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PLAYBOOK TEMPLATES
Loan Agreement (Secured)
A Secured Loan Agreement provides financing backed by collateral assets, outlining repayment and enforcement terms. This playbook explains negotiation of covenants, events of default, and security perfection requirements.
Events of Default
Negotiation strategy
Ensure the clause is narrowly defined with appropriate notice and cure provisions to protect against premature enforcement while allowing the borrower a chance to remedy defaults.
Negotiate for clear notice and cure periods to provide opportunities to remedy potential defaults and avoid premature enforcement actions.
Essential elements
1
Default Events
Specific triggers for default.
2
Notice Requirements
Obligations to inform parties.
3
Cure Periods
Time allowed to remedy defaults.
Action framework
ACCEPT
Propose edits when default events are too broad or lack clear notice and cure periods.
EDIT
Reject clauses that allow for immediate enforcement without notice or opportunity to cure.
ADD
Add language specifying notice and cure periods if absent.
PRO TIP
Always align default events with industry standards and the specific risk profile of the transaction.
Real-world examples
FAVORABLE
Preferred Events of Default Clause
"An Event of Default shall occur if the Borrower fails to make any payment when due, becomes insolvent, or breaches any material covenant, provided that the Borrower shall have a 30-day cure period for monetary defaults and a 60-day cure period for non-monetary defaults upon receiving written notice from the Lender."
NEUTRAL
Fallback Events of Default Clause
"An Event of Default includes any failure to pay, insolvency, or breach of covenant, with a 15-day cure period for monetary defaults and a 30-day cure period for non-monetary defaults."
UNFAVORABLE
Broad Events of Default Clause
"An Event of Default occurs upon any breach or failure to perform any obligation, with no notice or cure period required."
Alternative scenarios & positions
High-Risk Projects
In high-risk projects, lenders may require more stringent default definitions and shorter cure periods to quickly address potential issues.
Cross-Border Transactions
Cross-border transactions may necessitate additional considerations for jurisdiction-specific default laws and enforcement mechanisms.
Start-Up Financing
Start-ups may negotiate for longer cure periods and more lenient default definitions to accommodate their evolving business models.
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WEEK 2
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WEEK 3
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WEEK 4
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