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

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

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

This program is included with the Strafford CLE Pass. Click for more information.
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Conducted on Thursday, January 13, 2022

Recorded event now available

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

Description

Multifaceted intercreditor arrangements are increasingly common in commercial finance transactions. Counsel involved in commercial finance transactions must critically analyze the principal legal issues 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 to consider in advising clients regarding the intercreditor arrangements in a given deal.

Listen as our authoritative panel of finance attorneys compares essential 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 and salient problems.

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Outline

  1. Overview and comparison of the 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 the 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 noteworthy 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 primary determinants of the type of intercreditor arrangements best suited for a particular transaction?
  • What are the trends in different intercreditor arrangements?

Faculty

Galil, Yair Y.
Yair Y. Galil

Of Counsel
Gibson, Dunn & Crutcher

Mr. Galil is a member of the Firm's Global Finance Practice Group. He represents a variety of clients,...  |  Read More

Homer, Jonathan
Jonathan H. Homer

Of Counsel
Gibson Dunn & Crutcher

Mr. Homer is an experienced Of Counsel with a demonstrated history of representing both privately held and publicly...  |  Read More

Wise, J. Eric
​J. Eric Wise

Partner
Gibson Dunn & Crutcher

Mr. Wise is a member of the Firm's Global Finance and Business Restructuring and Reorganization Practice Groups. He...  |  Read More

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