Did You Make a Payment Mistake?

Following the famous Citibank decision, the loan market started including erroneous payment clauses in credit agreements. Such provisions require lenders to return payments paid to them in error by the administrative agent. See trending erroneous provisions from publicly filed credit agreements and commitment letters, mid-July 2021.

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Related Content

• Erroneous Payment Clauses (Credit Agreement)
  Use this clause as a reference when drafting an erroneous provision in your lending documentation.

• Revolving Credit (and Guaranty) Agreement (DIP Credit Agreement)
  Refer to this DIP credit agreement if you are working on a credit agreement with Chapter 11 debtors.

• Repayment and Prepayment Provisions in Credit Agreements
  Read this overview of the prepayment and repayment of loans under a credit facility, whether upon the occurrence of a scheduled payment date or a certain triggering event (such as receipt of excess cash flow or extraordinary receipts, issuance of debt or equity, or an asset sale), voluntarily by the borrower.   

Practical Guidance Updates

Featuring the latest updates from your Practical Guidance account.

• Market Standards—Finance
• Finance Fundamentals Resource Kit
• Understanding the Loan Transaction Video
• The Practical Guidance Journal Summer 2021 Edition, featuring details on the latest LIBOR cessation dates
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.

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