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The LMA has launched the 'REF Intercreditor'—a new recommended form of Intercreditor Agreement for use in real estate finance transactions. The REF Intercreditor ranks creditors’ debt and their entitlements to the proceeds of any guarantees and security, and controls aspects such as when and by whom security might be enforced and when payments can be made by a borrower to a given class of creditor. The LMA has also published the LMA Intercreditor User Guide for Real Estate Finance Transactions, which explains the structure of the assumed transaction and includes a helpful structure diagram on page 6.
The REF Intercreditor was produced in response to demand from members active in the real estate finance market who were increasingly seeing loans provided via a combination of senior and mezzanine finance. It is thought that this will increase standardisation but the LMA recognises that there is not a 'one size fits all' agreement for transactions in this market. The REF Intercreditor is likely to provide parties with a good starting point so they can concentrate on commercial drivers and structural nuances in their transactions.
The REF Intercreditor is for use with the LMA’s facility agreement for real estate finance multi-property investment transactions.
The LMA plans to hold a series of training events and seminars on the REF Intercreditor.
For further information, see: LMA microsite for real estate finance.
First published on LexisPSL Banking & Finance. Click here for a free trial.
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Suzanna has wide-ranging experience in banking and finance transactions with particular emphasis on advising lenders in the context of real estate finance and trade finance and advising on export credit agency-supported aviation finance transactions. Suzanna qualified as a solicitor in 2001 with Theodore Goddard (now Addleshaw Goddard LLP) and has since gained experience with Barclays Bank PLC (secondment), UK Export Finance and Crédit Agricole CIB, before joining LexisNexis®.
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