Your Borrower is About to Default. What’s Next?

Review this resource kit to make sure you are up to speed on the types of defaults, the standard grace periods to correct a default, and the materiality thresholds to trigger a default. These provisions can vary depending on the size, industry, and circumstances of the borrower.

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Related Content

• Events of Default Enforcement, Remedies, and Cures (Credit Agreement)
  Review this practice note discussing the cure or waiver of events and defaults, and how proceeds following an event of default are distributed to creditors under a “waterfall.”

• Events of Default and Remedies Clauses (Credit Agreement)
  Use these events of default and remedies clauses in a credit agreement in a syndicated loan transaction. These clauses state the typical scenarios that would cause an event of default under the credit agreement. 

• Borrower Default and Lender Next Steps
  Read this practice note for a guideline of actions that lenders may take following, and sometimes prior to, a default or an event of default under a credit agreement by a borrower.

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.

• Market Standards—Finance
• Acquisition Process Map
• Transaction Financing Process Map
• Incremental Facility Process Map
• Amendment and Restatement Agreement (Credit Agreement)
• Demand for Standby Letter of Credit (Extend or Pay)
• Market Trends 2022/23: Defaulting Lender and “Yank-a-Bank” Provisions
• Bank Failure Resource Kit assembles Practical Guidance resources covering topics related to the recent bank failures.

• Read the new edition of the Practical Guidance Journal featuring guidance for borrowers and sponsors entering into private credit loans with non-bank lenders. Also learn about sustainability-linked bonds and loans through a new video series.

• Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: NFTs, Cannabis, COVID-19 and more.
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content.
• Check out our Practical Guidance Author Center! Learn about the 1750+ leading attorney authors contributing to our 26 practice areas, and find out how you can Become a Practical Guidance Author. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.  
• 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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