ON 10 JUNE 2014, THE LOAN MARKET ASSOCIATION ("LMA") LAUNCHED ITS NEW RECOMMENDED FORM OF INTERCREDITOR AGREEMENT FOR USE IN REAL ESTATE FINANCE TRANSACTIONS TOGETHER WITH A HELPFUL SET OF USER GUIDELINES -
The LMA's Real Estate Finance Intercreditor Agreement ("ICA") is intended to be used in conjunction with the LMA's recommended form of single currency term facility agreement for real estate finance multi-property investment transactions launched in April 2012. It was put together by a working party consisting of representatives from banks, mezzanine finance providers and major City law firms, including DLA Piper.
It is important to note that the ICA is not a standard form to be followed slavishly for each deal. In particular, mezzanine finance providers may look to negotiate a greater degree of rights than those currently provided for under the ICA. Intercreditor principles should be agreed upfront between the parties and prior to the documentation process....
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