Beard Audio Conferences

Second Lien Financings and Intercreditor Agreements

Risks They Pose in Bankruptcies

Location: Your office or conference room (no need to travel!)

Date : Audio CD Available

Time(s):

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Hosted By : Beard Group Law and Business Publishers

This conference will include:

Second lien lending and the intercreditor agreements that accompany most second lien transactions have experienced substantial growth in the past decade.

However, these agreements have not been tested to any great degree by the bankruptcy courts, leaving many questions as to their enforceability unanswered.

This Audio CD (recorded April 2007), with Mark Berman, partner with the national law firm of Nixon Peabody LLP, explores the latest legal developments in second lien lending and bankruptcy provisions contained in intercreditor agreements. You examine the give-and-take between the first and the second lien positions in negotiations over intercreditor agreements. You also learn why these agreements are important, what language they should contain, and how to make them more enforceable in a subsequent bankruptcy case.

Specific topics include:

· Why do you need an intercreditor agreement in second lien financings?
· What do first lien lenders want out of an intercreditor agreement?
· What do second lien lenders want out of an intercreditor agreement?
· What factors influence the leverage of the first or the second lien lender to get what they want?
· What have the courts said about the enforceability of provisions in intercreditor agreements?

Speaker(s):

Mark N. Berman
Nixon Peabody LLP

Mark N. Berman is a member of the firm's Financial Restructuring & Bankruptcy Practice Group and supports the Securitization and Structured Finance Team, the Bank Finance Team and the Public Finance Group. Over his more than 30 year career, Mr. Berman has represented virtually every kind of interest that might be involved with a financially troubled business or individual. He also participates in the firm's Hedge Fund Team.

Recent representative engagements include: Bank Finance - Negotiation of intercreditor agreements and subordination agreements in second lien and mezzanine financings. Public Finance - Financing of new stadium for New York Yankees, Financing of new stadium for New York Mets, Refinancing of Gillette Stadium (New England Patriots)
Financing of military housing developments. Structured Finance - True sale opinions in sale of various assets including government contract payments, mortgage loans and accounts. Financial Restructuring & Bankruptcy - Dana Automotive Systems, Inc. (collateral trustee for second lien lenders), Out of Court restructuring of a business on behalf of agent for secured bank syndicate, The Colad Group, Inc. (agent for industrial revenue bond financing), Divine, Inc. (significant creditor, landlord and equity holder).

Second Lien Financings and Intercreditor Agreements


Conference Audio CD + Written Materials	US$	35.00	add to cart

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