Development of the Loan Market Association (LMA) documentationThe project to develop the LMA investment grade documents began in 1998 as a response to...
This Practice Note covers the typical structure of facility agreements and the key terms and provisions that will be included. It examines the process...
Coronavirus (COVID-19): The ICC has issued a guidance paper on the impact of COVID-19 on trade finance transactions issued subject to ICC rules. For...
Legal opinions are one of the key documentary conditions precedent in loan transactions. The legal opinion is a letter which sets out opinions as to...
Commodity repurchases (repos) are a common alternative method of financing. There are a number of advantages for both the financier and a commercial...
BackgroundThe aim of the intercreditor agreement (also known as a deed of priority) is to try and deal with potential conflicts which will inevitably...
Purpose of an intercreditor agreementWhy have an intercreditor agreement?The key purpose of the intercreditor agreement is to ensure that each type of...
Formal creditors' committees in formal insolvencies (adminsitration, liquidation, receivership and bankruptcy)Formal creditors' committees are often...
This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having...
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...
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...
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...
This table is a high level summary of common negotiated outcomes across a range of intercreditor issues affecting the relationship between the lenders...
This Practice Note discusses two types of provisions that are frequently included in intercreditor agreements that involve both senior and mezzanine...
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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