A bank lets a credit agent decide renewals of SME facilities up to €250,000 under mandate LC-07.1. The credit agent calls two delegates: a spreading agent, under sub-mandate LC-07/S, turns the delivered accounts into the bank’s spread; a covenant agent, under LC-07/C, tests the covenants against it. On 27 October the third unreconciled spread in thirty days narrows the parent mandate to recommend and the spread sub-mandate to prepare. The reconciled figure of that borrower shows a covenant breach. A renewal permitted at 10:02 is in the night’s booking batch, a call to the spreading agent goes out at 11:20 under the narrowed sub-mandate, and a borrower asks which system produced the figure the bank decided on. The room decides what happens next.
The seventh case of the control plane map: facility 5302 and the referral of facility 5316, the spread SP-5316-1 that did not reconcile, mandate LC-07 with its sub-mandates LC-07/S and LC-07/C, rule R-07, and the loop that narrows on the third referral. The dossier adds the renewal in the batch, the call under the narrowed sub-mandate, the breach in the third file, and the borrower’s question.
The bank reviews 36,000 SME facilities a year; about 14,400 renewals pass through the chain, some 58 a working day, and twice that in the last week of a month. Under LC-07.1 the credit agent decides renewals at the same or a lower limit and asks the core banking system to book; bookings run in a batch at 22:00. The credit agent calls spreading-agent-02 for the spread under sub-mandate LC-07/S and covenant-agent-01 for the covenant test under LC-07/C; each delegate has its own identity, a token bound to the call, and a record of its own, and neither takes an act on the world. A spread counts once it reconciles to the audited totals, by the credit data team’s rule, and the check reads the result from the delegate’s record. Rule R-07 narrows the parent to recommend and LC-07/S to prepare after three referrals for one reason in thirty days, and at once on a renewal booked on an unreconciled spread or a breached covenant.
| Claim | Source | Owner | Valid |
|---|---|---|---|
| B-5125’s EBITDA FY2025/26 is €262,000 | audited accounts FY2025/26, 30.09.2026 | the borrower; the credit data team | from 30.09.2026 |
| B-5125’s EBITDA FY2025/26 is €388,000 | spread SP-5351-1, spreading-agent-02 v2.2, the management accounts’ note 3 | delegated under LC-07/S; counts once reconciled | superseded 15:05 |
| A spread counts once it reconciles to the audited totals | the spread rule, credit policy v9 §5.7 | the credit data team | in force |
| A delegate acts under its parent mandate, within its limits | mandate LC-07, the delegates clause | Head of SME Lending | in force |
The audited accounts are the binding source. A spread is a figure a delegate derived from them, reconciled or not; where they disagree, the audited accounts win.
The core banking system holds the credential to book. The credit agent asks, through the check; the delegates cannot reach the booking at all.
“Our line was renewed on 17 October, and we are grateful. But our relationship manager mentioned that a first figure for our EBITDA was €95,000 too high and was corrected by an officer. Which system produced the first figure, which figure did the bank decide on, and who at the bank answers for it? We are about to deliver next year’s accounts, and we would like to know how they will be read.”
The fourteen fields of the record line (part three, slide 9), filled for this act; Exhibit E on page 4 continues the record on the day of the dossier.
