This multinational investment bank and financial services holding company client acts as trustee for a large portfolio of complex loan agreements and they wanted to assign their role away to a separate counterparty. In order to do this they needed to understand precisely what assignment provisions are contained in the loan agreements and what form each assignment needs to be in with respect to all the other parties.
The key driver for the client was to reduce risk on their book of loans and to find sufficient resource and technological capabilities to be able to complete the work quickly and accurately.
Condor proposed to load the agreements into its bespoke data extraction engine, Liberty, and instruct the system to perform a number of steps:
- Digitise each agreement so that they become consistently searchable
- Create a conformed version of the agreement using the original agreement and all subsequent amendments
- Using the latest version, extract the relevant information, and put it into a specific format so that it could be reviewed by a team of senior associates in order to prepare the relevant assignment notices
Condor processed roughly 300 of these loan agreements, at a rate of approximately 20 per day. Each document had multiple amendments (most agreements had more than 10 amendments over their lifespan) and Liberty extracted around 10 discreet pieces of information, as well as various term definitions from each agreement.
Condor completed the extraction workload in three weeks.
A Fieldfisher Partner provided oversight working with a Condor Resourcing Senior Lawyer who managed the engagement with a project manager based in London and a Legal technologist and paralegal in South Africa supporting the work.
