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
A live 90-minute CLE webinar with interactive Q&A
Thursday, April 6, 2017 (in 7 days)
1:00pm-2:30pm EDT, 10:00am-11:30am PDT
This CLE webinar will provide commercial lending counsel with a review of key provisions in a split-collateral intercreditor arrangement, including, among other things, 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.
In the current market, financing arrangements often contain multiple tranches of debt which are accompanied by complex intercreditor arrangements, and split collateral arrangements are more popular. With increasingly common complex split collateral intercreditor arrangements, and increasingly common built-in flexibility in loan documents to accommodate additional debt and liens in a variety of structures on a post-closing basis, lenders must have a firm grasp of the considerations involved in split collateral intercreditor arrangements.
In a split collateral structure, the ABL lender receives a first lien on the working capital assets—typically receivables, inventory and related proceeds—and the term lender receives a first lien on the remaining assets. Each lender also often receives a junior lien on the other lender’s pool of collateral.
Listen as our authoritative panel of commercial finance practitioners analyzes key provisions in a split collateral intercreditor arrangement from the perspectives of both the ABL and the term lender. The panel will discuss key provisions, including, among other things, priority of rights, access to collateral and standstill provisions.
- Defining collateral pools
- Priority of rights issues
- Access to collateral, including license rights relative to intellectual property
- Standstill and the lienholders’ right to exercise remedies
- Waterfall provisions
The panel will review these and other key issues:
- Collateral pools of the lenders
- Priority rights to proceeds from collateral or other receipts not allocated to either lender
- Access rights and license rights
- Standstill provisions
- Each lender’s rights and remedies following a borrower default
Katherine E. Bell, Partner
Costa Mesa, Calif.
Ms. Bell's practice focuses on commercial and corporate finance transactions. She regularly represents commercial banks, investment banks, finance companies, other lenders, and borrowers in working capital facilities (cash flow and asset-based), acquisition financings, structured financings, and other leveraged finance transactions including leveraged buyouts, restructurings, and recapitalizations. She has significant experience negotiating intercreditor relationships, including 1st Lien/2nd Lien transactions, split collateral arrangements, and unitranche “A/B” transactions.
Peter S. Burke, Partner
Mr. Burke works in the firm's Finance and Restructuring Group and his practice focuses on commercial and corporate finance, asset-based lending, subordinated debt financings and other lending transactions. He represents numerous banks, finance companies, hedge funds and other lenders in establishing credit facilities for acquisitions, recapitalizations, restructurings and working capital facilities.
Jennifer B. Hildebrandt, Partner, Corporate Department
Ms. Hildebrandt represents banks, commercial finance companies, hedge funds, and other lenders in commercial and corporate finance matters, leveraged finance transactions, asset-based finance transactions, multi-tranche and multi-lien transactions, and restructurings. In particular, she has extensive experience representing lenders in two lien deals, unitranche transactions, and bank / bond deals.
Jennifer St. John Yount, Partner, Chair of Finance and Restructuring
Ms. Yount’s practice consists of representing banks, finance companies, and other lenders in working capital financings, acquisition financings, bank/bond transactions, restructurings, and debtor in-possession and exit financings. Ms. Yount has negotiated numerous intercreditor and subordination agreements in 1st Lien/2nd Lien, split collateral, and mezzanine financings and agreements among lenders in unitranche and FILO financings.
Live Webinar $297.00
Add a colleague on the same connection in the same room for only $97.00 in the shopping cart or by calling customer service.
This webinar is eligible for at least 1.5 general CLE credits.
CLE credits are not available for PR.
*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.
CLE On-Demand - Streaming Video
Includes recorded streaming video of full program plus PDF handouts.
On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.
AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.
**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.
CLE On-Demand Video $297.00
Available 48 hours after the live event
Includes full event recording plus handouts (available after live webinar).
Strafford is an approved provider and self-study CLE credit is available in most states.
AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
Strafford will process CLE credit for one person on each recording.
Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email email@example.com to place your order.
Recorded Webinar Download $297.00
Available 48 hours after the live event
Recorded Audio Download (MP3) $297.00
Available 24 hours after the live event
DVD (Slide Presentation with Audio) $297.00
plus $9.45 S&H
Available ten business days after the live event
Registration Plus Recorded Event
Live Webinar & Webinar Download $394.00
Recorded Webinar Download Only $97.00 with Registration/Webinar Combo
Live Webinar & Audio Download $394.00
Recorded Audio Download (MP3) Only $97.00 with Registration/MP3 Combo
Live Webinar & DVD $394.00 plus $9.45 S&H
DVD (Slide Presentation with Audio) Only $97.00 with Registration/DVD Combo
Strafford webinars offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program). Please note that our webinars do not feature videos of the presenters.
CLE Credits By State
The speaker's practical discussions were particularly helpful.
Kenneth J. Clarkson
Sullivan, Ward, Asher & Patton
The program was practical and showed both sides of the issue.
Convenient and well-organized. Well-run program.
Michael V. Kruljac
I liked that the speakers did not seem rushed and that they tackled an appropriate amount of material during the seminar.
I appreciated the sound practical advice from experienced counsel.
Banking & Finance Law Advisory Board
Alston & Bird
Orrick Herrington & Sutcliffe
Stradley Ronon Stevens & Young
Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.