kovr
WhyHowDemo
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Receivables Financing Facility Agreement147
SCHEDULE 2 — ELIGIBILITY CRITERIA
3. A Receivable shall constitute an Eligible Receivable if, on the relevant Determination Date, each of the following criteria is satisfied:
(a) the related Installation has been completed and a Completion Certificate delivered to the Servicer;
(b) the related System has been connected to the grid and a Grid Connection Confirmation received from the relevant DSO;
(d) the original term does not exceed 240 months;
(f) no amount payable is more than 60 days past due;
Comment · J.M.: "is (b) tested monthly?"
EXECUTION VERSION · 0091234-0000045 EUO3: 2007541234.14
asset_tape_2026-08-31.csv — 8,512 rows
loan_id,asset,kwp_kwh,balance_eur,rate,term_m,dpd,grid_conf,dso DE-2025-031420,PV+BESS,9.84/10.2,48210.00,5.49,180,0,TRUE,Netze BW DE-2025-031421,HP,11.0kW,32900.50,5.49,240,12,TRUE,Bayernwerk DE-2025-031427,PV,12.30,51400.00,5.29,240,0,FALSE,Westnetz DE-2025-031428,EVC,22kW,27115.20,5.49,120,3,TRUE,Avacon DE-2024-018273,PV,6.40,19880.00,5.99,180,61,TRUE,Netze BW DE-2025-031429,PV+HP,8.2/9kW,44002.75,5.49,240,0,TRUE,SH Netz … 8,506 more
[BORROWER SPV] GmbHSchedule 5 · Form of
Borrowing Base Certificate
To:[Facility Agent], [Lender]Determination Date:31 August 2026Reference:BBC-2026-08
Aggregate Outstanding Balance218,304,990less: Ineligible Receivables(13,379,777)Eligible Receivables Balance204,925,213Advance Rate85.00%Borrowing Base174,186,431Outstanding Loans171,250,000Availability / (Shortfall)2,936,431
Received
03 Sep 2026 · Agent
Authorised Signatory, Borrower
Verification Agent
RE: RE: RE: BB Certificate Aug — recon + missing DSO confirmations
From: [Lender] Portfolio Ops · To: Treasury · Cc: Facility Agent, Counsel, Auditor
Hi both — we recalculated from the tape you sent Tuesday and get EUR 174,006,431, not 174,186,431. Delta of 180,000. Also 3(b): 212 PV loans have no grid connection confirmation on file — tested monthly or at onboarding? Please resend v15 with the recon tab.

Thanks,
M.
BB_Aug_v14_FINAL(2).xlsxrecon_MK.xlsx
Netze BWNetzanschlussbestätigung
Grid Connection Confirmation
Anlage / AssetPV 9.84 kWp + BESS 10.2 kWhStandort / Site71634 Ludwigsburg, DEZählpunkt / MaLo-IDDE0012345678900000000000000123456Inbetriebnahme14.03.2025Loan ref.DE-2025-031420
MaStR-Nr. SEE9123456789 · Einspeisezusage erteilt3(b) ✓
borrowing_base_Aug_v14_FINAL(2).xlsxAutoSave — Off
E4fx=VLOOKUP(A4,'Tape (old)'!A:K,11,0)
A
B
C
D
E
1
Loan ID
Balance EUR
DPD
Term
Eligible?
2
DE-2025-031420
48,210.00
0
180
=IF(AND(D2<=60,E2<=240),"Y","N")
3
DE-2025-031421
32,900.50
12
240
Y
4
DE-2025-031427
51,400.00
0
240
#REF!
5
DE-2025-031428
27,115.20
3
120
Y
6
DE-2024-018273
19,880.00
61
180
Y
7
DE-2025-031429
44,002.75
0
240
Y
8
BB_AugTape (old)Tape_v2Recon ⚠
every month. the same paper.↓ scroll
For the facilities financing rooftop solar, heat pumps, home batteries and EV chargingMemo 01/26Europe first

