Handbook on Second Lien Loans & Intercreditor Agreements

Second-lien financing has become more prevalent in recent years. This handbook describes the typical second-lien financing and distinguishes the features of a second-lien financing from alternatives such as mezzanine financing. It examines the development of the second-lien financing market over the last decade as influenced by the economic forces at play. The handbook also zeroes in on intercreditor agreements used in second-lien financings by providing examples of sample clauses, followed by an analysis of the legal issues presented when parties contemplate the enforceability of those clauses in the context of a borrower bankruptcy proceeding. Reorganization professionals will find this handbook invaluable in providing the best representation to their clients, both debtor and lender.