Structural protections in inter-creditor agreements for mezzanine loans
This paper reviews a number of the important structural protections found in inter‐creditor agreements, discusses the negotiated modifications to those protections which are common today and assesses whether the modifications reflect market‐driven erosion of the structural protections. After reviewi...
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| Veröffentlicht in: | Briefings in real estate finance 2004-07, Vol.4 (1), p.21-36 |
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| container_title | Briefings in real estate finance |
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| creator | Lance, Andrew A. |
| description | This paper reviews a number of the important structural protections found in inter‐creditor agreements, discusses the negotiated modifications to those protections which are common today and assesses whether the modifications reflect market‐driven erosion of the structural protections. After reviewing the differences between market placements and asset types which can justify such modifications, and the legal rationale underlying many common variations, the author concludes that the variations typically found in inter‐creditor agreements are the product of legitimate negotiation and justifiable differentiation, rather than the erosion of structural protections as a by‐product of a highly competitive environment. Copyright © 2004 Henry Stewart Publications |
| doi_str_mv | 10.1002/bref.118 |
| format | Article |
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Copyright © 2004 Henry Stewart Publications</description><subject>Agreements</subject><subject>Business conditions</subject><subject>CMBS</subject><subject>Collateral</subject><subject>Inter-creditor agreements</subject><subject>loan cash waterfalls</subject><subject>loan default remedies</subject><subject>loan subordination provisions</subject><subject>Loan workouts</subject><subject>Mezzanine financing</subject><subject>mezzanine loans</subject><subject>Real estate companies</subject><subject>Studies</subject><issn>1473-1894</issn><issn>1555-0990</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2004</creationdate><recordtype>article</recordtype><recordid>eNp10E1LAzEQBuAgCtYq-BMWT162Jptkszna0g-hKn7VY8imE9m63a1Jira_3pSK4EEITAYeZoYXoXOCewTj7Kp0YHuEFAeoQzjnKZYSH8Y_EzQlhWTH6MT7RZSkoKKDxk_BrU1YO10nK9cGMKFqG59UTXwBXGoczKvQukS_OYAlNMEnNrZL2G51UzWQ1K1u_Ck6srr2cPZTu-hlNHweTNLp_fhmcD1NDaF5kQIUucHYUIs1K5mZa1PkEkiuwWLB-DyjYHOZCWkNk5IbaqyWnGUllCIrS9pFF_u58diPNfigFu3aNXGlIpJxRgWVEV3ukXGt9zEQtXLVUruNIljtUlK7lFRMKdJ0Tz-rGjb_OtV_HI7--MoH-Pr12r2rXFDB1evdWBUPk9vZlPbVjH4DaON5uw</recordid><startdate>200407</startdate><enddate>200407</enddate><creator>Lance, Andrew A.</creator><general>John Wiley & Sons, Ltd</general><general>Henry Stewart Conferences and Publications Ltd</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope></search><sort><creationdate>200407</creationdate><title>Structural protections in inter-creditor agreements for mezzanine loans</title><author>Lance, Andrew A.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c1368-ee86c00c3f0a4b4cdac869e16aef0745d23ef69279fc4995c3cfa9542beb72bb3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2004</creationdate><topic>Agreements</topic><topic>Business conditions</topic><topic>CMBS</topic><topic>Collateral</topic><topic>Inter-creditor agreements</topic><topic>loan cash waterfalls</topic><topic>loan default remedies</topic><topic>loan subordination provisions</topic><topic>Loan workouts</topic><topic>Mezzanine financing</topic><topic>mezzanine loans</topic><topic>Real estate companies</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Lance, Andrew A.</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><jtitle>Briefings in real estate finance</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Lance, Andrew A.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Structural protections in inter-creditor agreements for mezzanine loans</atitle><jtitle>Briefings in real estate finance</jtitle><addtitle>Brief. Real Est. Fin</addtitle><date>2004-07</date><risdate>2004</risdate><volume>4</volume><issue>1</issue><spage>21</spage><epage>36</epage><pages>21-36</pages><issn>1473-1894</issn><eissn>1555-0990</eissn><abstract>This paper reviews a number of the important structural protections found in inter‐creditor agreements, discusses the negotiated modifications to those protections which are common today and assesses whether the modifications reflect market‐driven erosion of the structural protections. After reviewing the differences between market placements and asset types which can justify such modifications, and the legal rationale underlying many common variations, the author concludes that the variations typically found in inter‐creditor agreements are the product of legitimate negotiation and justifiable differentiation, rather than the erosion of structural protections as a by‐product of a highly competitive environment. 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| fulltext | fulltext |
| identifier | ISSN: 1473-1894 |
| ispartof | Briefings in real estate finance, 2004-07, Vol.4 (1), p.21-36 |
| issn | 1473-1894 1555-0990 |
| language | eng |
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| source | Business Source Complete; Wiley Online Library All Journals |
| subjects | Agreements Business conditions CMBS Collateral Inter-creditor agreements loan cash waterfalls loan default remedies loan subordination provisions Loan workouts Mezzanine financing mezzanine loans Real estate companies Studies |
| title | Structural protections in inter-creditor agreements for mezzanine loans |
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