The dates on which these commitments are reviewed should be carefully examined, as should the separate financial definitions that will apply. Financial Covenants are a key component of any facility agreement and are probably the most likely to trigger a default event if they are breached. More powerful borrowers can negotiate a right to remedy breaches of financial covenants, for example by investing more money in business. This is called the „equity cure“. Private credits can also be found online. Many lenders offer private loans online. You can apply electronically, get a decision in minutes, and in some cases, get financing in just 24 to 48 hours after credit approval. The lender should only have the right to demand repayment of the loan if an event of default has occurred and continues. If the omission has been corrected or rescinded, the lender should cease to do so. If you`re trying to figure out if you need a credit agreement, it`s always best to be on the safe side and make one.