Finance Deals & Syndicated Lending · glossary
The lenders' agreement not to treat a breach as a breach. Most waivers need the Majority Lenders and cost the borrower a fee. Most defaults end in a waiver, not in acceleration. Clause 27.1 · Chapter 10 · Chapter 11
Explained in Chapter 10, Events of Default, of Finance Deals & Syndicated Lending.
Also explained in Legal Due Diligence, Security & Collateral and Shareholders' Agreements.
A Default stops counting once it is “remedied or waived” (clause 1.2(g)). So a breach put right in time, or excused by the lenders, no longer counts. Excusing a breach is called a waiver.Read Chapter 10, Events of Default →
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