Thu, 15/11/2012 - 14:31
CREFC Europe’s ICA Committee has released a consultation document on intercreditor agreements in UK commercial real estate finance transactions.
CREFC Europe established the Intercreditor Working Group in order to encourage lenders, investors, service providers and advisors in the European commercial real estate (CRE) industry to promote greater consistency in and understanding of intercreditor issues which arise in CRE finance transactions.
CREFC Europe strongly believes that by promoting a common set of widely endorsed principles, participants in the industry will be better equipped to work on transaction structures where often-encountered issues merit a consistent approach.
The Intercreditor Working Group recognises that there is no “one size fits all” solution to all issues, and that many matters will remain open to negotiation and to tailoring to the requirements and characteristics of any particular transaction. The paper does not seek to impose a “base case” opening position on matters commonly negotiated between transaction parties. Rather, it seeks to promote a common approach to the issues where this can be achieved.
The guidelines are intended to be applicable to lending transactions which are funded directly by lenders (with no intention to subsequently securitise them) and to those which are (or are intended to be) funded, in whole or in part, through the capital markets. The publication of these guidelines has two key aims: first, to promote consideration of a common set of issues in all ICAs going forward; and, second, to encourage market participants to have confidence that an acceptable arrangement between the different and frequently conflicting interests of different creditors is achievable.
The Working Group includes lenders, capital markets issuers, investors, loan servicers, advisory firms and other trade bodies.
The consultation period is open until 20 January 2013.
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Sat, 28 Nov 2015 00:00:00 GMTS/VP Enterprise Risk - Buy Side Firm | Singapore
Sat, 28 Nov 2015 00:00:00 GMTVP of Operational Risk - Global Buy Side Firm | Singapore
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