3
PLAYBOOK TEMPLATES
Loan Agreement (Unsecured)
An Unsecured Loan Agreement establishes credit terms without collateral, relying on borrower creditworthiness. This playbook focuses on interest provisions, representations, and remedies for nonpayment.
Events of Default
Negotiation strategy
Ensure that default triggers are specific and not overly broad. Include clear cure periods and a well-defined hierarchy of remedies to protect your interests.
Negotiate for reasonable cure periods and limitations on subjective triggers to prevent unfair enforcement. Ensure the clause is balanced and does not disproportionately favor the lender.
Essential elements
1
Default Triggers
Specific conditions causing default.
2
Cure Periods
Time allowed to rectify defaults.
3
Hierarchy of Remedies
Order of actions upon default.
Action framework
ACCEPT
Propose edits if default triggers are too broad or cure periods are unreasonable.
EDIT
Reject if the clause disproportionately favors one party or lacks clarity.
ADD
Add limitations on subjective triggers to prevent opportunistic enforcement.
PRO TIP
Always ensure default triggers are specific and cure periods are reasonable to avoid disputes.
Real-world examples
FAVORABLE
Preferred Default Triggers Clause
"An Event of Default shall occur if the Borrower fails to make any payment of principal, interest, or any other amount payable under this Agreement when due, and such failure continues for a period of five (5) Business Days after the due date."
NEUTRAL
Standard Cure Period Clause
"In the event of any default other than a payment default, the Borrower shall have a period of thirty (30) days from the date of written notice from the Lender to cure such default, provided that such default is capable of being cured."
UNFAVORABLE
Overly Broad Default Clause
"An Event of Default shall occur if the Borrower experiences any material adverse change in its financial condition."
Alternative scenarios & positions
High-Risk Projects
In high-risk projects, ensure default triggers are more stringent to protect against potential financial instability.
Start-Up Ventures
For start-ups, negotiate for longer cure periods to accommodate potential cash flow issues.
Cross-Border Transactions
Consider jurisdiction-specific requirements that may affect the enforceability of default clauses in cross-border deals.
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WEEK 3
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WEEK 4
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