September 01, 2009 - 1:00 PM - 2:30 PM

Intercreditor Agreements in Second Lien Financing Transactions

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This seminar will analyze current trends in negotiations and disputes between first and second lienholders, provide best practices for drafting key provisions of intercreditor agreements, and discuss the most recent draft of the ABA Model Intercreditor Agreement.

Intercreditor agreements are implicated in debt restructuring, loan workouts, foreclosure and bankruptcy. Practitioners involved in dealing with distressed loans must understand the pitfalls in existing intercreditor agreements that are at the heart of disputes between creditors.

Intercreditor agreements are integral in asset-based lending which is becoming a more attractive financing vehicle in the current economy. Transactional attorneys must understand the framework underlying lien subordination and issues critical to negotiating and drafting intercreditor agreements.

To help resolve the most common and contentious disputes between first and second lienholders, the ABA is in the process of developing a Model Intercreditor Agreement. The most recent draft was published July 30, 2009.

The panel of attorneys will discuss common disputes between first and second lienholders and outline negotiating and drafting techniques to address these disputes.

Mark B. Joachim, Partner, Bracewell Giuliani, New York
Michael D. Schiffer, Partner, Venable, Baltimore