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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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