Intercreditor Agreement

Intercreditor Agreement Template for Denmark

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Document background

The Intercreditor Agreement is essential in complex financing transactions where multiple creditors have claims against the same borrower or group of borrowers. This document becomes particularly important in leveraged finance transactions, restructurings, or any situation involving multiple layers of debt. The agreement, governed by Danish law, establishes a clear hierarchy among creditors, regulates payment flows, and sets out enforcement procedures. It typically includes provisions for security sharing, payment subordination, and standstill arrangements. The document must comply with Danish financial regulations, bankruptcy laws, and security legislation, making it crucial for all parties to understand their rights and obligations under Danish jurisdiction. It serves as a fundamental tool for managing creditor relationships and reducing potential conflicts in complex financing structures.

Suggested Sections

1. Parties: Identifies all creditor groups (typically senior and junior creditors), security agent, and the borrower/debtor company

2. Background: Explains the context of the various debt facilities and purpose of the intercreditor arrangements

3. Definitions and Interpretation: Defines key terms and explains interpretation principles used throughout the agreement

4. Ranking and Priority: Establishes the ranking of different debt classes and priority of payments

5. Payment Provisions: Sets out permitted payments for each class of debt and payment blockage mechanisms

6. Turnover of Receipts: Requires junior creditors to turn over unauthorized payments to the security agent

7. Security and Guarantees: Details the sharing and priority of security interests and guarantees

8. Enforcement: Specifies who can enforce security and when, including standstill provisions

9. Application of Proceeds: Details how proceeds from enforcement or insolvency will be distributed

10. Effect of Insolvency Event: Describes impact of insolvency on creditors' rights and obligations

11. Changes of Parties: Procedures for transfers and assignments of rights under the agreement

12. Costs and Expenses: Allocates responsibility for costs related to the agreement

13. Notices: Specifies how formal communications between parties should be made

14. Governing Law and Jurisdiction: Specifies Danish law as governing law and jurisdiction for disputes

Optional Sections

1. Purchase Option: Gives senior creditors the right to purchase junior debt - include when requested by senior creditors

2. Subordinated Creditor Representations: Additional representations from subordinated creditors - include for complex subordinated debt structures

3. Hedging Liabilities: Provisions dealing with hedging obligations - include if hedging providers are party to the agreement

4. Debt Trading Provisions: Detailed provisions on debt trading - include for syndicated facilities

5. ICA Agent Provisions: Detailed provisions regarding the intercreditor agent - include if separate ICA agent is appointed

6. New Debt Provisions: Mechanisms for adding new debt facilities - include if future debt is contemplated

7. Subordination of Shareholder Loans: Provisions for shareholder loan subordination - include if shareholder funding exists

Suggested Schedules

1. Form of Accession Deed: Standard form for new parties to accede to the agreement

2. Form of Debtor Accession Deed: Standard form for additional debtors to join the agreement

3. Security Documents: List and details of all security documents covered by the agreement

4. Notice Requirements: Detailed notice requirements and contact information for all parties

5. Creditor Claims: Details of existing creditor claims and facilities at signing

6. Form of Resignation Letter: Standard form for resigning parties

7. Payment Waterfall: Detailed breakdown of payment priorities in enforcement scenarios

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