The Intercreditor Fights Worth Having
Where senior and subordinate debt actually collide.
Layering mezzanine or preferred capital onto senior debt means negotiating an intercreditor agreement — a document few read closely until something goes wrong, at which point it is the only document that matters.
Cure Rights and Control
The provisions worth fighting over are cure rights, standstill periods, and who controls a workout in default. These are not boilerplate; they decide who survives a bad year.
Negotiate the intercreditor as if the deal will struggle, because the agreement only ever gets tested when it does.
Founder & editor of Opensqft. Previously co-founded General Assembly and Common.
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