Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Agreement definition

What does Agreement mean? In competition law practice, an agreement is any form of coordination between undertakings that shows a meeting of minds about market conduct (for example pricing, output, customers or territories). It is not limited to a legally enforceable contract: it includes informal or “gentlemen’s” understandings, oral arrangements, email exchanges and tacit understandings, and extends to decisions of associations of undertakings. Mere parallel conduct is insufficient without evidence of contact or communication. The term is used in legislation and developed by case law: Article 101 TFEU, section 4 of Ireland’s Competition Act 2002, and the UK Chapter I prohibition in the Competition...

Events of Default in Facility Agreements: triggers, acceleration, ‘continuing’ status, defaults vs potential defaults, drafting/negotiation points and key case law (with LMA references)

Published by a LexisNexis Banking & Finance expert

Practice notes

This Practice Note addresses:

the purpose and consequences of events of default in facility agreements
common events of default in facility agreements
continuing events of default
the distinctions between an event of default, a default and a potential event of default

Where relevant, it signposts provisions in Precedent: Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee and the Loan Market Association ( LMA ) investment grade multicurrency term facility agreement with/without observation shift ( the LMA facility agreement ) (available to LMA members on the LMA website).

The purpose of events of default

Lenders usually prefer not to depend on general contract law to secure a remedy where a borrower breaches a loan agreement. Major breaches—such as failing to honour payment obligations or breaking financial covenants—may signal financial stress and call for prompt action to protect the lender’s investment. Consequently, most facility agreements include a framework enabling a lender, at its discretion, to take specified measures if the borrower breaches the loan agreement or if certain other events arise...

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Web page updated on 21/05/2026

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