{
  "version": "1.3.0",
  "releasedAt": "2026-05-20",
  "kpi": {
    "rogueId": "fundraising.venture_debt_covenant_status",
    "slug": "venture_debt_covenant_status",
    "domain": "fundraising",
    "defaultLabel": "Venture Debt Covenant Status",
    "description": "Stoplight state of the venture-debt facility covenants — typically minimum-cash, minimum-ARR or revenue, maximum-burn, customer-concentration, and material-adverse-change clauses (per the standard Bessemer / Battery Ventures venture-debt primers). A covenant trip can freeze the draw line, accelerate repayment, or both. Common pitfall: covenants are not always actively monitored between board meetings — drift between an internal forecast and a covenant threshold can cross the line silently. Boards should require monthly covenant headroom reporting when material debt is drawn.",
    "fieldType": "text",
    "unit": null,
    "maturity": "general",
    "suggestedForStages": [
      "seriesA",
      "seriesB",
      "seriesC"
    ],
    "defaultOwningFunctions": [
      "Finance"
    ],
    "stageRelevance": {
      "seriesA": "recommended",
      "seriesB": "core",
      "seriesC": "core"
    },
    "definitionSource": {
      "tier": "editorial",
      "sourceName": "imboard Editorial",
      "sourceUrl": null,
      "sectionRef": null,
      "publicationDate": "2026-04-01",
      "attributionNotice": null
    },
    "formula": "Stoplight categorical: in-compliance (with headroom) / at-risk (headroom ≤ 1 quarter) / tripped / waived. List the binding covenant and current headroom.",
    "whyItMatters": "A covenant trip can cascade into a liquidity crisis fast — frozen facility, accelerated repayment, MAC clause triggering. Board catches this only if it is on the dashboard explicitly.",
    "interpretationGuidance": "Headroom of less than one quarter on the binding covenant is \"at-risk\" — board action required. Headroom of less than one month is a crisis-management situation regardless of stoplight color. Always pair with the binding-covenant name (e.g. \"minimum cash $5M, current $7.2M, headroom = $2.2M\").",
    "relatedKpiIds": [
      "fundraising.venture_debt_drawn",
      "fundraising.venture_debt_available",
      "finance.total_cash_in_bank",
      "finance.net_burn_rate"
    ]
  }
}