@otteroooo@SBF_FTX@FT To better analyze the 'onerous'-ness of this loan, pls can you share the definition of "Event of Default". That is where creative drafting could possibly be found. Even the most basic boilerplate will look exhaustive (by design), but to judge if it is "onerous" u must benchmark
@otteroooo This seems over-done worry even seems fearmongering. All the clauses you highlight are bog standard basic (lowest bar) template in a simple corporate loan. I will rebut as I am able, in your posts below.
@otteroooo@SBF_FTX@FT@SBF_FTX@FT@otteroooo
not true.
Good standing certs can be routinely procured online for $10-25 i believe and turnaround times is something like ~24 hrs
@otteroooo@SBF_FTX@FT@otteroooo@FT@SBF_FTX to be fair, every corporate loan document has 3.2(a) equivalent as boilerplate, there are far harsher versions of this, eg. "Potential default" concept (vs EoD) which this doc does not use
@punk6529@punk6529 Great analysis thread. The recital (first para) defined "any subsequent purchaser" as a Purchaser. But yes, this is sloppily defined and leads to unneeded ambiguity...as you have discovered
Disclaimer: Corporate lawyer but not specialized in licenses per se.