Extract the covenant package into a monitoring table
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Extract each financial and reporting covenant, the testing dates and the definitions it uses into a fixed table from the credit agreement the lawyer supplies.
- What the lawyer must review
- Check every extracted ratio and definition against the agreement. A defined term in the front of the document can change the test. This table is for monitoring. It is not a compliance certificate. Opinion 512 and Model Rule 1.6: do not load the agreement into a public tool.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes extracting and organising information. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Review operative clauses in the complete document, including definitions, cross-references, schedules and inconsistencies with the instructions.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.
Forms and precedents for this task
| Form or precedent | Kind | AI use | Summary |
|---|---|---|---|
| US contractual covenant compliance certificate | Letter | AI use Yellow | A contractual certificate that the borrower completes against covenants extracted from the facility. |
Signed-in accounts can read the full text of each one. All precedents.