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standstill agreement a standstill agreement is a temporary arrangement entered into between the borrower and its creditors typically does not cover trade creditors it gives stakeholders time to gather information and evaluate their respective position a standstill agreement is only realistic if each creditor believes that it is better off with a consensual restructuring typically the following principles apply to the standstill agreement it prevents individual creditors from taking enforcement action for a period allowing for a consensual restructuring to be completed no improvement of relative creditor position freezing the exposure after day one so-called day one position parties to the standstill agreement share all relevant information contents of a standstill agreement 1. regulates how creditors divide and distribute new cash that may come into the company from new equity asset disposals enforcement proceeds 2. define standstill period relatively short can be extended 3. defines