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Intercreditor negotiation checklist—junior lenders

Intercreditor negotiation checklist—junior lenders The table below provides an overview of key points that a junior lender should check for when reviewing a straightforward intercreditor agreement involving senior secured lenders, junior secured lenders and unsecured subordinated creditors. It is aimed at users with limited experience of intercreditor agreements. The table focuses on the most important and common issues on a straightforward secured bilateral corporate loan transaction and does not aim to cover every possible negotiating point, nor does it cover points on specialist or more complicated transactions such as those in the leverage finance market. What is acceptable will be influenced by the type of transaction, the particular lender involved, as well as the relative negotiating strength of the parties. For information on intercreditor issues in specialist transactions, see Links to useful intercreditor materials below. Links to useful intercreditor materials Introductory materials For an introductory note on intercreditor agreements, including information on common provisions in intercreditor agreements, see Practice Note: Introductory guide to Intercreditor Agreements. Practice Note: How to draft...

View the related practice notes about Asset-based lender

Asset-based lending

This Practice Note gives a brief overview of the typical financing structures adopted by UK asset-based lenders and a summary of the key English law legal issues that arise when financing receivables (commonly known as book debts) specifically in the asset-based lending market together with one or more of the following:•inventory (also referred to as stock)•plant and machinery (also referred to as equipment)•real estate, and/or•cashflow loanThis Practice Note provides a brief overview of typical asset-based lending structures and key issues for consideration in relation to asset-based financing.Key features of asset-based lendingAsset-based lending (ABL) is senior secured lending with the principal purpose of funding the working capital of a trading business. Funds are advanced by the lender based on the realisable value of certain classes of a borrower's assets (known as its 'borrowing base'). ABL is often event-driven, providing a borrower with flexible access to cash during a period of change such as an acquisition or a restructuring. An asset-based lender invariably provides a receivables financing (see: Receivables financing below) as...

Asset-based lending

Asset-based lending This Practice Note gives a brief overview of the typical financing structures adopted by UK asset-based lenders and a summary of the key English law legal issues that arise when financing receivables (commonly known as book debts) specifically in the asset-based lending market together with one or more of the following: • inventory (also referred to as stock) • plant and machinery (also referred to as equipment) • real estate, and/or • cashflow loan This Practice Note provides a brief overview of typical asset-based lending structures and key issues for consideration in relation to asset-based financing. Key features of asset-based lending Asset-based lending (ABL) is senior secured lending with the principal purpose of funding the working capital of a trading business. Funds are advanced by the lender based on the realisable value of certain classes of a borrower's assets (known as its 'borrowing base'). ABL is often event-driven, providing a borrower with flexible access to cash during a period of change such as an acquisition or...