Loan Agreement review
Commercial loan agreement (term / revolver) with affirmative + negative + financial covenants. LSTA / ABA model baseline.
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What it checks
Default + acceleration
Promissory note must address events of default and acceleration on default.
Critical · BNK-005
Loan amount, facility type, purpose
Loan agreement must state the loan amount, facility type (term / revolver), and use of proceeds.
Critical · BNK-007
Interest rate / margin / floor
Loan agreement must state the interest rate / margin / floor (SOFR / prime / fixed).
Critical · BNK-008
Affirmative covenants
Loan agreement must include affirmative covenants (financials, compliance, books-and-records).
Critical · BNK-009
Negative covenants
Loan agreement must include negative covenants (debt incurrence, liens, restricted payments, asset sales).
Critical · BNK-010
Financial covenants
Most loan agreements include financial covenants (leverage, interest coverage, fixed-charge coverage, minimum liquidity).
Warning · BNK-011
Events of default + cross-default + cure periods
Loan agreement must enumerate events of default with cure periods and cross-default to material indebtedness.
Critical · BNK-012
Reg Z disclosures (consumer loans only)
Consumer-purpose loans must include TILA / Reg Z disclosures (APR, finance charge, amount financed, total of payments).
Warning · BNK-013
Confession of judgment / cognovit clause
A confession-of-judgment (cognovit) clause lets the holder obtain judgment without notice or a hearing; it is void in consumer credit and prohibited or unenforceable in many states.
Critical · BNK-051
Waiver of non-waivable Article 9 debtor protections
Detects a security agreement or finance lease purporting to waive the debtor protections U.C.C. § 9-602 makes non-waivable — notice of disposition, commercial reasonableness, the right to redeem, the deficiency calculation, or the breach-of-the-peace limit on self-help repossession.
Critical · DARK-015
Every run also applies 111 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.
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