Intercreditor Agreements (Mortgage Lender and Mezzanine Lender)

In a recent Lexis Nexis Practical Guidance practice note, Schulte Roth & Zabel partner Julian Wise, special counsel Amiel Mandel and associate Aaron Schwed discuss issues that arise when negotiating intercreditor agreements (ICAs) for mortgage and mezzanine lenders, recent trends in ICAs and predictions of where negotiations may be headed.

The ICA is an integral document in any transaction in which there is more than one loan. In the context of commercial real estate (CRE) transactions, this situation arises most frequently when there is a mortgage loan and one or more mezzanine loans.