000
Collateral after concentration$650,000$600,000
80% advance$520,000$480,000
Lender reserve$20,000$20,000
Borrowing base$500,000$460,000
Principal plus LC usage$475,000$475,000
Signed availability$25,000−$15,000

The authored agreement caps each debtor at 25% of eligible receivables before concentration deductions, applies an 80% advance to aggregate capped collateral, then subtracts the reserve. Permitted usage is the lower of the borrowing base and commitment. Availability deducts funded principal and LC usage once.

Which eligibility rules apply here?

Included invoices must be ordinary trade receivables, owned and covered by an affirmative synthetic first-priority-lien attestation, owed by domestic unaffiliated debtors and undisputed. Maximum invoice age is 90 calendar days and maximum past-due age is 60 days, inclusive. These are authored demonstration terms, not assumed market standards. The gross ledger must reconcile to its retained control balance.

Inventory, cross-aging, dilution, debtor-specific exceptions, foreign currencies, collateral appraisal and legal lien verification are outside this example. Customer terms require their own reviewed definition and acceptance evidence.

03 / Review before sign-off

Resolve the evidence.
Approve the exact record.

  1. Inspect. Review the receivable ledger, debtor identities, facility balances, eligibility evidence and submitted certificate.
  2. Challenge and resolve. Mark disputed treatment unresolved. A resolution creates a new unapproved revision; a preview remains conditional.
  3. Prepare and approve. Check completeness and preparation, then deliberately approve the exact displayed revision. Approval does not calculate.
  4. Calculate and inspect evidence. Read certificate differences and facility status separately. Retain the approved records and workings for review.

Changed inputs require fresh preparation and approval. A completed overadvance analysis remains a completed analysis with an adverse financial result. The finance owner retains responsibility for source accuracy, agreement interpretation and external reporting.

04 / Evidence & limits

Review the workings.
Understand the boundary.

The synthetic workflow was checked locally and on the deployed service on 26 October 2026. Both reproduced $25,000 of available borrowing and, after exclusion, a $15,000 overadvance, matching independently worked reference calculations. Unresolved eligibility prevented determination. A conditional preview remained unapproved; the reviewer’s resolution required separate preparation and exact-revision approval before calculation.

The deployed checks rejected unapproved calculations, forged approvals and stale records. The adverse result reopened with its retained evidence; a separately altered copy of that evidence failed verification. These checks demonstrate the bounded synthetic review workflow, not customer performance or production readiness.

Download the public financial results ↓
Download the financial workings ↓
Download the public evidence package ↓

The download contains only synthetic financial facts and explanatory workings. Its unsigned file checksums check public-file integrity; they do not establish legal review, source authenticity or human approval.

This example is a synthetic receivables-only review. It does not authenticate source records, certify a lender report, establish legal compliance or demonstrate production readiness. ABL availability is not connected to the planning demonstrations.

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