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Loan Workout Boilerplate Provisions

This topic is critical for those who are involved in negotiating and executing workout and forbearance agreements to act preventively in avoiding problems of enforcement down the road.

Workout or forbearance agreements are contracts and subject to normal rules of contract interpretation. Too many lawyers rely on "form" documents, believing that one size fits all. So-called "boilerplate" often remains in document after document until litigated, and lawyers and businesspeople often find that what was assumed to say one thing, actually says another. Moreover, different practice areas involve certain particular issues that further impact on the use of "boilerplate." This topic will help you understand the purposes and construction of relevant and "common" clauses in the workout context, and become more sensitive to the rationale behind the clauses. Failure to understand what is taken for granted, and draft accordingly, can lead to contrary results when challenged in court.

Runtime: 83 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Boilerplate Is Not Boilerplate

  • Basic Principles
  • Construction
  • Ramifications
  • Common Drafting Issues

Loan Workout Context

  • Understanding the Prior Documents
  • Merger Clauses
  • Term Sheets

Commonly Misunderstood Boilerplate

  • Choice of Law/Forum
  • Waivers of Breach
  • Waiver of Jury

Common Workout Agreement Boilerplate

  • Bankruptcy Code Waivers
  • Confession of Judgment
  • Cross-Collateralization and Cross-Default
  • Defaults, Penalties and Attorneys Fees
  • Public Policy Issues
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on September 8, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • AK CLE 1.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Steven M. Richman

Steven M. Richman

Clark Hill PLC

  • Member in the Princeton office of Clark Hill PLC
  • Practice emphasizes all aspects of commercial litigation, domestic and international, including creditors’ rights
  • Conducts regular seminars and workshops on international litigation and “boilerplate” contract issues
  • Writer of several publications related to the areas of international law, federal civil practice and contract issues
  • Vice chair, Section of International Law, American Bar Association
  • J.D. degree, cum laude, New York University School of Law
  • •Can be contacted at [email protected] or 609-785-2911
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 399128
Published 2016
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