The Intercreditor Agreement is essential in complex financing transactions where multiple creditors have claims against the same borrower or group of borrowers. This document becomes particularly important in leveraged finance transactions, restructurings, or any situation involving multiple layers of debt. The agreement, governed by Danish law, establishes a clear hierarchy among creditors, regulates payment flows, and sets out enforcement procedures. It typically includes provisions for security sharing, payment subordination, and standstill arrangements. The document must comply with Danish financial regulations, bankruptcy laws, and security legislation, making it crucial for all parties to understand their rights and obligations under Danish jurisdiction. It serves as a fundamental tool for managing creditor relationships and reducing potential conflicts in complex financing structures.
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Key Requirements PROMPT example:
Intercreditor Agreement
I need an Intercreditor Agreement under Danish law for a renewable energy project with multiple senior lenders, mezzanine debt, and shareholder loans, where the senior debt facility will be DKK 500 million and scheduled to close by March 2025.
1. Parties: Identifies all creditor groups (typically senior and junior creditors), security agent, and the borrower/debtor company
2. Background: Explains the context of the various debt facilities and purpose of the intercreditor arrangements
3. Definitions and Interpretation: Defines key terms and explains interpretation principles used throughout the agreement
4. Ranking and Priority: Establishes the ranking of different debt classes and priority of payments
5. Payment Provisions: Sets out permitted payments for each class of debt and payment blockage mechanisms
6. Turnover of Receipts: Requires junior creditors to turn over unauthorized payments to the security agent
7. Security and Guarantees: Details the sharing and priority of security interests and guarantees
8. Enforcement: Specifies who can enforce security and when, including standstill provisions
9. Application of Proceeds: Details how proceeds from enforcement or insolvency will be distributed
10. Effect of Insolvency Event: Describes impact of insolvency on creditors' rights and obligations
11. Changes of Parties: Procedures for transfers and assignments of rights under the agreement
12. Costs and Expenses: Allocates responsibility for costs related to the agreement
13. Notices: Specifies how formal communications between parties should be made
14. Governing Law and Jurisdiction: Specifies Danish law as governing law and jurisdiction for disputes
1. Purchase Option: Gives senior creditors the right to purchase junior debt - include when requested by senior creditors
2. Subordinated Creditor Representations: Additional representations from subordinated creditors - include for complex subordinated debt structures
3. Hedging Liabilities: Provisions dealing with hedging obligations - include if hedging providers are party to the agreement
4. Debt Trading Provisions: Detailed provisions on debt trading - include for syndicated facilities
5. ICA Agent Provisions: Detailed provisions regarding the intercreditor agent - include if separate ICA agent is appointed
6. New Debt Provisions: Mechanisms for adding new debt facilities - include if future debt is contemplated
7. Subordination of Shareholder Loans: Provisions for shareholder loan subordination - include if shareholder funding exists
1. Form of Accession Deed: Standard form for new parties to accede to the agreement
2. Form of Debtor Accession Deed: Standard form for additional debtors to join the agreement
3. Security Documents: List and details of all security documents covered by the agreement
4. Notice Requirements: Detailed notice requirements and contact information for all parties
5. Creditor Claims: Details of existing creditor claims and facilities at signing
6. Form of Resignation Letter: Standard form for resigning parties
7. Payment Waterfall: Detailed breakdown of payment priorities in enforcement scenarios
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Infrastructure
Private Equity
Manufacturing
Energy
Technology
Healthcare
Telecommunications
Construction
Retail
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Corporate Finance
Debt Finance
Restructuring
Investment
Loan Administration
Transaction Management
Risk Management
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Senior Finance Manager
Credit Risk Manager
Debt Finance Manager
Corporate Finance Director
Restructuring Officer
Investment Manager
Loan Officer
Security Trustee
Facility Agent
Syndications Manager
Transaction Manager
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