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Negotiating Intercreditor Agreements: Top Ten Tips for Mezzanine Lenders

The Real Estate Journal, Thomson Reuters Publications, Fall 2011
10.01.11

Over the past two decades, mezzanine financing has become commonplace in credit markets in the United States, particularly in the context of merger and acquisition financing. The relationship of the mezzanine lender and senior lender is, almost without exception, governed by an intercreditor agreement. However, courts in the United States have rarely had occasion to clarify the law as it relates to the relationship and agreements between mezzanine lenders and senior lenders. Accordingly, it is important that mezzanine lenders carefully negotiate the terms and conditions of intercreditor agreements. The article outlines 10 negotiating tips to help mezzanine lenders obtain a favorable intercreditor agreement.

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