This Practice Note compares key terms of the Loan Market Association (LMA) intercreditor agreement for leveraged acquisition finance transactions (senior/mezzanine) (the...
Any transaction that involves more than one class of creditor will typically need an intercreditor agreement to be put in place. The arrival of different kinds of...
It's important to consider the underlying finance documents to determine the requisite majorities of creditors which can block certain actions necessary to maintain an...
Competing security interests arise when more than one creditor has taken security over the same asset or group of assets. Determining the order of priority between those...
Formal creditors' committees in formal insolvencies (adminsitration, liquidation, receivership and bankruptcy) Formal creditors' committees are often formed in large or...
This Deed is made [insert day and month] 20[insert year] Parties 1 [insert name of Senior Lender] of [insert address] (the Senior Lender); 2 [insert name of Junior...
Parties Intercreditor arrangements will typically involve at least two types of creditor: • the senior lender(s), whose debt and potentially security ranks highest in the...
This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note: • explains the purpose of having an intercreditor...
Background The aim of the intercreditor agreement is to try and deal with potential conflicts which will inevitably arise between the different classes of secured lender...
This Deed is made [insert day and month] 20[insert year] Parties 1 [insert name of party] of [insert address] (the Senior Lender); 2 [Insert name of party] of [insert...
Produced by Susan Whitehead of Hogan Lovells The European leveraged finance loans market prides itself on innovation and its ability to adapt quickly and develop products...
Background The aim of the intercreditor agreement (also known as a deed of priority) is to try and deal with potential conflicts which will inevitably arise between the...
This table is a high level summary of common negotiated outcomes across a range of intercreditor issues affecting the relationship between the lenders under a super...
This table: • is a high level summary of common negotiated outcomes across a range of intercreditor issues. It highlights key matters where junior creditors rights...
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 against any other...
This Practice Note sets out examples of how the rules on priority could work in practice with reference to the relevant priority rules under English law. It complements...
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 treated by the EU as a...
Intercreditor agreements are complicated and detailed arrangements between two or more sets of creditors, requiring careful consideration both in terms of the level of...
This Practice Note discusses two types of provisions that are frequently included in intercreditor agreements that involve both senior and mezzanine lenders: • controls...
Enforcement is an important area regulated by the intercreditor agreement. This note discusses: • the situations in which mezzanine lenders typically can and cannot take...
Leveraged finance transactions are often funded from a number of different sources. Equity and senior debt are typically used, and in circumstances where an additional...
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 that their debt will...
This Deed is made [insert day and month] 20[insert year] Parties 1 [insert name of party] of [insert address] (the Senior Lender); 2 [Insert name of party] of [insert...
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 that their debt will...
Creating effective security is the first step in improving a creditor's position. Once that is done, it is then necessary to ensure that the security will take priority...
Introduction In a syndicated loan transaction, the security agent (sometimes also known as the security trustee) (the Security Agent) will hold the transaction security...
