How do I use Kls Desk's Debt Tracking application as a Borrower or Issuer?

In this article, you'll find our step-by-step guide to using the Desk Kls.

1. Initialize your account

When the operation manager invites you to access the operation, you will automatically receive an e-mail notification:

• Initialization, if you don't yet have an account 
• Invitation if you already have an account 

Email notification is sent via no-reply@kls-desk.com. Here is an example of an initialization email:

Click on “Complete the profile” and enter your surname, first name, job title, password and telephone number.

Once your account has been initialized, you can access your transaction. The “consult the operation” button takes you to Kls' Desk home page. 

You will have a unique account that will allow you to access all the operations to which you are invited.

2. Accessing the platform

Access to the platform is via the login portal:

The page can be accessed via this link: https://app.kls-platform.com/login.

Once logged in, simply click on the folder you wish to view.

3. Detail of each tab 

a. Operation details and access management

In this tab, you'll find general information on the operation entered by the operation manager: operation summary, financing tranches and pool.

Click on the entity managing your operation to consult its administrative informations:

The managerial contacts in charge of the operation are listed.

How do I add or revoke access to an operation?

Access to your entity's operation is managed by both the operation manager and the customer: once the operation has been published by the operation manager, the entity contacts he or she has entered receive an invitation by e-mail.

These contacts can then add and revoke accesses as required (employees of your entity, consultants, etc.). 

To modify contacts, go to the desired folder in the operation details tab, then click on “administrative form and access”: 

Then click on “File access management”:

• To add a contact: click on “Add a user”, enter the user's e-mail address and job title, then click on “Invite a user”. The user will automatically receive a notification to access the operation.
• To revoke access, click on the three dots at the end of the line concerned, then on “revoke folder access”. This user will be visible in the “users no longer having access to file” tab. The actions performed by this contact will remain. For example, the documentation he has uploaded to the dataroom and the covenants he has responded to will remain traceable.

Added users all have the same rights to the operation.

The words “account activated” indicate that the user has created an account. You can send an e-mail notification to a non-activated user by clicking on the three dots.

When modifications are made to a folder access, you and the operation manager can see the changes automatically: your interfaces are mirrored.

b. Dataroom 

The dataroom enables users with access to the folder to share documents securely with a limited number of users: the operation manager and your entity's contacts with access to the folder.

You benefit from two sub-directories: 

• The confidential folder is a directory available to your entity, where you can store documentation without sharing it with the operation manager. Only your entity's contacts added to the folder will have access to it.
• The Agent / Client or Lead Partner / Client shared directory is a directory shared between the operation manager and your entity. When you add files to this folder, the operation manager automatically gains access to them.

A summary notification listing the documents added to the dataroom is sent automatically to the operation contacts, on a daily recurring basis. See the section on automatic notifications..

Here's an example of an email: 

If no changes have been made, no notification is sent.

c. Covenant control

When the operation is created, the operation manager dematerializes the contractual covenants in the covenant list tab.

Once the covenants have been created and published by the administrator, the covenant control tab is automatically populated: this is where you provide proof of compliance with your credit contract covenants.

How does the covenant control table work?

Covenants checks are sorted by test date, from the oldest to the most recent, to enable you to quickly identify the covenants that require your attention.

For each control listed, you will find : 

• The covenant wording
• Status: 
  • Waiting: the test date for the covenant has passed, so you can respond as soon as possible.
  • Waiting (with clock): the covenant deadline has passed.
  • Coming: this covenant is not yet due, so you can respond at a later date.
  • Result received: your entity has responded to the covenant (or the operation manager who has the authority to respond on your behalf).
  • Validated: the operation manager has validated the covenant.
  • Result KO: the value entered is not as expected. Example: the value of a ratio must be < 3 and the value entered is 3.5, the result will automatically appear KO. The operation manager will then have the option of validating the result or declaring a break.
  • Non-compliant: the operation manager has declared the result non-compliant. You can respond to the covenant again.
  • Breach noted: the operation manager has declared a breach of covenant. A waiver may subsequently be drawn up by the operation manager.
• Expected result: may be either a document or a value, depending on the nature of the covenant.
• Result received: if a result has been entered, “document” or “value X” will be displayed.
• Control date: the date appears only if the operation manager has controlled the covenant.
• Covenant test date and deadline.
• The result of the waiver vote.

Once the covenant has been processed by the operation manager, it will be traced in the “archived controls” page, accessible by clicking on the button in the top right-hand corner of your screen. It then disappears from your dashboard and is available for consultation at any time.

A control is archived following these actions:

• In the case of a syndicated loan: the operation manager has validated or declared a breach and then shared the result with the pool. 
• In the case of a bilateral loan: the operation manager has validated or declared a breach and then archived the covenant.

Filters are available to facilitate your search: 

Simply click on the desired filter to display the corresponding covenants and click again on the same filter to deactivate it.

How do I respond to a covenant?

Click on the desired covenant in the covenant control tab.

You will be asked whether the expected value is a document or a value.

• If a document: add one or more files.
• If it's a value: enter the expected value to validate your entry. You can add one or more optional documents.

Once you've entered the files and/or value, click on “Share”. The operation manager will automatically receive a notification to inform him/her that you have responded to a covenant and can process it.

The “View previous results” button lets you view previous checks. In our example, if any checks have been carried out on the “quarterly reporting” covenant, they will be traced here.

The “View applicable framework” button allows you to view the details of the covenant: test dates and deadlines, periodicity, contract extract, etc. Consult the section on covenant list

d. Covenant list

The covenant list tab displays the contract covenants entered by the operation manager.

The settings shown automatically create the controls available in the covenant control tab.

4.     Automatic notifications

You will automatically receive email notifications to inform you of events related to your file. All your entity's contacts on the file will be alerted automatically:

• When a covenant expires, or if a covenant has passed its due date. This notification is also sent to the operation manager.
• If a result is declared non-compliant by the operation manager or if he declares a breach of covenant.
• When covenants are validated.
• When the operation manager adds documentation to the dataroom.

The operation manager will also be alerted automatically :

• When you respond to a covenant.
• When you add documentation to the dataroom.