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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 121 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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