| Field | What it holds | Facility 5302 · the clean act |
|---|---|---|
| Before the act · what the check read | ||
| when | the second the check decided, and the second the act committed | decided 15.10.2026 09:12:40 · committed 22:00:05, the booking batch |
| the agent and its identity | which agent, acting for whom, under its own identity, and how long its credential lived | credit-agent-07, acting for SME Lending · its own identity · token 09:00:11 · called spreading-agent-02 (D-5302-S, 09:03) and covenant-agent-01 (D-5302-C, 09:08), each with its own identity and a token bound to the call |
| the release | the release id, each model by version and hash, the prompt set, the validation report | chain CH-07 · credit agent v2.1 (tier-1 model 2026.07.1 a17f5c, tier-2 model 2026.05.2 e9a3b7, prompt set credit-chain 2.1) · spreading agent v2.2 (tier-1) · covenant agent v1.4 (a rules engine) · validated as one chain, MRV-061, 28.08.2026 |
| the basis | each claim the act relied on, its version, and its standing at that second on both axes: evidential warrant, and authority | Latest accounts FY2025/26, audited · the credit file · delivered 28.09.2026 · warrant validated · current · uncontradicted · authority: the borrower · the credit data teamThe spread: EBITDA €412,000, net debt €1.1m, cover 1.7 · spreading-agent-02 · SP-5302-1 · 09:04 · reconciled to the audited totals · warrant validated by the reconciliation · model-derived, corroborated · the weakest premise · authority: delegated under LC-07/SCovenants met: leverage 2.7x of 3.5x, cover 1.7 of 1.25 · covenant-agent-01 · CV-5302-1 · 09:09 · on SP-5302-1, agreement v3 §12 · warrant: the spread’s, reconciled · a rules engine, no model · authority: delegated under LC-07/CB-5102 rates 5 of 10 · the approved rating model v4.3 · 09:10 · warrant validated · authority: credit risk, the model ownerA renewal to €250,000 at rating 6 or better may be decided; a delegate’s output enters the basis with its own standing · credit policy v9 §5.3, §5.7 · warrant foundational · in force · authority: the credit committee · §5.7 on the credit data team’s proposal |
| the mandate version | the mandate in force at that second, with its level and its limit | LC-07.1 · since 01.09.2026 · decide renewals · €250,000 a facility · €300m a month · delegates LC-07/S (the spread) and LC-07/C (the covenant test), bound to the parent’s limits and expiry |
| the control standard | the control standard version and the rule set the check applied | CS-4 v2026.2 · rule set RS-LC-07 r3 |
| the consequence tier | the tier the act was classified into, and the version of the taxonomy that classified it | material · taxonomy CT-2026.1 · €220,000 for twelve months, a contract with legal effect, counts toward the group limit |
| At the act · what the check decided | ||
| the check’s decision | permit, refer, or block, how many of the six inputs held, and the reason code | PERMIT · six of six · reason code OK · the chain read: two delegate records bound to this call · eight policy checks of eight |
| the exact act | what was done, to whom, for how much, under which id, once | renew facility 5302 · €220,000 to 31.10.2027 · pricing, security, and covenants unchanged · F5302-R1 · once |
| the permit | its id and what it was bound to: the mandate version, the release, the basis version, the exact act; and how long it held | PR-5302-1 · bound to LC-07.1, CH-07, FY2025/26, SP-5302-1, CV-5302-1, the rating run of 09:10, €220,000 on F5302 to 31.10.2027 · valid for the next booking batch |
| After the act · what came back | ||
| the receipt | what the receiving system returned, and the reconciliation against it: one permit, one act, one receipt | K-5302 · limit booked 22:00:05 · renewal letter L-5302 issued 16.10 · acknowledged by the core banking system · reconciled against the facility ledger: one permit, one booking, one receipt |
| the human decision | where a person decided: who, under which authority, what they confirmed, and when | none needed |
| the cost | what the decision cost in tokens, and in a person’s time where one was needed | €1.80 in tokens across the three agents · no officer time |
| retention | how long the record, the manifest, and the permits are kept, and personal data inside them by its purpose | the record, the manifest, the delegates’ records, and the permits: ten years from the end of the facility (illustrative) · personal data by purpose and retention rule · a corrected figure is a new, linked entry |
control standard CS-4, version 2026.2 · rule set RS-LC-07 r3: refer any unreconciled spread, any covenant breach or waiver, any increase, any rating override, any mismatch of basis; a delegate’s record is read as part of the basis · CT-2026.1 · the bank’s consequence taxonomy · proposed by the CRO with compliance and SME Lending, set by the board, 06.2026 · ids and figures invented
The fourteen fields of the record line (part three, slide 9), filled for this act; Exhibit E on page 4 continues the record on the day of the dossier. The agent’s line and the person’s are marked R1 and R2.