The borrowing base, run
by hand, in Exceldeleted · kovr

We turn the facility agreement into rules, run the asset tape through them every month, and produce the certificate your lender signs.
Solar§Heat pumps§Batteries§EV charging§Every contract, every month§0 differences§
Solar§Heat pumps§Batteries§EV charging§Every contract, every month§0 differences§
Why this exists
Three hundred pages of covenants. Eight thousand contracts. One certificate a month, built in a spreadsheet nobody can audit.
The agreement should run itself.
8,512contracts tested in one run
41sfrom tape to exception list
0differences on lender recalculation
figures illustrative
01
kovr · §1 · the agreement becomes rules→kovr · §1 · the agreement becomes rules→kovr · §1 · the agreement becomes rules→kovr · §1 · the agreement becomes rules→
kovr · §1 · the agreement becomes rules→kovr · §1 · the agreement becomes rules→kovr · §1 · the agreement becomes rules→kovr · §1 · the agreement becomes rules→
§1Exhibit A — the agreement
The agreement becomes rules.
Three hundred pages of eligibility criteria and covenants become a checklist. A person approves every line before it runs.
Exhibit A
Schedule 2 — Eligibility Criteriap. 147
3. A Receivable shall be an Eligible Receivable if, on the relevant Determination Date, each of the following criteria is satisfied: (a) the Installation has been completed; (b) the related System has been connected to the grid and a Grid Connection Confirmation has been received from the relevant Distribution System Operator; (d) the original term does not exceed 240 months; (f) no amount payable is more than 60 days past due; (g) the Outstanding Principal Balance does not exceed EUR 150,000.
grid_connection_confirmed == true original_term_months <= 240 days_past_due <= 60
02
kovr · §2 · every contract, every month→kovr · §2 · every contract, every month→kovr · §2 · every contract, every month→kovr · §2 · every contract, every month→
kovr · §2 · every contract, every month→kovr · §2 · every contract, every month→kovr · §2 · every contract, every month→kovr · §2 · every contract, every month→
§2Exhibit B — the tape
Every contract, every month.
The asset tape goes through the rules. Exceptions come back with the reason and the fix. No spreadsheets, and no model in the monthly run.
Exhibit B
Contract
Test
Result
DE-2025-031420
all 11 criteria
pass
DE-2025-031421
all 11 criteria
pass
DE-2025-031427
3(b) grid connection not confirmed
FAIL
DE-2025-031428
all 11 criteria
pass
DE-2025-031429
all 11 criteria
pass
DE-2024-018273
3(f) 61 days past due
FAIL
DE-2025-031431
all 11 criteria
pass
… 8,505 more rows · 41 s
03
kovr · §3 · the lender gets the same record→kovr · §3 · the lender gets the same record→kovr · §3 · the lender gets the same record→kovr · §3 · the lender gets the same record→
kovr · §3 · the lender gets the same record→kovr · §3 · the lender gets the same record→kovr · §3 · the lender gets the same record→kovr · §3 · the lender gets the same record→
§3Exhibit C — the certificate, with carbon copy
The lender gets the same record.
Certificate, data tape, exception list, audit trail. The lender recalculates from the same numbers, so there is nothing left to reconcile.
Exhibit C
Borrowing Base Certificate · Determination Date 31 Aug
Eligible Receivables Balance204,925,213
Advance Rate85.0%
Borrowing Base174,186,431
Borrower
Verification Agent
Lender recalculation · 0 differencescc: lender
One record.
Two seats.
OriginalPlatforms
Residential energy companies with a warehouse line prepare the month, cure exceptions and sign.
Carbon copyLenders
The credit funds and banks behind them verify it, line by line, from the same record.
§
See it on your facility.
Bring one agreement and one tape. We will show you the first certificate.
Request a demo
kovr
Solar · Heat pumps · Batteries · EV charging
Figures on this page are illustrative.