Boren Bank ("Boren") entered into a GBP 100 million loan agreement (the "Loan Agreement") with Norel Ltd ("Norel"), a company based in Tryovia, in January 2022.  To date, GBP 50 million has been drawn down, and the remaining GBP 50 million is available to be drawn any time before 31 December 2023.  The scheduled maturity of the loan is January 2028.  

1. The Loan Agreement is governed by English law and is drafted on standard LMA terms, including Events of Default, a negative pledge clause, and a default interest clause, which is set at 5% per annum following the occurrence of an Event of Default.  
2. Norel has made all payments due under the Loan Agreement to date, but it looks likely that the payment due on the next interest payment date will be missed.  In addition, Boren has recently become aware of the fact that Norel has granted a form of pledge security (recognized under Tryovian law) to Holland Bank ("Holland") over all its assets located in Tryovia and that it intends to grant security over its non-Tryovian assets to Helen to secure numerous unsecured loans that Holland has made to Norel.  
3. Critically analyze and advise Boren on the various steps it might take to protect its position.