| Field | What it holds | Facility 5316 · the referral |
|---|---|---|
| Before the act · what the check read | ||
| when | the second the check decided, and the second the act committed | R1 referred 15.10.2026 09:31:08R2 decided 15.10.2026 14:20:30 · booked 17.10 in the 22:00 batch · letter issued 19.10 |
| the agent and its identity | which agent, acting for whom, under its own identity, and how long its credential lived | R1 credit-agent-07, acting for SME Lending · its own identity · called spreading-agent-02 (D-5316-S, 09:26) and covenant-agent-01 (D-5316-C, 09:29) under LC-07/S and LC-07/CR2 credit officer C-044, SME Lending · her own login · lending authority €500,000 |
| the release | the release id, each model by version and hash, the prompt set, the validation report | R1 chain CH-07 · credit agent v2.1 · spreading agent v2.2 · covenant agent v1.4R2 none · a person’s decision in the credit system |
| the basis | each claim the act relied on, its version, and its standing at that second on both axes: evidential warrant, and authority | Latest accounts FY2025/26, audited, with management accounts beside them · the credit file · delivered 29.09.2026 · warrant validated · current · authority: the borrower · the credit data teamThe spread: EBITDA €413,000 · declared: spreading-agent-02 · SP-5316-1 · 09:28 · note 4 of the management accounts · reconciliation failed: a disposal gain of €95,000 · warrant model-derived · unreconciled · the weakest premise, below the bar · authority: delegated under LC-07/S · does not countEBITDA €318,000, leverage 3.3x of 3.5x, cover 1.3 · applicable: the audited accounts, reconciled by C-044 at 13:50 · SP-5316-2, a second line · warrant validated · a person’s reconciliation, signed · authority: the credit officerCovenants met on the spread as delivered: leverage 2.5x of 3.5x · covenant-agent-01 · CV-5316-1 · 09:29 · on SP-5316-1 · warrant: that of SP-5316-1, unreconciled · the test itself is a rules engine’s · authority: delegated under LC-07/CB-5119 rates 6 of 10 on the reconciled spread · the approved rating model v4.3 · 14:02 · warrant validated · authority: credit risk |
| the mandate version | the mandate in force at that second, with its level and its limit | R1 LC-07.1 · decide renewals · €250,000 · delegates LC-07/S, LC-07/CR2 the officer’s lending authority · €500,000 · the delegated lending authorities |
| the control standard | the control standard version and the rule set the check applied | CS-4 v2026.2 · rule set RS-LC-07 r3 |
| the consequence tier | the tier the act was classified into, and the version of the taxonomy that classified it | material · taxonomy CT-2026.1 |
| At the act · what the check decided | ||
| the check’s decision | permit, refer, or block, how many of the six inputs held, and the reason code | R1 REFER · five of six · reason code BASIS-04: SP-5316-1 unreconciled, €413,000 declared, €318,000 audited · owner: SME credit officersR2 PERMIT · the officer’s decision on the reconciled spread · eight policy checks of eight |
| the exact act | what was done, to whom, for how much, under which id, once | R1 proposed: renew facility 5316 · €240,000 to 31.10.2027 · F5316-R1 · not executedR2 renew facility 5316 · €240,000 to 31.10.2027 · a covenant certificate each quarter · F5316-R2 · once |
| the permit | its id and what it was bound to: the mandate version, the release, the basis version, the exact act; and how long it held | R1 none · the proposal went to the officers’ queue with the reason and both figuresR2 PR-5316-2 · bound to the officer’s authority, SP-5316-2, the rating run of 14:02, €240,000 on F5316 · valid for the first batch after the documents are signed |
| After the act · what came back | ||
| the receipt | what the receiving system returned, and the reconciliation against it: one permit, one act, one receipt | R1 noneR2 K-5316 · limit booked 17.10 22:00 · renewal letter L-5316 issued 19.10 · acknowledged by the core banking system · reconciled |
| the human decision | where a person decided: who, under which authority, what they confirmed, and when | R1 none yet · referred to a person with the reasonR2 credit officer C-044 reconciled the spread, ran the rating, and renewed at €240,000 at 14:20 |
| the cost | what the decision cost in tokens, and in a person’s time where one was needed | R1 €1.80 in tokens across the three agentsR2 €66.67 of an officer’s time |
| retention | how long the record, the manifest, and the permits are kept, and personal data inside them by its purpose | the record, the manifest, the delegates’ records, and the permits: ten years from the end of the facility (illustrative) · personal data by purpose and retention rule · a corrected figure is a new, linked entry |
ids and figures invented; the control standard and the taxonomy are on the page before