Real Estate Mezzanine and A/B Loans: Structuring and Enforcing Intercreditor and Co-Lender Agreements
Reconciling the Demands and Objectives of Senior and Junior Lenders
An encore presentation
Recording of a 90-minute premium CLE webinar with Q&A
This CLE webinar will prepare real estate finance counsel to structure intercreditor agreements between senior/mezzanine and A/B lenders. The panel will discuss the most frequently negotiated provisions, and the challenges to enforcing intercreditor agreements in distressed loan scenarios.
- Key provisions of mezzanine loan intercreditor agreements
- Key provisions of co-lender agreements, including control rights of B Note holders
- Participation agreements as a variation of co-lender agreements
- The role of the servicer under co-lender agreements and tensions with B Note holders
- Borrower concerns and considerations
- Lender strategies for dealing with a defaulted loan
- Lessons from workouts and bankruptcies on structure, enforceability and remedies
The panel will review these and other priority issues:
- What provisions are typically included in an intercreditor agreement or a co-lender agreement?
- What lessons from recent years influence the drafting of these agreements?
- How does the securitization of the senior loan affect the workings of these agreements and the workout of troubled loans?
- What challenges have senior and junior lenders faced when working out loans on transactions that include a mezzanine loan or B Note?
- What are the payment priorities under tiered financing structures?
This is an encore presentation.
Brooks S. Clark
Mr. Clark focuses his practice on commercial lending, real estate and structured finance, leveraged leasing, building... | Read More
Mr. Clark focuses his practice on commercial lending, real estate and structured finance, leveraged leasing, building and construction loans, and mezzanine lending and preferred equity. He has significant experience handling loans secured by LLC interests (mezzanine loans) and deposit accounts.Close
White and Williams
Mr. Coury concentrates on highly structured real estate finance and capital markets transactions, general real estate... | Read More
Mr. Coury concentrates on highly structured real estate finance and capital markets transactions, general real estate law and corporate matters. His real estate finance practice includes representing lenders and borrowers in CMBS origination and securitization, balance sheet lending, mezzanine lending, preferred equity investments, hard money lending, EB-5 lending, agency loans, and real estate debt secondary markets transactions (loan and participation sales and purchases) and debt syndications. In connection with real estate financing, Mr. Coury routinely represents clients in negotiating intercreditor agreements, co-lender agreements and participation agreements, as well as workouts, foreclosures and restructurings.Close
Geoffrey R. Maibohm
Mr. Maibohm focuses his practice on mortgage-backed and other asset-backed securitizations. He represents investment... | Read More
Mr. Maibohm focuses his practice on mortgage-backed and other asset-backed securitizations. He represents investment and commercial banks in connection with the origination, securitization and servicing of conduit and large loans secured by various structures and types of properties. He has a broad base of asset-backed, structured finance experience and has represented issuers, underwriters, sponsors, servicers, trustees, investors and rating agencies in varied asset classes.Close