Themes of Change: Key themes underlying the September 2012 changes to the LMA Intercreditor Agreement and implications for Mezzanine Creditors

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As the mezzanine market continues to mature, mezzanine creditors have been seeking enhanced protections in their contractual relationship with senior creditors. The themes behind last month’s revisions to the Loan Market Association (LMA) recommended form of intercreditor agreement for leveraged acquisition finance reflect an attempt to take into account recent changes in market practice and feedback from market practitioners.

According to the LMA, the September revisions to the intercreditor agreement are grouped into four broad themes and are the product of the LMA’s first wide ranging review process since the initial publication of the agreement in 2009. From a mezzanine perspective, these revisions address some key requests from mezzanine creditors who have been unsatisfied with what they perceive to be senior creditor friendly provisions in the 2009 agreement and its 2010 update.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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