Milbank LLP Global Leveraged Finance partners Miko Bradford and Benjamin Sayagh co-authored “A Comparative Overview of Transatlantic Intercreditor Agreements,” a chapter in The International Comparative Legal Guide: Lending & Secured Finance 2022. The chapter covers various expectations to the key intercreditor terms that should apply in cross-border financings for European borrowers or other financings involving practitioners and business people in different parts of the world.
The chapter compares and contrasts the key terms in US second lien and European second lien intercreditors and discusses the blended approach taken in many intercreditor agreements for financings of European companies in the US syndicated bank loan markets, as well as transatlantic intercreditor agreements for companies in jurisdictions outside of the US.
The guide covers common issues in lending and secured finance laws and regulations including guarantees, collateral security, financial assistance, syndicated lending and LIBOR replacement across various jurisdictions.
