Evaluating Key Intercreditor Arrangements: First Lien/Second Lien, Split Collateral, Senior/Mezzanine, Unitranche

Comparing and Contrasting Different Intercreditor Structures, Choosing the Type of Arrangement Best Suited for the Deal

Recording of a 90-minute CLE webinar with Q&A


Conducted on Wednesday, July 27, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will provide counsel with context for negotiating intercreditor arrangements by comparing key aspects of the most common arrangements -- first lien/second lien, split collateral, senior/mezzanine and unitranche structures. The panel will also discuss important recent trends in intercreditor arrangements.

Description

Multi-faceted intercreditor arrangements are increasingly common in commercial finance transactions. Counsel involved in commercial finance transactions must be prepared to critically analyze the key considerations involved in complex intercreditor arrangements.

The most prevalent intercreditor arrangements are first lien/second lien, split collateral, senior/mezzanine and unitranche. Counsel must understand the pros and cons of each intercreditor arrangement and factors that must be considered in advising clients regarding the intercreditor arrangements in a given deal.

Listen as our authoritative panel of finance attorneys compares key aspects of intercreditor structures—first lien/second lien, split collateral, senior/mezzanine and unitranche arrangements. The panel will also discuss recent trends in intercreditor arrangements.

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Outline

  1. Overview and comparison of four most prevalent intercreditor arrangements
    1. First lien/second lien
    2. Split collateral
    3. Senior/mezzanine
    4. Unitranche
  2. Prevalence of the different intercreditor arrangements
  3. Factors driving choice of intercreditor arrangement
  4. Risks involved in the intercreditor arrangements, including the pros and cons of the different intercreditor arrangements
  5. Recent trends in intercreditor arrangements

Benefits

The panel will review these and other key issues:

  • What are the key differences in structure and terms among the various types of intercreditor arrangements?
  • What are the most significant risks associated with the different intercreditor arrangements?
  • What factors are key determinants of the type of intercreditor arrangements best suited for a particular transaction?
  • What are the trends practitioners are seeing in the different intercreditor arrangements?

Faculty

Bell, Katherine
Katherine E. Bell

Partner
Paul Hastings

Ms. Bell's practice focuses on commercial and corporate finance transactions. She regularly represents...  |  Read More

Hildebrandt, Jennifer
Jennifer B. Hildebrandt

Partner, Corporate Department
Paul Hastings

Ms. Hildebrandt represents banks, commercial finance companies, hedge funds, and other lenders in commercial and...  |  Read More

Yount, Jennifer
Jennifer St. John Yount

Partner, Chair of Finance and Restructuring
Paul Hastings

Ms. Yount’s practice consists of representing banks, finance companies, and other lenders in working capital...  |  Read More

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