Loan modifications · Maturity, extension and covenant deadlines
The maturity, the extension window, the DSCR test dates: every deadline in a loan modification.
A loan modification replaces dates you knew with dates you have to work out: a new maturity, an extension option that must be exercised “not earlier than 120 days, and not later than 60 days” before it, test dates for a coverage covenant with a certificate due 30 days after each, quarterly statements due 45 days after each quarter, and a prepayment fee that ends on a stated day. Prism reads each rule, computes the date in code, and returns it with the clause it came from.
What comes back
Sample rows from a loan modification and extension agreement we wrote for this page, with a Modified Maturity Date of December 1, 2026, read on September 21, 2026.
| Date | What it is | How it was found | The clause |
|---|---|---|---|
| Sep 30, 2026 | Second DSCR Test Date | Stated | “"Test Date" means each of (a) June 30, 2026 (the "First Test Date"); (b) September 30, 2026 (the "Second Test Date")” |
| Oct 2, 2026 | Last day to give the Extension Notice, with the Extension Fee | Computed: 60 days before the Maturity Date, December 1, 2026. The window opened Aug 3, 2026, 120 days before; an earlier notice is void | “not earlier than one hundred twenty (120) days, and not later than sixty (60) days, before the Maturity Date then in effect. An Extension Notice given earlier than one hundred twenty (120) days before the Maturity Date then in effect is void and of no effect.” |
| Oct 30, 2026 | DSCR Certificate due for the September 30 Test Date | Computed: 30 days after the Test Date | “Within thirty (30) days after each Test Date, Borrower shall deliver to Lender a certificate, signed by Borrower's chief financial officer, computing the DSCR as of that Test Date” |
| Oct 31, 2026 | Last day a Prepayment Fee applies | Stated. The loan is open from November 1, 2026 | “one percent (1.00%) of the amount prepaid, if the prepayment is made on or after July 1, 2026 and on or before October 31, 2026 (the "Prepayment Fee End Date")” |
| Nov 14, 2026 | Quarterly statements due for the quarter ended September 30 | Computed: 45 days after the quarter end. It is a Saturday, and the agreement says the date is not extended | “A date for the delivery of any statement, certificate or notice under this Agreement, including an Extension Notice, is not extended because it falls on a day that is not a Business Day.” |
| Dec 1, 2026 | Maturity Date: the balloon payment is due | Stated. It replaces the original December 1, 2025, which is left out of the list | “The Original Maturity Date is deleted and replaced with December 1, 2026” |
The rows are from a contract we wrote for this page, not a customer’s. Every result also carries what happens if the date is missed and the page it is on. How often Prism finds these dates is on the accuracy page.
What Prism looks for
The modified maturity and the balloon
The new maturity date, the balloon due on it, and the original date the modification deletes, which is left out of the list.
Extension options
Both ends of the notice window, the fee that must travel with the notice, and the conditions (coverage, no default, a guarantor reaffirmation) that the exercise depends on.
Rate steps and the switch to floating
The date a fixed rate steps, the date the loan floats, the spread and the floor, and a spread that rises on the first day of an extension term.
DSCR test dates and certificates
Each test date, the certificate due after it, and what a failed test triggers: a cash sweep, or a reserve deposit with its own deadline.
Financial reporting
Annual statements due after fiscal year end and quarterly statements after each of the first three quarters, and whether a weekend due date is extended.
Prepayment
The date prepayment is first permitted, each fee step, and the last day a fee applies.
Guaranty
The guaranteed amount, the burn-off test, and the covenants the guarantor must keep.
A second modification
An exercised extension, a moved test date or a deleted quarter, read together with the first modification so the superseded dates drop out.
What it will not do
Prism returns what the modification states and quotes where. It does not compute the coverage ratio, does not tell you whether the extension conditions are met, and does not fill in a term the document leaves out. A period counted in business days is returned with its rule and left undated. It is not legal advice, and reminders are best-effort.
Use it from an AI agent
Prism is a remote MCP server. In Claude Code:
claude mcp add --transport http prism https://prism.parad1gm.com/api/prism-mcpThen ask: “Read this loan modification and list the maturity, the extension notice window, the DSCR test dates and every reporting deadline, with the clause each one comes from.” The agent sends the document with prism_review_contract and reads the result with prism_get_contract. Setup for Claude on the web, Cursor, VS Code and A2A agents is on the agents page.
$0.50 a contract for an agent, and the first 3 are free. On the website it is $1 per contract, or $9 a month for up to 50.
Questions
Which maturity date does it return?
The one in effect after the modification. The original maturity the modification deletes is left out, and an extended maturity is reported only once an extension has actually been exercised, not because an option exists.
How does it date the extension notice window?
From the maturity date then in effect: the last day is the stated number of days before it, and the first day is the earlier bound the agreement sets. Where the agreement says an early notice is void, the row says so.
What about the DSCR covenant?
It returns each test date, the certificate due after it and the remedy for a failed test, with the clause. It does not compute the ratio; that needs the operating statements.
What if a due date falls on a weekend?
It applies what the agreement says. Where the agreement says dates are not extended for non-business days, the Saturday stands. Where it rolls a date to the next business day, Prism leaves the date empty and gives you the rule, because it does not count business days.
What happens with a second modification?
Send it with amendsContractId, or add it from the first modification on the site. It is read together with the earlier document, so an exercised extension moves the maturity, a moved test date replaces the old one, and the superseded dates are left out.
Is this legal advice?
No. It tells you what the modification says and where. Before an extension notice or a covenant date, read the clause it quotes and ask your counsel.