mercurium-document-format: our open-source layout spec
We're publishing the canonical document schema every Mercurium agent consumes — hierarchies, definitions, cross-references, annotations — as an open specification. One format, any document, any downstream model.
The full paper — analysed and reconstructed
Every page parsed into typed elements — headings, paragraphs, tables, figures — with annotation highlights, definitions, and chart analysis where the consultant ran one.
Classification & Fact Intelligence
Structure & navigationClassification & Fact Intelligence
Document composition, structure & navigationDocument Intelligence
AI-powered search & extractionDocument Intelligence
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Semantic search, chunk retrieval, and agentic extraction across the full document are available to Mercurium consultants.
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Page 1 — mercurium-document-format: our open-source layout spec
CHAPTER 2
Sample LBO Deal Documentation
Chapter Contents
$ \§ 2.01 $ Sample LBO Deal Documentation
[1] Events Leading Up to The LBO
[2] Financing
[a] Equity Financing
[b] Debt Financing
[c] Asset-Based Revolving Facility
[d] Term Loan Facility and the Senior Secured Notes
[e] Bridge Facilities
[f] Existing Senior Notes and Debentures
$ \text{§ 2.02} $ Model Letter of Intent
§ 2.03 Note on No Shop/No Solicit
$ \§ 2.01 $ Sample LBO Deal Documentation $ ^{1} $
For ease of understanding the sample deal documents in this text, herewith a summary of a leveraged buyout transaction that involves the acquisition of a Delaware public company ("Target") by an investor group led by two well-known large private equity investors (the "Sponsors") pursuant to an Agreement and Plan of Merger, dated as of April 1, 2005 (the "Merger Agreement").
The parties to the Merger are:
Target, Inc.
A public company.
1 Contributing Editors, Lorraine Massaro and Ricardo Hollingsworth, Kirkpatrick & Lockhart Nicholson Graham LLP.
2-1
CHAPTER 2
Sample LBO Deal Documentation
Chapter Contents
$ \§ 2.01 $ Sample LBO Deal Documentation
[1] Events Leading Up to The LBO
[2] Financing
[a] Equity Financing
[b] Debt Financing
[c] Asset-Based Revolving Facility
[d] Term Loan Facility and the Senior Secured Notes
[e] Bridge Facilities
[f] Existing Senior Notes and Debentures
$ \text{§ 2.02} $ Model Letter of Intent
§ 2.03 Note on No Shop/No Solicit
$ \§ 2.01 $ Sample LBO Deal Documentation $ ^{1} $
For ease of understanding the sample deal documents in this text, herewith a summary of a leveraged buyout transaction that involves the acquisition of a Delaware public company ("Target") by an investor group led by two well-known large private equity investors (the "Sponsors") pursuant to an Agreement and Plan of Merger, dated as of April 1, 2005 (the "Merger Agreement").
The parties to the Merger are:
Target, Inc.
A public company.
1 Contributing Editors, Lorraine Massaro and Ricardo Hollingsworth, Kirkpatrick & Lockhart Nicholson Graham LLP.
2-1
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Why open-source this at all
The Mercurium Document Format (MDF) is the schema every one of our downstream agents consumes — classification, questionnaire, background checks, M&A Q&A, every one of them. It has been the single biggest accelerator of velocity in the company: when every component reads the same shape, you compose them, not integrate them.
We're opening the specification because we think the industry is over-indexing on model benchmarks and under-indexing on the interchange format between them. A better format lifts every model.
What's in the spec
- Structural hierarchy — chapters, sections, sub-sections, definitions, schedules and exhibits, with a deterministic addressing scheme.
- Cross-reference graph — every internal reference resolves to a unique anchor, every external reference carries a typed target hint.
- Annotation layer — amounts, dates, entities, persons, locations, percentages — each with confidence, provenance and original-source character range.
- Image block — first-class representation of figures, tables, signatures and seals, with an optional interpretation field.
- Lineage — every fact tracks which model produced it, when, and with what confidence — so audits never have to guess.
What we expect from the community
We'd love for vendors and researchers to adopt the format, push extensions back, and benchmark models against a common target. The schema, a reference validator and the first converter (PDF → MDF) will ship in the next release.
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