Intercreditor

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Negative pledges

This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge...

Loan Market Association (LMA)—news on documentation [Archived]

This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from...

Foreign exchange (FX) derivatives

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...

Types of debt securities

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...

Practice notes

ISDA definitions

The vast majority of derivative transactions are documented by standard documentation developed and published by the International Swaps and...

9th Nov

In-house

Practice notes

Synthetic securitisations

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...

9th Nov

Practice notes

Overdrafts, term loans and revolving credit facilities

This Practice Note explains the features of three common types of loan facility:•overdrafts•term loans, and•revolving credit facilities (RCFs)It also...

9th Nov

In-house

Practice notes

Assignments by way of security

Assignments by way of security can take different forms and it is important to understand how they are created and their effect. Security over choses...

9th Nov

In-house

Practice notes

On demand guarantees and bonds

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...

9th Nov

Practice notes

Increased costs

This Practice Note considers the costs that a lender operating in the interbank market will incur when providing funding to a borrower and the steps...

9th Nov

Practice notes

Hot topics for Banking & Finance lawyers

This Practice Note lists hot topics (with links to the appropriate materials) that may be of interest to Banking & Finance lawyers. It is updated...

9th Nov

Practice notes

Transferring a loan by sub-participation

Sub-participation is a means by which a lender can transfer its risk in a loan to another lender. For an overview of the reasons why a lender might...

9th Nov

Practice notes

Transferring a loan by legal assignment

Assignment is a means by which a lender can transfer its interest in a loan to another lender.For an overview of the reasons why a lender might...

9th Nov

Practice notes

Transferring a loan by novation

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...

9th Nov

In-house

Practice notes

Bridge to bond facilities

What are they?A bridge to bond facility is a type of acquisition financing where the buyer requires the certainty of a fully committed financing...

Produced in partnership with Cleary Gottlieb and Ian Chin of Morrison & Foerster 9th Nov

Practice notes

Key issues in loan transfers

There are times when a lender might want to get back some of the money it has lent to a borrower before the borrower is due to repay it.If the...

9th Nov

Practice notes

Debt securities—10b-5 letters

A 10b-5 letter (also referred to as a 'disclosure letter') is a letter delivered to the underwriters by issuer's and underwriters' counsel in...

Produced in partnership with Charles Farnsworth of Baker McKenzie and Adam Farlow of Baker McKenzie 9th Nov

Practice notes

Secondary debt trading—completing the trade confirmation

The majority of secondary debt trades are conducted by telephone or by email. Following the trade call or email exchange, the parties will document...

9th Nov

Practice notes

Borrowing base facilities—structure, key terms and risks

What is a borrowing base facility?Borrowing base facilities ('BB Facilities') are a type of trade finance. They are working capital credit facilities...

Produced in partnership with Dentons UK and Middle East LLP 9th Nov

Practice notes

Shipbuilding contracts

This Practice Note considers the main terms included in standard form shipbuilding contracts. In particular, it looks at:•standard forms of the...

9th Nov

Most recent Intercreditor content

Practice notes

Drafting and negotiating intercreditor arrangements in loan transactions

PartiesIntercreditor arrangements will typically involve at least two types of creditor:•the senior lender(s), whose debt and potentially security...

25th Nov

Practice notes

Acquisition finance—intercreditor agreement—key provisions

Purpose of an intercreditor agreementWhy have an intercreditor agreement?The key purpose of the intercreditor agreement is to ensure that each type of...

25th Nov

Practice notes

Senior loans, mezzanine loans and intercreditor arrangements in real estate finance

Intercreditor agreements are complicated and detailed arrangements between two or more sets of creditors, requiring careful consideration both in...

Produced in partnership with K&L Gates 25th Nov

Practice notes

Creditors' committees

Formal creditors' committees in formal insolvencies (adminsitration, liquidation, receivership and bankruptcy)Formal creditors' committees are often...

25th Nov

Practice notes

Restructuring an acquisition finance deal

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...

Produced in partnership with Neil Caddy and Nicholas Sullivan of Fried, Frank, Harris, Shriver & Jacobson (London) LLP 25th Nov

Practice notes

Intercreditor rights comparison table: super senior revolving facility and senior secured notes

This table is a high level summary of common negotiated outcomes across a range of intercreditor issues affecting the relationship between the lenders...

Produced in partnership with Neil Grant 25th Nov

Practice notes

Intercreditor rights comparison table—junior debt instruments

This table:•is a high level summary of common negotiated outcomes across a range of intercreditor issues. It highlights key matters where junior...

Produced in partnership with Neil Grant 25th Nov

Practice notes

Priority between security interests—practical examples

STOP PRESS—Coronavirus (COVID-19) and registration of charges at Companies House: The content of this Practice Note is affected by the Companies etc...

25th Nov

Practice notes

The security agent and security trust provisions

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...

25th Nov

Practice notes

A comparison of the LMA REF Intercreditor Agreements against the LMA Leveraged Intercreditor Agreement

This Practice Note compares key terms of the Loan Market Association (LMA) intercreditor agreement for leveraged acquisition finance transactions...

25th Nov

Practice notes

Intercreditor issues on European unitranche deals

The European leveraged finance loans market prides itself on innovation and its ability to adapt quickly and develop products to cater for current...

Produced by Susan Whitehead of Hogan Lovells 25th Nov

Practice notes

Intercreditor agreement—key provisions

This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having...

25th Nov

Practice notes

Acquisition finance—intercreditor agreement—parties and structures

Any transaction that involves more than one class of creditor will typically need an intercreditor agreement to be put in place. The arrival of...

25th Nov

Practice notes

Subordination—key parties and common uses

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...

25th Nov

Practice notes

Senior/mezzanine creditor intercreditor issues—document amendments and payment controls

This Practice Note discusses two types of provisions that are frequently included in intercreditor agreements that involve both senior and mezzanine...

Produced in partnership with Hogan Lovells International LLP 25th Nov

Practice notes

Senior/mezzanine creditor intercreditor issues—enforcement

Enforcement is an important area regulated by the intercreditor agreement. This note discusses:•the situations in which mezzanine lenders typically...

Produced in partnership with Hogan Lovells International LLP 25th Nov

Practice notes

Contractual priority—varying the basic rules on priorities

Competing security interests arise when more than one creditor has taken security over the same asset or group of assets. Determining the order of...

25th Nov

Practice notes

Senior/mezzanine creditor intercreditor issues—introduction

Leveraged finance transactions are often funded from a number of different sources. Equity and senior debt are typically used, and in circumstances...

Produced in partnership with Hogan Lovells International LLP 25th Nov

Practice notes

Tacking further advances to existing security

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...

25th Nov

In-house

Practice notes

Subordination

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...

25th Nov

Intercreditor

View Banking & Finance by content type:

Featured Banking & Finance content

Negative pledges

Loan Market Association (LMA)—news on documentation [Archived]

Foreign exchange (FX) derivatives

Types of debt securities

Most recent Intercreditor content

Popular documents

Written basis of plea and Newton hearings

Strike out—no reasonable grounds for bringing or defending the claim (CPR 3.4(2)(a))

Burden and standard of proof in criminal proceedings

What is a tort?

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