MikeA legal AI workspace for banking and finance firms
Banking and finance firms use Mike to compare credit agreements against term sheets, track covenants and defined terms across loan documents, and draft closing sets and amendments in Word. Every answer cites the section and page it relied on, so an associate can verify it against the signed documents.
Updated
Attorney: Did the borrower meet the leverage covenant in the latest compliance certificate? Summarize the test and draft a notice if not.
Mike: The covenant was not met. Section 7.11 requires total leverage of no more than 4.00 to 1.00 [1], and the compliance certificate reports 4.35 to 1.00 [2]. The certificate also adds back a restructuring charge that the definition of Consolidated EBITDA does not permit [3]. I drafted a reservation of rights notice for your review.
- [1] Credit agreement, § 7.11, p. 88
- [2] Q2 compliance certificate, Schedule 1, p. 2
- [3] Credit agreement, § 1.1, p. 9
Mike created Cascadia reservation of rights.docx.
Example matter. Names and documents are fictional.
A financing is a set of documents that must be consistent: the commitment letter, the credit agreement, the security agreement, guaranties, schedules and the compliance certificate. Mike reads them together, resolves defined terms across documents, and points to the places where the paperwork disagrees with the deal the parties struck.
Cuanto Labs installs Mike for your firm, connects it to the folders where your transaction files live, and loads your own forms of loan documents and closing checklists. Non-public borrower financials stay inside your firm's own installation.
What Mike does for your practice
- Term sheet to loan document conformity
- Mike compares the commitment letter or term sheet with the draft credit agreement and lists differences in pricing mechanics, commitments, conditions, covenants and events of default, each with both pages cited. It can mark the draft with tracked changes to conform it.
- Covenant analysis
- Mike reads the financial and negative covenants, resolves the defined terms they depend on, and lays out each test in plain language. Given a compliance certificate, it checks the stated figures against the covenant and flags anything that falls outside.
- Collateral and security review
- Tabular Review pulls grantors, collateral descriptions, perfection steps, jurisdictions and filing references from security agreements and schedules into one table, so a closing checklist or a lien review begins with the documents.
- Amendment and waiver drafting
- Mike drafts amendments, consents and waivers from your firm's forms, citing the provision being changed and carrying forward the defined terms already in the credit agreement. The attorney reviews each change before it circulates.
- Closing sets and checklists
- From the signed commitment, Mike builds a closing checklist, tracks which deliverables are in the folder, and drafts officer's certificates, borrowing notices and resolutions from your forms.
- Lending and enforcement research
- Mike searches published case law on questions such as the enforceability of a guaranty waiver or the standard for a default interest claim, and reads the opinions before summarizing them. Case-law citations are checked against CourtListener.
How we set it up for your firm
- Your deal folders, connected
- We connect Mike to the drive or document system where financing files are stored, so teams ask about a loan without re-uploading the signed documents.
- Your loan document forms
- We load your credit agreement, security agreement, guaranty and closing certificate forms, so drafts follow your structure and defined terms.
- Covenant and diligence workflows
- Your standard covenant review and lender diligence steps become saved workflows, so each transaction starts with the questions your senior lawyers would ask.
- Collateral table templates
- We build Tabular Review templates for the schedules your teams track, with column names and formats that match your closing checklists.
- Compliance certificate checks
- We turn your compliance certificate and borrowing base certificate forms into a saved workflow that lists each financial test, the figure reported, and the page of the underlying document that supports it.
Questions attorneys ask
Can Mike handle long credit agreements?
Yes. Mike reads long agreements section by section, resolves defined terms across the document, and cites the page and section for each answer. Questions that depend on many cross-references, like a covenant built from several definitions, are a good fit. The attorney should still read the cited sections before relying on the summary.
Does it work for both lender and borrower sides?
Yes. The same reading and drafting tools apply on either side. We load your firm's forms and checklists, which reflect the side you usually represent, and set up saved workflows accordingly. A lender's team might run covenant tests and a borrower's team might run a conformity check against the commitment letter.
Will Mike do the financial calculations?
Mike reads the figures in the documents and can check them against a stated test, citing where each number came from. For complex models, the financial team's own tools remain the right place. Mike also generates Excel files, so a covenant schedule can come back as a workbook that an attorney can inspect.
How does it help with regulatory questions?
Mike searches published case law and works with the regulations and guidance you give it or that we connect from sources your firm subscribes to. It does not replace specialist regulatory knowledge. It can speed up the reading and the first draft of a memo, with every authority linked for the attorney to confirm.
Can Mike help with a closing checklist and signature pages?
Yes. Load the checklist from your last comparable deal, and Mike drafts a new one from the commitment letter and credit agreement, with a row for each document, responsible party and status. As signature pages arrive in the folder, you can ask which are still outstanding. The partner confirms the list, since conditions precedent turn on the actual deal terms.
Can Mike compare an amended facility with the original?
Mike can read an original credit agreement together with each amendment and restatement in the folder, then describe what the current terms are and which amendment changed them, citing section and page. It does not replace a conformed copy prepared by the agent's counsel, so treat its answer as a guide to which pages to read.
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Bring Mike to your firm.
Book a 30-minute call. Tell us about your practice and the systems your documents live in, and we'll come back with a setup plan for your firm.
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