Finance Deals & Syndicated Lending · glossary
The time the borrower has to put a breach right before it becomes an Event of Default. Sunrise gives three Business Days for a payment missed by technical error and 15 for most other breaches. A failed financial covenant gets none. Clause 19.2 · Chapter 10
Explained in Chapter 10, Events of Default, of Finance Deals & Syndicated Lending.
A Default is an event that is, or will become, an Event of Default. The gap between the two is the grace period, the time the borrower has to put a breach right. Suppose Atlas sends a report late and has 15 business days to fix it. It is in Default at once, and the Default becomes an Event of Default only if the time runs out.Read Chapter 10, Events of Default →
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