5
PLAYBOOK TEMPLATES
Credit Facility & Revolving Line Agreement
A Credit Facility & Revolving Line Agreement defines the terms for ongoing credit access between borrower and lender. This playbook reviews financial covenants, interest structures, and default remedies.
Events of Default & Remedies
Negotiation strategy
Ensure that default events are clearly defined and include objective criteria. Advocate for reasonable cure periods to allow the Borrower time to remedy any defaults before acceleration.
Negotiate for specific and limited default events to avoid broad interpretations. Seek to include cure periods that provide sufficient time to address any issues without immediate penalties.
Essential elements
1
Default Triggers
Conditions for declaring default.
2
Cure Period
Timeframe to remedy defaults.
3
Remedies
Actions upon default occurrence.
Action framework
ACCEPT
Propose edits when default events are too broad or lack clarity. Ensure cure periods are reasonable and remedies are balanced.
EDIT
Reject clauses that allow for immediate acceleration without a cure period or that impose disproportionate penalties.
ADD
Add language to specify default events, cure periods, and balanced remedies if not present.
PRO TIP
Always align default and remedy clauses with the business objectives and risk tolerance of both parties.
Real-world examples
FAVORABLE
Balanced Default and Remedy Clause
"An Event of Default shall occur if the Borrower fails to pay any amount due within five (5) Business Days after notice, with a thirty (30) day cure period for other breaches."
NEUTRAL
Standard Default Clause
"The Borrower shall be in default if any payment is not made when due, subject to a five (5) day grace period."
UNFAVORABLE
Overly Broad Default Clause
"Any failure by the Borrower to comply with any term of this Agreement shall constitute an Event of Default, with no cure period."
Alternative scenarios & positions
High-Risk Projects
In high-risk projects, consider shorter cure periods and more stringent default triggers to mitigate potential losses quickly.
Start-Up Ventures
For start-ups, negotiate longer cure periods and flexible remedies to accommodate the evolving nature of the business.
Cross-Border Transactions
In cross-border deals, ensure default clauses comply with international laws and consider currency fluctuations in payment defaults.
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WEEK 3
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WEEK 4
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