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Intercreditor Agreements

By Sean Gillen
January 31, 2015

This is the sixth (and final) article in a series covering various aspects of intercreditor agreements.

Now that the holiday season is receding in the rear-view mirror, we in the finance industry have the privilege of taking a deep breath, looking back and taking stock. Of course, in the “normal” world, people generally don their “year-in-review” glasses during the month of December (especially the last week thereof). However, those working in finance do not have the luxury of engaging in such (non-billable/non-revenue-generating) qualitative examinations when deals need to be closed and goals need to be attained. Rather, we defer such our introspection for the first few weeks of the first quarter (once the lassitude of the fourth quarter rush has lifted).

This is by no means intended to be a comprehensive practice guide covering all things intercreditor. Each situation will be different, and the type of intercreditor agreement needed will depend on a variety of factual, legal and business considerations. However, I would like to think that I have gained some insights during the 15 years or so I have been practicing in the commercial finance arena, so I thought it would be helpful to cover a few practice-oriented thoughts, including some that do not appear to receive much consideration in literature or during CLE seminars.

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