This template pre-workout agreement (sometimes also called a pre-negotiation agreement) is for use by a lender following default, to simply set the parameters for the upcoming workout negotiations. This template includes practical guidance and drafting notes. The vital parts to a pre-workout agreement from the lender's perspective are that: • There will be negotiations, which can be broken off at any time without prejudice • Nothing will be binding until a definitive workout agreement is entered into and executed in writing • There will be no waiver of any right because of the decision to negotiate or based on the non-binding discussions • The discussions will not be admissible in any proceeding While the lender and the borrower might want to include other more substantive provisions, for example, the lender requiring the borrower to confirm the debt and lack of defenses or the borrower asking for a standstill, such substantive provisions are more appropriate for the actual subsequent ...