Paste the amendments and waivers section of a credit agreement. See which sacred rights need every lender or each affected lender, which changes Required Lenders can make alone, and the carve-outs that get around them.
Free · No sign-up · Every quote verified against your text
Upload only the section you need — the free check reads up to 10,000 characters. Need the whole agreement? Continua reads complete documents.
Files are converted to text on our servers and not stored. Text is processed by our AI model provider for this check only and is not used for training.
Every lender, each affected lender, Supermajority or Required Lenders — for each category of amendment.
Principal, interest, fees, payment dates and maturity — and carve-outs such as default interest waivers.
Whether non-pro-rata exchanges, open market purchases or Dutch auctions can bypass sharing.
Collateral and guarantor releases, and whether lien or payment subordination is protected at all.
The Required Lenders threshold and whether the voting provisions themselves need every lender.
Every quote is matched word-for-word against your text. Anything that can't be verified is dropped.
Sacred rights are amendments and waivers in a credit agreement that need the consent of every lender or of each lender directly and adversely affected, rather than the Required Lenders — usually lenders holding more than 50% of loans and commitments. They typically cover principal, interest, fees, payment dates, pro rata sharing, the payment waterfall and releases of all or substantially all collateral or guarantees.
Sacred rights sit at the centre of every liability management exercise. In an uptier, a majority of lenders relies on what the sacred rights leave out — lien subordination that isn't protected, or an open market purchase exception to pro rata sharing — to prime non-participating lenders without their consent.
Our guide to liability management exercises covers the Serta, Mitel and Incora decisions and the liability management transactions behind them. To test the blockers in the negative covenants — the J.Crew, Serta and Chewy blockers — use the free LME Blocker Checker, or map everything across the agreement family with AI LME analysis.
| Change | Typical vote | Where it leaks |
|---|---|---|
| Reduce principal, interest or fees | Each affected lender | Default interest waivable by Required Lenders |
| Extend maturity or postpone payments | Each affected lender | Amend-and-extend carve-outs |
| Change pro rata sharing | Each affected lender | Open market purchase or Dutch auction exceptions |
| Change the payment waterfall | Each affected lender | Protected only where pro rata sharing changes |
| Release all or substantially all collateral or guarantees | Every lender | Releases below “all or substantially all”; releases permitted elsewhere |
| Subordinate liens or payment | Every lender or each affected lender — if listed | Often not listed at all, so Required Lenders can approve |
| Change voting provisions | Every lender | Rarely a gap |
Checking what an amendment changed? Compare the amendment with the signed agreement. Lenders can build these checks into the annual credit review.
Illustrative drafting — the kinds of language the checker classifies.
No amendment shall reduce the principal of, or the rate of interest on, any Loan without the written consent of each Lender directly and adversely affected thereby.
Flagged as protected: the change needs each affected lender.
Section 2.13 shall not apply to any assignment of Loans to the Borrower through open market purchases, which shall require only the consent of the Required Lenders.
Flagged as a loophole: buybacks can sit outside pro rata sharing with a majority vote.
No amendment shall release all or substantially all of the Collateral without the written consent of each Lender.
Flagged as a carve-out: smaller releases need only Required Lenders.
No amendment shall subordinate the Liens securing the Obligations to Liens securing any other Indebtedness without the written consent of each Lender.
When this language is missing from the section, the checker lists it as not found — a Serta-style gap.
Add the amendments and waivers section — plus the Required Lenders definition.
Each category of amendment is matched to the vote it needs, with every carve-out that lowers it.
Every quote is verified against your text; key protections the excerpt doesn't mention are listed separately.
Amendments that need the consent of every lender or every affected lender rather than Required Lenders, typically covering principal, interest, maturity, pro rata sharing and releases of all or substantially all collateral or guarantees.
Usually lenders holding more than 50% of loans and unused commitments. The exact threshold is in the definition, which the checker reads if you paste it.
Several uptier transactions relied on a majority vote plus an exception, such as open market purchases, to subordinate non-participating lenders without their consent.
Only if the agreement says so. Many older agreements did not list it, which is why the checker flags it when it is missing from the section.
It limits the consent right to lenders whose own loans are affected by the change, so a change that affects one tranche may need only that tranche's lenders.
No. It shows what the pasted text requires and where it has gaps. It is a first-pass review, not legal advice.
Files are converted to text on our servers and not stored. Text is processed by our AI model provider for this check only and is not used for training.
Upload the credit agreement, every amendment and the intercreditor. Continua follows each cross-reference and links every protection and gap to its page.