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Forbearance Agreement Fundamentals

Webinar: ID# 1021651
Recorded CD
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About This Course:
Guide your borrower through the default process. Determine which agreement is appropriate and learn key provisions to include in the agreement.

In this current and prolonged economic upturn and covenant light deals, there has been a significant decrease in the number of borrowers that have defaulted under debt agreements.

During this period of economic uncertainty, a borrower will likely find itself with fewer options when facing a default. That borrower will be forced to work with its existing lender to obtain either a waiver or a forbearance agreement.

In addition, lenders may want to avoid the time and cost of enforcement and bankruptcy proceedings.

This webinar will discuss the critical actions and legal issues that a lender should consider when entering into a forbearance agreement. In particular, the legal considerations that the parties should consider in determining if a waiver or forbearance agreement is appropriate, certain actions that lenders should consider to bolster its position on a post-default basis, and the types of provisions that the parties may consider in drafting and negotiating a waiver or forbearance agreement will be addressed.

AGENDA

Forbearance vs. Waiver
Lender Protection Actions
  • Collateral Due Diligence
  • Springing Liens and Guarantees
  • Bolstering Priority Position of Liens
  • Fraudulent Conveyance and Preference Considerations
Intercreditor Issues
  • Impact of Enforcement Actions
  • Notices of Defaults
  • Standstill Issues
  • Negotiating Post-Default Intercreditor Agreements
Critical Documentation Issues
  • Necessary Estoppel and Ratification Provisions
  • Scope, Duration and Termination of Forbearance
  • Negotiation Waivers and Acknowledgements
  • Fee Considerations
  • Lender Liability Issues
About The Presenters

Alexander T. Grishman
  • Associate with Haynes and Boone, LLP
  • Focuses his practice on commercial and corporate finance transactions, including the representation of banks, financial institutions and private investment funds in connection with margin stock lending, asset-based financings, acquisition financings and the restructuring of existing credit facilities
  • Provides regulatory advice to prime brokers and advises start-ups in a variety of industries, including in-store digital media networks and clothing and apparel
  • Selected for inclusion in New York Super Lawyers - Rising Stars Edition, Thomson Reuters, 2013-2015
  • J.D. degree, cum laude and Order of the Coif, Benjamin Cardozo Law School, 2006; A.B. degree in history, Dartmouth College
Autumn D. Highsmith
  • Partner with Haynes and Boone, LLP
  • Has spent career representing debtors, secured creditors, unsecured creditors, administrative agents, lessors, asset purchasers, and other parties in complex bankruptcy and non-bankruptcy restructuring matters and advising corporate clients in their business dealings with financially distressed counterparties
  • Served as special counsel to American Airlines and its affiliates in their Chapter 11 bankruptcies during which she assisted with the renegotiation of many of American Airlines’ purchasing, marketing, human resources and intellectual property agreements, and real estate leases
  • Serves on the board of the Dallas Fort-Worth Chapter of the International Women’s Insolvency and Restructuring Confederation and is a member of the John C. Ford American Inn of Court
  • J.D. degree, summa cum laude, Baylor University School of Law; B.A. degree in political science and speech communications, Baylor University
Stephen M. Pezanosky
  • Partner with Haynes and Boone, LLP
  • Has practiced law since 1991 in the areas of corporate bankruptcy, corporate reorganizations and commercial litigation
  • Has written and spoken on many topics related to his areas of expertise
  • Ranked by Chambers USA, Bankruptcy/Restructuring in Texas, 2010 to 2015; Best Lawyers in America, Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, Litigation Bankruptcy, 2005 to 2007, 2009 to 2014; Texas Super Lawyers; Texas Monthly, 2003 to 2015; Attorneys of Excellence - Elite 100; Fort Worth Business Press, 2003 to 2005; Best Lawyers in in Dallas, D Magazine, D Magazine Partners, 2015; Fort Worth; Fort Worth Magazine, 2004 to 2006, 2009 to 2013; Best Lawyers in Dallas Under 40, D Magazine, 2002; achieved the highest rating in the Martindale Hubbell Law Directory
  • J.D. degree, cum laude and Order of the Coif, Texas Tech University School of Law; B.A. degree, cum laude, Texas Tech University
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Forbearance Agreement Fundamentals
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