CHECKLIST: WHAT TO SEND TO THE BANK’S COUNSEL

Here is a basic checklist of items to send to counsel when you’ve made the decision to engage
counsel on a troubled commercial loan:

1. All loan documents signed by borrower, guarantor or bank, including promissory notes,
credit or loan agreements, loan and security agreements, security agreements, guaranties,
certifications of trust, corporate resolutions and the like.

2. A printout showing the current outstandings.

3. Copies of the UCC-1 financing statements, amendments and continuation statements.

4. A recent UCC search.

5. The most recent borrowing base certificate.

6. The most recent appraisal of the equipment and inventory.

7. The loan policy of title insurance.

8. Where relevant, major commercial leases.

9. The most recent appraisal of the real property.

10. Entity documents, such as the LLC operating agreement or the limited partnership
agreement.

11. The credit authorization and all variances that have been approved.

12. Correspondence between borrower or guarantor and the bank.

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