Satisfaction Guarantee

First time here?

usewelcome15 to get 15% off

Loan and Security Agreement

You represent Second Bank of Springfield. The banks general counsel has asked you to improve the banks standard Loan and Security Agreement.

Youll receive the original agreement with some redactions (missing sections that show up as bracketed headings). With some exceptions noted below, dont worry about creating new substance for the redacted sections; simply redraft what you see in the original, leaving the substance the same but clearer, more succinct, and better organized.

Your mission is to improve the agreement as a wholeand to improve each provision you seeusing the techniques weve discussed in class. This means that you may reorganize the entire document and also reorganize and rewrite the individual provisions.

Again, you are not responsible for coming up with new content, with these exceptions:

Please draft and insert the following provisions into your agreement:

a choice-of-law clause (choose your favorite state)
a severability clause
a modification clause

(Youll notice that these three clauses were among the originals redacted provisions.) Feel free to search our course materials, websites, or books including library form books or our textbook for samples of these housekeeping provisions, but be sure to redraft and improve anything you find before adding it to your agreement. Youll do a better job.

If you think that a definition or definitions would be helpful, you may add them (including adding a new Definitions section if you think it appropriate).

Even though you should not eliminate substantive ideas during your edits, you may consider whether the original recitals are desirable, appropriately written, and properly labeled. If you choose to use recitals in your redraft, improve the original version.

As you redraft and after youve finished, consider the following:

Did you make the language clearer?
Did you make the language more consistent?
Did you edit out legalese?
Did you change passive-voice phrasing to active voice?
Did you make the language more succinct than in the original?
Did you improve the documents appearance (typography, spacing, consistent style choices, etc.)?
Did you improve the document by adding or changing headings?
Did you consider question-style headings (and check our textbook for whether that style is common in commercial contracts)?
Did you improve the documents organization by dividing long blocks of text into logical subsections?