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Steve Aoki, managing director of the debt placement team, discusses forbearance, an agreement between borrowers and lenders to prevent foreclosure. Forbearance allows lenders to negotiate with borrowers who may have missed payments or violated covenants, benefiting both parties. It typically involves extending the maturity of a note or resetting covenants, enabling open communication and a halt to the foreclosure or liquidation process. A legal forbearance agreement is drafted by the lender, formalizing the new terms and conditions agreed upon. Overall, forbearance aims to provide a temporary solution to financial distress for middle market clients.
