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28 Apr 2020

保留权利书,保留权利条款 Reservation of rights letters and “no waiver” clauses



A financial crisis looms, or has already arrived. Increasingly, financiers face payment defaults and requests for moratoriums on payment, interest waivers, and similar.


Tightly drafted financing documentation will probably allow the calling of an Event of Default, whether for straightforward payment defaults, (less straightforward) material adverse changes, or inability to provide further collateral following drops in the valuation of secured assets. In turn, an Event of Default generally allows remedies including acceleration, termination, and enforcement over securities and, in lease financings, repossession of ships.


A financier may choose to temporarily refrain from exercising such remedies, and discuss restructuring the debt. This could be for any number of reasons, reflecting the commercial relationship with a particular debtor or broader considerations such as the existing proportion of bad debt on a financier’s books at the time or even wider ramifications as to cross-default implications on the debtor’s group of companies.


It is important to ensure the financier’s rights are preserved in the meantime.

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