Structuring Intercreditor Agreements in Split Collateral Lien Structures Between ABL and Term Lenders
Navigating Collateral Pool, Priority of Rights, Access to Collateral, Standstill Period, and Waterfall Provisions
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will provide commercial lending counsel with a review of essential provisions in a split-collateral intercreditor agreement, including the priority of rights, access to collateral and standstill provisions. The panel will address the negotiation of provisions from the perspective of the asset-based lender (ABL) and term lender.
Outline
- Defining collateral pools
- The priority of rights issues
- Access to collateral
- Payment blockage
- Standstill and the senior lienholder's right to exercise remedies
- Waterfall provisions
Benefits
The panel will review these and other high priority issues:
- Defining and delineating the collateral pools of the lenders
- Understanding priority rights to proceeds from collateral or other receipts not allocated to either lender
- Identifying and negotiating each lender's rights and remedies following a borrower default
Faculty
Jennifer B. Hildebrandt
Partner, Corporate Department
Paul Hastings
Ms. Hildebrandt is a partner in the Global Finance Group of Paul Hastings and head of the Los Angeles Corporate... | Read More
Ms. Hildebrandt is a partner in the Global Finance Group of Paul Hastings and head of the Los Angeles Corporate Department. She represents banks and other lenders in commercial finance matters (including asset-based loans and cash flow loans), restructurings, workouts, and special situation lending. Ms. Hildebrandt has extensive experience in multi-tranche and multi-lien transactions. In particular, she has extensive experience representing lenders in two lien deals, split collateral deals and first-out / last-out unitranche transactions. In addition, she has experience in various business sectors including healthcare, software, retail, insurance, media, franchise, restaurants, casinos, manufacturing, and vehicle and airline transportation, and in cross-border transactions.
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Christopher G. Ross
Partner, Corporate Department
Paul Hastings
Mr. Ross' practice focuses on representing U.S. and foreign financial institutions and corporations in leveraged... | Read More
Mr. Ross' practice focuses on representing U.S. and foreign financial institutions and corporations in leveraged finance transactions, including acquisition financings, syndicated lending, refinancings, recapitalizations, asset-based and cash flow financings, first lien/second lien facilities, and mezzanine debt facilities.
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