In the Analysis Tab in the Document view, when placing the cursor over a term (for this example case, we are using the "Free and Clear Amount"), an icon will appear next to the term. When clicking on this icon, a separate screen will appear displaying the details of that specific term. There are various metrics in this section including favorability, prevalence, term score, related clause, charts/graphs, and accessible instruments - all of which will be covered in this article.

The underlying data in this view is automatically set to a default comp set. This default data set takes into account all similar public documents scraped from SEC Edgar as well as any privately uploaded documents by your company. To change this data set, utilize the filter button located in the upper right corner of the screen. Here, you can pull in consortium data (if this is a part of your company's subscription), compare against all privately uploaded deals, and narrow down by Sponsor, EBITDA, leverage, etc.

Find out more about each section of the drill-in analysis below,

Based on either the default data set or a comp set of your choosing, you will notice that the favorability section gives you three numbers. These numbers show how borrower or lender friendly the term is compared to the data set. In our example, we see that 52% of the data is more favorable to the lender, 1% is equivalent, and 47% is more favorable to the lender. By hovering over the grey "i", you will see the summary of this explanation.

The prevalence will display the percentage of documents within the data set actually contain the term being analyzed. So, in our example case, we see that 73% of the documents within the default data set contain a "Free and Clear Amount".

The term score is a number from 0-10. The lower the score, the more borrower-friendly the term is. The higher the score, the more lender-friendly the term is. A neutral score will value at or around 5. This number will not change based on the data set. For this example, you see a neutral score of 4.4/10.

Included in the drill-in analysis is the clause related to the term that is being viewed. This gives you easy access to review the underlying language within the agreement. If the term is affected by an uploaded amendment, you will be able to see the language between the amendments here as well.

Based on the specific term you are drilling into, there will be a number of graphs and charts available for you to visualize some of the data. Let's take a look at a few charts you might see on the platform.

Moving Average Trendline Graph

This graph visualizes how the document term, in our example, the "Free and Clear Amount", stacks up among the data set. The yellow line represents the 365-day average with one standard deviation above and below over a seven-year period based on the percentage of EBITDA. If the EBITDA is provided, you will see a green dot in this graph which indicates where the document in the current view sits compared to the data. The grey dots represent other accessible instruments within the data set - also shown on the right-hand side of the graph.

Density Graph

The density graph shows how lender or borrower friendly the term is relative to the data set. At the top of this graph, the arrows in blue will indicate which way the data leans. The green line represents the selected instrument/document and the yellow line represents the median of the data set. The 20th and 80th percentiles are indicated by the two grey lines, respectively. In the example used here, the "Free and Clear Amount" agreed upon in the document was slightly more lender friendly than the median of the data set.

Existence Trendline Graph

This graph displays the percentage of instruments that contain the term within the document over a seven-year period. Similar to the Moving Average Trendline Graph, the yellow line represents the 365-day average and the green dot represents the selected instrument.

Next to each graph/chart, you will see a section for "Accessible Instruments". This corresponds to the documents you are able to access and view within the data set that powers the charts. If you applied a filter, you will only see accessible documents within that filter set. Any of the documents under this section are selectable to either add to a portfolio or compare using the actions button.