Borrowing Base
Where does the information for the borrowing base come from in the loan docs?
The Operating Provisional Worksheet
What Reporting requirements can be included in a standalone note?
PFS, TR and RR
If the covenant record is changing in the guaranty agreement-- what is the doc action
Amend and Restate
Does the covenant code need to match the nCino selections within the covenant record
Yes
Does the borrowing Base have its own separate covenant record?
Yes
Does a married couple that will have to have a joint guaranty have to have separate covenant records in nCno?
Yes- each person individually needs to have a covenant record ex. both need to have a Tax Return listed
If all covenants are being deleted- what is the best practice for the doc action?
Amend/restate
What action needs to take place if the covenant record isnt correct in nCino?
Covenant code is missing is a task to Post
Covenant code/parameters discrepancy is a Chatter to Underwriting and Post
Do 100% attorney prepared borrowing bases need a Ops Provisional Worksheet
No
What Reporting Requirements support the borrowing Base?
Accounts Recievable, Accounts Payable, Inventory, BBC, Livestock Reports or FS
What document do you refer to get the codes for Negative Covenants and direction for the correct selections in CLW?
Allowed changes to Standard Documents/Additional Provisions
What documents can you reference to get further information on the covenant/Reporting requirement codes and how to enter them into CLW
Loan Agreement reporting requirements and Financial Covenants on Legal's website
If something is changing in the Borrowing Base- what is the doc team action for docs
To amend and restate the borrowing base by uploading the new Ops Provisional Worksheet. We can do this with an amendment to the Note or an amend/restate
How do we remove a rest period without amending/restating the note?
In facility tab -> Revolving Info tab = None
Add CLW Deal Comment: "Rest period is being removed with this renewal per Credit Approval.
What doc types can Covenants be documented on?
Term loan Note and Agreement and Revolving Credit Note and Agreement
What documents should you review to ensure that the covenant listed in nCino is accurate?
Credit Memo, Post Underwriter checklist, Financial Covenant codes and Reporting Requirement codes
State the difference between the Borrowing Base and the Borrowing Base Certificate from a doc perspective
Borrowing Base is added language in the RLOC Agreement that comes from information on the Ops Provisional Worksheet. The BBC is a reporting requirement that the borrower provides to meet the requirements of the borrowing base provisions
If an Annual Financial Statement is required- what 4 fields are needed in nCIno to complete the CLW?
Frequency, # of days for delivery, Statement type, and reporting format (prepared by subject party) etc.
What Negative Covenant can be removed without Amending/Restating the loan document?
Permitted indebtedness and Liens and Distributions (TD-6)
Amending/Restating a note/agreement, guaranty or on a new loan