Intercreditor

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Practice notes
Credit linked notesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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19th May
Practice notes
An introduction to securities lending transactions and the Global Master Securities Lending Agreement (GMSLA)Coronavirus (COVID-19): This Practice...
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Produced in partnership with Joseph Wren of Travers Smith and Jonathan Gilmour of Travers Smith 19th May
Practice notes
ISDA definitionsThe vast majority of derivative transactions are documented by standard documentation developed and published by the International...
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19th May
Practice notes
What is securitisation?Securitisation is a financing techniqueSecuritisation is a technique used to finance the ownership or sale of types of assets...
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19th May
Practice notes
Exchange traded derivativesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into...
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19th May
Practice notes
Events of defaultThis Practice Note considers:•the purpose of events of default included in facility agreements•common events of default relating to...
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19th May
Practice notes
Transferring a loan by sub-participationSub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an...
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19th May
Practice notes
Perfecting security over aircraft and registering security on the UK Register of Aircraft MortgagesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020...
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19th May
Practice notes
Loan Market Association (LMA) leveraged documentationDevelopment of the Loan Market Association (LMA) documentationThe project to develop the LMA...
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19th May
Practice notes
Synthetic securitisationsWhat is a securitisation?Securitisation is a technique used to finance the ownership or sale of types of assets that would...
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19th May
Practice notes
Derivatives—ISDA documentation frameworkThe International Swaps and Derivatives Association, Inc. (ISDA) is an association for participants in the...
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19th May
Precedents
[TO BE PRINTED ON THE HEADED PAPER OF THE LENDER][insert name and address of borrower][insert date]Dear [insert full name of borrower]We offer to...
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19th May
Practice notes
Borrowing base facilities—structure, key terms and risksWhat is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of...
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Produced in partnership with Dentons 19th May
Q&As
What is the quoted eurobond exemption?IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period...
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19th May
Practice notes
Third party securityIn many commercial finance transactions, lenders expect to be given some form of credit support to increase their confidence in...
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19th May

Most recent Intercreditor content

Q&As
What is marshalling and when does it apply?What is marshalling?Marshalling gives a singly-secured creditor a right in equity to require a...
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31st Jul
Q&As
In the context of intra-group loans, is a subordination deed only required to subordinate loans from non-obligor lenders to obligor debtors? Is there...
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31st Jul
Practice notes
Blocking majoritiesIt's important to consider the underlying finance documents to determine the requisite majorities of creditors which can block...
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31st Jul
Practice notes
Intercreditor payment priorities and requisite majoritiesBackgroundThe aim of the intercreditor agreement (also known as a deed of priority) is to try...
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31st Jul
Practice notes
Intercreditor agreements—effective releasesBackgroundThe aim of the intercreditor agreement is to try and deal with potential conflicts which will...
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30th Jul
Precedents
Deed of priority: single company borrower—single senior secured lender—single junior secured lenderThis Deed is made [insert day and month] 20[insert...
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30th Jul
Precedents
Intercreditor deed—single company borrower—single secured senior lender—single secured junior lender—single unsecured subordinated lenderThis Deed is...
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30th Jul
Precedents
Subordination deed—single company borrower—single unsecured senior lender—single unsecured junior lenderThis Deed is made [insert day and month]...
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30th Jul
Practice notes
Acquisition finance—intercreditor agreement—parties and structuresAny transaction that involves more than one class of creditor will typically need an...
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30th Jul
Practice notes
SubordinationSubordination is a way of changing the priority of claims against a debtor so that one creditor or group of creditors (the junior...
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30th Jul
Practice notes
Intercreditor rights comparison table—junior debt instrumentsThis table:•is a high level summary of common negotiated outcomes across a range of...
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Produced in partnership with Neil Grant 30th Jul
Practice notes
Creditors' committeesFormal creditors' committees in formal insolvencies (adminsitration, liquidation, receivership and bankruptcy)Formal creditors'...
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30th Jul
Practice notes
Intercreditor agreement—key provisionsThis Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice...
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30th Jul
Practice notes
Intercreditor issues on European unitranche dealsThe European leveraged finance loans market prides itself on innovation and its ability to adapt...
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Produced by Susan Whitehead of Hogan Lovells 30th Jul
Practice notes
Senior/mezzanine creditor intercreditor issues—document amendments and payment controlsThis Practice Note discusses two types of provisions that are...
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Produced in partnership with Hogan Lovells International LLP 30th Jul
Practice notes
Tacking further advances to existing securityCreating effective security is the first step in improving a creditor's position. Once that is done, it...
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30th Jul
Practice notes
The security agent and security trust provisionsThe security agentIn a syndicated loan transaction, the security agent (sometimes also known as the...
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30th Jul
Practice notes
Restructuring an acquisition finance dealBREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation...
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Produced in partnership with Neil Caddy and Nicholas Sullivan of Fried, Frank, Harris, Shriver & Jacobson (London) LLP 30th Jul
Practice notes
Senior/mezzanine creditor intercreditor issues—introductionLeveraged finance transactions are often funded from a number of different sources. Equity...
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Produced in partnership with Hogan Lovells International LLP 30th Jul
Practice notes
Drafting and negotiating intercreditor arrangements in loan transactionsPartiesIntercreditor arrangements will typically involve at least two types of...
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30th Jul

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