Can Quillio analyse loan facility agreements?
Yes. I analyse loan facility agreements — bilateral and syndicated — against the APLMA template as the baseline. I flag non-standard clauses, identify commercial risk areas (financial covenants, events of default, negative pledge, change of control), and produce a structured advice memo for borrower or lender counsel.
What I cover
Facility mechanics (commitment, drawdown, interest, repayment), representations and warranties, covenants (affirmative, negative, financial), events of default, acceleration, and security. I map each clause against the APLMA primary documents to highlight what is non-standard.
Financial covenants
Financial covenants are the most negotiated commercial term. I extract the ratio definitions and test them against realistic forecasts from the borrower's management accounts to flag headroom risk.
Change of control
Change of control clauses now commonly capture private equity exits and fund restructures. I flag the trigger, the cure mechanism, and whether consent is absolute or not to be unreasonably withheld.
Step-by-step
- Upload the facility. Upload the agreement, the schedules, and any side letters.
- Specify the side. Borrower or lender. I adjust the memo accordingly.
- Provide financials. If you want me to test the financial covenants, upload the borrower's management accounts.
- Review. I return an advice memo with non-standard clauses, commercial risk areas, and redline suggestions.
Common issues
- The APLMA template has multiple versions — I apply the most recent unless you tell me otherwise
- Side letters often change the commercial terms more than the main agreement — I prompt for them
- Financial covenant headroom depends on forecasts I cannot verify — I flag the assumption
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