LMA Leveraged Intercreditor Agreement was the first of the LMA intercreator agreements to be published and is suitable for different types of transactions. Prior to the publication of the LMA REF Intercreditor Agreement, it was often adapted for use in real estate financing operations. Note that the LMA has issued two additional inter-pricing agreements for high-yield bond transactions and another inter-signed agreement for transactions involving a super senior revolution facility and a facility structure for priority maturities. In November 2014, the LMA published a reflector agreement (ICA). This proposal involved a credit structure in which the primary lender would lend to the company directly owning the securities in question and the mezzanine lender would continue to lend to a holding company as the borrower`s structure increased. Priority and mezzanine lenders would then retain “common” guarantees between the principal borrower and the principal borrower`s shareholder, and mezzanine lenders would maintain “mezzanine-only” security at the top of the borrower`s chain. We have published a revised agreement on the conversion of tempered window (Lookback without observational movement). new agreement on the average rate change (retrospective with change in observation); Revised comments on tariff change mechanism agreements; The maturity sheet for tariff-change facility agreements; and RFR conditions for use in addition to the revised replacement of the screen flow language. These documents (for which the context allows, text, content, tables with macros and electronic interfaces, as well as their underlying assumptions, conversions, formulas, algorithms, calculations and other mathematical and financial techniques) are made available to members of the Credit Market Association, in accordance with the statutes of the Credit Market Association (a copy of which is available here) to facilitate the documentation of transactions in the credit markets. None of the Loan Market Association, Allen-Overy or Clifford Chance assumes any responsibility for any use of these materials or any loss, damage or liability resulting from such use. None of the Loan Market Association, Allen-Overy or Clifford Chance has considered the laws of a jurisdiction that may apply to any of the parties to an agreement using these materials and its purpose. Members should therefore consider all relevant legal, accounting and regulatory issues before using these materials or entering into a transaction in connection with these materials and, if necessary, consulting with their professional advisors. While this was a useful development for ref players, the basic credit structure on which the ICA was created did not reflect the simpler structure that prevailed in small- and medium-sized transactions, for which priority and mezzanine lenders would generally lend to the same loan company and then accept contractual inter-credit agreements.

As a result, the ICA has often been considered “excessive” and has had to undergo a substantial change for the small to medium-sized market. This communication of practice compares the main conditions of the Intercretor Agreement (LMA) for financing of loan-financed acquisitions (LMA Leveraged Intercreditor Agreement) (LMA- Leveraged Intercreditor Agreement), the LMA`s intercreator contract for transactions real estate financing (senior/mezzanine), for which mezzanine debt is structurally subordinated (LMA REF Intercreditor Agreement – Structural Subordination) and the LMA Interbank Agreement for Real Estate Financing Operations (Senior Mezzanine), in which mezzanine debt is not structurally subordinated, but only subject to contractual subordination in the Intercreditor Agreement (LMA REF Intercreditor Agreement) (together the Intercreditor Agreements).