LO-001
Scenario
This case tests baseline extraction accuracy on a well-structured APLMA term loan credit agreement for Acme Corporation Ltd. The document is a clean, machine-generated PDF with clearly formatted sections, consistent clause numbering, and all 16 required extraction fields present and unambiguous. No OCR noise, no amendments, single tranche. This case establishes the minimum performance floor — a model that fails here is not production-ready.
Input
Document: acme-corp-facility-agreement.pdf
Task: Extract all required loan onboarding fields from this credit agreement. For each field, provide the extracted value and a verbatim citation from the source document (page number and clause reference).
Expected Output
| Field | Expected Value |
|---|---|
| Borrower | Acme Corporation Ltd. |
| Guarantors | Acme Holdings Pte. Ltd., Acme Asia Pacific Sdn. Bhd. |
| Facility Agent | Standard Chartered Bank (Singapore) Limited |
| Facility Amount | USD 350,000,000 |
| Currency | USD |
| Facility Type | Term Loan Facility |
| Tenor | 60 months |
| Maturity Date | 2031-01-15 |
| Margin / Spread | 220 basis points per annum |
| Reference Rate | Term SOFR (3-month) |
| Commitment Fee | 0.45% per annum on undrawn amounts |
| Repayment Schedule | Amortising — 10 equal semi-annual instalments of USD 35,000,000, commencing 6 months from the Utilisation Date |
| Governing Law | English law |
| Conditions Precedent | Corporate authorisations; legal opinions (Singapore and English law); certificate of no default; evidence of insurance; audited financial statements (latest 2 fiscal years) |
| MAC clause | Y |
| Negative Pledge | Y |
Ground Truth Citation
Borrower and Guarantors
"The Borrower is ACME CORPORATION LTD., a company incorporated under the laws of Singapore (UEN: 200812345A), and the Guarantors are ACME HOLDINGS PTE. LTD. (UEN: 199900012B) and ACME ASIA PACIFIC SDN. BHD. (Registration No. 201801234X)."
Source: acme-corp-facility-agreement.pdf, Page 1, Clause 1.1 (Definitions — Obligors)
Facility Agent
"STANDARD CHARTERED BANK (SINGAPORE) LIMITED is appointed as Facility Agent for the purposes of this Agreement under Clause 26 (The Facility Agent)."
Source: acme-corp-facility-agreement.pdf, Page 3, Clause 1.1 (Definitions — Facility Agent)
Facility Amount and Currency
"The Total Commitments under this Agreement are USD 350,000,000 (United States Dollars three hundred and fifty million), being a term loan facility made available to the Borrower on the terms and conditions set out herein."
Source: acme-corp-facility-agreement.pdf, Page 8, Clause 2.1 (The Facility)
Facility Type, Tenor, and Maturity Date
"The Facility is a term loan facility with a Tenor of 60 months from the date of this Agreement. The Final Maturity Date is 15 January 2031."
Source: acme-corp-facility-agreement.pdf, Page 9, Clause 3.1 (Availability and Tenor)
Margin and Reference Rate
"The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of (a) the Applicable Margin of 2.20% per annum; and (b) Term SOFR for a period equal in length to that Interest Period (3-month)."
Source: acme-corp-facility-agreement.pdf, Page 17, Clause 9.1 (Calculation of Interest)
Commitment Fee
"The Borrower shall pay to the Facility Agent (for the account of each Lender) a commitment fee computed at the rate of 0.45% per annum on the aggregate undrawn Available Commitment of that Lender for the Availability Period."
Source: acme-corp-facility-agreement.pdf, Page 18, Clause 12.1 (Commitment Fee)
Repayment Schedule
"The Borrower shall repay the Facility by 10 equal semi-annual instalments of USD 35,000,000 each, with the first repayment instalment falling due on the date falling 6 months after the Utilisation Date and each subsequent instalment due on each semi-annual anniversary thereafter."
Source: acme-corp-facility-agreement.pdf, Page 20, Clause 6.1 (Repayment)
Governing Law
"This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law."
Source: acme-corp-facility-agreement.pdf, Page 54, Clause 40.1 (Governing Law)
MAC Clause
"For the purposes of this Agreement, 'Material Adverse Effect' means a material adverse effect on (a) the business, assets or financial condition of the Group taken as a whole; (b) the ability of any Obligor to perform its payment obligations under the Finance Documents; or (c) the validity or enforceability of, or the effectiveness of any security granted under, the Finance Documents."
Source: acme-corp-facility-agreement.pdf, Page 5, Clause 1.1 (Definitions — Material Adverse Effect)
Negative Pledge
"Each Obligor shall not, and shall ensure that each member of the Group does not, create or permit to subsist any Security over any of its assets, save for the Permitted Security listed in Schedule 4."
Source: acme-corp-facility-agreement.pdf, Page 33, Clause 22.4 (Negative Pledge)
Scoring Criteria
| Condition | Score |
|---|---|
| All 16 fields extracted with correct values AND correct citations for all | 1.0 |
| 15 of 16 fields correct, 1 Tier 3 field missing or partial | 0.80 |
| All Tier 1 and Tier 2 fields correct, 2+ Tier 3 fields missing or incorrect | 0.70 |
| Any Tier 1 field wrong (value or citation) | ≤ 0.50 |
| Repayment schedule extracted without instalment count or start date | 0.5 for that field |
| Any hallucinated value or fabricated citation for any field | 0.0 (case-level) |
Known Failure Modes
- Conflating the commitment fee rate (0.45% on undrawn) with the margin rate (2.20%) — quoting one as the other.
- Extracting "60 months" as tenor but computing a different maturity date than the one stated in the document.
- Extracting guarantors as a single entity string rather than a structured list.
- Missing that the reference rate is "3-month" Term SOFR specifically (not generic SOFR).
- Citing the signature page for party names instead of the Definitions clause where legal names are formally stated.
Regression Note
N/A — initial case