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Intercreditor Agreement

Intercreditor Agreement Template for New Zealand

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Key Requirements PROMPT example:

Intercreditor Agreement

"I need an Intercreditor Agreement under New Zealand law for a syndicated loan facility with senior bank lenders and mezzanine debt providers, where the borrower is a property development company with multiple ongoing projects and shared security arrangements."

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Document background
An Intercreditor Agreement is essential in complex financing arrangements where multiple creditors provide different types of debt facilities to the same borrower. This document, governed by New Zealand law, establishes the hierarchy of claims, payment priorities, and enforcement rights among various classes of creditors. It's particularly crucial in syndicated lending, project finance, and leveraged finance transactions where senior lenders, mezzanine lenders, and other creditors need clarity on their respective rights and obligations. The agreement addresses key aspects such as payment subordination, lien subordination, enforcement standstills, and voting rights in restructuring scenarios. It must comply with New Zealand's legal framework, particularly the Personal Property Securities Act 1999, Companies Act 1993, and relevant insolvency legislation.
Suggested Sections

1. Parties: Identification of all creditor groups, security trustee/agent, and borrower/debtor

2. Background: Context of the financing arrangements and purpose of the intercreditor agreement

3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and references to facility documents

4. Ranking and Priorities: Establishes the ranking of debt and security interests between creditors

5. Payment Provisions: Rules regarding payments, permitted payments, and payment blocks

6. Turnover of Receipts: Obligations to turn over payments received in breach of the agreement

7. Security and Guarantees: Provisions regarding shared security and guarantee arrangements

8. Enforcement: Rights and procedures for enforcement of security interests

9. Application of Proceeds: Order of application of enforcement proceeds and other recoveries

10. Default and Acceleration: Provisions regarding default triggers and acceleration rights

11. Purchase Option: Terms for junior creditors to purchase senior debt

12. New Debt and Security: Rules for incurring additional debt and granting new security

13. Amendments and Waivers: Procedures for modifying the agreement and facility documents

14. Notices: Communication procedures between parties

15. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, etc.

Optional Sections

1. Subordination of Shareholder Debt: Required when there is shareholder or related party debt to be subordinated

2. Mezzanine Debt Provisions: Include when there is a mezzanine debt tranche with specific rights

3. Hedge Counterparty Provisions: Required when hedging arrangements need to be addressed in the priority structure

4. Bond Holder Provisions: Include when one of the debt tranches consists of bonds or notes

5. Restructuring Provisions: Detailed provisions for restructuring scenarios, particularly relevant in complex financings

6. Insurance Proceeds: Specific provisions for handling insurance proceeds when significant insured assets are involved

7. Project Finance Provisions: Special provisions required for project finance structures

Suggested Schedules

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

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

3. Form of Default Notice: Standard form for serving notices of default

4. Creditor Details: Contact details and notice information for all creditors

5. Existing Debt: Details of all existing debt facilities and their key terms

6. Security Properties: Details of secured properties and assets if applicable

7. Priority Payment Waterfall: Detailed payment priority waterfall in various scenarios

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions





















































Clauses

































Relevant Industries

Banking and Financial Services

Corporate Finance

Private Equity

Real Estate and Property Development

Infrastructure and Construction

Energy and Resources

Manufacturing

Telecommunications

Healthcare

Retail and Consumer

Agriculture and Forestry

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Finance

Debt Capital Markets

Restructuring

Portfolio Management

Transaction Management

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Risk Manager

Debt Capital Markets Manager

Restructuring Officer

Investment Manager

Portfolio Manager

Relationship Manager

Security Trustee

Facility Agent

Compliance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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