Acquisition finance—intercreditor issues

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Practice notes
What is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of trade finance. They are working capital credit facilities...
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Produced in partnership with Dentons UK and Middle East LLP 12th Jan
Practice notes
The majority of secondary debt trades are conducted by telephone or by email. Following the trade call or email exchange, the parties will document...
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9th Nov
Practice notes
In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London...
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9th Nov
Practice notes
Novation is a means by which a lender can transfer its interest in a loan to another lender.This Practice Note looks at what is meant by novation...
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9th Nov
Practice notes
This Practice Note lists hot topics (with links to the appropriate materials) that may be of interest to Banking & Finance lawyers. It is updated...
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9th Nov
Practice notes
The key feature of a floating charge is that, until it crystallises, the chargor is entitled to deal with the charged assets in the normal course of...
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9th Nov
Practice notes
On an acquisition finance transaction, the borrowing group, in addition to the debt (whether loans or bonds) required to fund the transaction, will...
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9th Nov
Practice notes
This Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to borrowers and...
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9th Nov
Practice notes
This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
9th Nov
Practice notes
Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...
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9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
9th Nov
Practice notes
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be...
Read More >
9th Nov
Practice notes
This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing...
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9th Nov
Practice notes
This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged...
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Produced in partnership with Carlo de Vito Piscicelli of Cleary Gottlieb Steen & Hamilton 12th Jan

Most recent Acquisition finance—intercreditor issues content

Practice notes
Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...
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28th Apr
Precedents
This Deed is made [insert day and month] 20[insert year]Parties1[insert name of Senior Lender] of [insert address] (the Senior Lender);2[insert name...
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26th Apr
Practice notes
The security agentIn a syndicated loan transaction, the security agent (sometimes also known as the security trustee) (the Security Agent) will hold...
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26th Apr
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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19th Apr
Practice notes
STOP PRESS—Coronavirus (COVID-19) and registration of charges at Companies House: The content of this Practice Note is affected by the Companies etc...
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19th Apr
Practice notes
Purpose of an intercreditor agreementWhy have an intercreditor agreement?The key purpose of the intercreditor agreement is to ensure that each type of...
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8th Apr
Practice notes
This Practice Note compares key terms of the Loan Market Association (LMA) intercreditor agreement for leveraged acquisition finance transactions...
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8th Apr
Practice notes
This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having...
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8th Apr
Practice notes
The European leveraged finance loans market prides itself on innovation and its ability to adapt quickly and develop products to cater for current...
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Produced by Susan Whitehead of Hogan Lovells 8th Apr
Practice notes
Subordination is a way of changing the priority of claims against a debtor so that one creditor or group of creditors (the junior creditor(s)) agree...
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8th Apr
Practice notes
Enforcement is an important area regulated by the intercreditor agreement. This note discusses:•the situations in which mezzanine lenders typically...
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Produced in partnership with Hogan Lovells 8th Apr
Practice notes
Subordination is a way of changing the priority of claims against a debtor so that one creditor or group of creditors (the junior creditor(s)) agree...
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8th Apr
Practice notes
This table is a high level summary of common negotiated outcomes across a range of intercreditor issues affecting the relationship between the lenders...
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Produced in partnership with Neil Grant 8th Apr
Practice notes
This Practice Note discusses two types of provisions that are frequently included in intercreditor agreements that involve both senior and mezzanine...
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Produced in partnership with Hogan Lovells International LLP 8th Apr
Practice notes
Registration can have an important effect on the priority of competing security interests. Broadly speaking, there are two systems for registration of...
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8th Apr
Practice notes
Any transaction that involves more than one class of creditor will typically need an intercreditor agreement to be put in place. The arrival of...
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8th Apr
Practice notes
In addition to ensuring its security has been validity created and perfected, a secured party will want to ensure its security ranks as it expects...
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8th Apr
Practice notes
This table:•is a high level summary of common negotiated outcomes across a range of intercreditor issues. It highlights key matters where junior...
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Produced in partnership with Neil Grant 8th Apr
Practice notes
Leveraged finance transactions are often funded from a number of different sources. Equity and senior debt are typically used, and in circumstances...
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Produced in partnership with Hogan Lovells International LLP 8th Apr
Q&As
What is a unitranche facility?Leveraged finance transactions are traditionally funded by a mixture of equity, senior debt, mezzanine debt and/or...
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8th Apr

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