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The Model Intercreditor Agreement Task Force seeks to develop a balanced, market-based model form of intercreditor agreement that specifies the rights of first lien and second lien lenders holding pari passu senior debt secured by identical collateral that fairly protects the respective interests of first lien and second lien lenders while reflecting market expectations and standard practices. The form is intended to include alternative and optional provisions as well as commentary.
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The Model Intercreditor Agreement Task Force is a project of the ABA Syndications and Lender Relations Subcommittee (Commercial Finance Committee). Richard K. Brown, (Winston & Strawn, LLP) and Gary D. Chamblee (Womble Carlyle Sandridge & Rice, PLLC) are Co-Chairs of the Subcommittee. Christine Gould Hamm (Husch Blackwell Sanders LLP) is Vice Chair of the Subcommittee.
Gary D. Chamblee serves as Chair of the Task Force.
The Task Force was formed to develop a market-based form of intercreditor agreement for intercreditor arrangements between first and second lien institutional lenders holding liens on the same collateral. An initial draft of the proposed form of intercreditor agreement was circulated to Task Force members in March, 2007. The most recent draft was circulated in November of this year. A copy of the most recent draft is available on this website.
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| | Committee Events |
CFA Annual Meeting and ABA Commercial Finance Fall Meeting in Las Vegas
November 4, 2009
- November 6, 2009 | A panel from the Task Force made a presentation on "Dealing with Intercreditor Issues in Today's Loan Markets - The Role of the ABA Model Intercreditor Agreement" at the Commercial Finance Association Annual Meeting on Friday, November 6, 2009 in Las Vegas. The members of the Panel were Gary D. Chamblee, Womble Carlyle Sandridge & Rice, PLLC (Chair of the Task Force); Richard K. Brown, Winston & Strawn, LLP (Vice Chair), Robert L. Cunningham, Jr., Gibson, Dunn & Crutcher LLP (Vice Chair) and Randall Klein, Goldberg Kohn (Vice Chair). The same panel made a presentation at the Joint Fall Meeting of the Commercial Finance Committee and the UCC Commercial Code Committee on November 4th in Las Vegas entitled "Meet MICA-An Introduction to the Model Intercreditor Agreement."
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ABA 2009 Annual Meeting in Chicago
August 6, 2009
- August 10, 2009 | | The Model Intercreditor Agreement Taskforce (MICA) met at the ABA 2009 Annual Meeting in Chicago and discussed the timetable for completion of the Model Agreement and commentary and the latest draft of the Model Agreement. |
ALI/ABA Presentation Commercial Lending Today in Washington, D.C.
January 28, 2010
- January 29, 2010 | | Members of the MICA Task Force Gary Chamblee, Tony Callobre, Bob Cunningham and Rick Brown will speak on "Negotiating Intercreditor Agreements: A Report from the Model Intercreditor Agreement Task Force" at an ALI/ABA Advance Course of Study entitled "Commercial Lending Today" which will be held in Washington, D.C. (Marriott at Metro Center) on January 28-29, 2010 |
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| Section Events |
December 4, 2009 - December 5, 2009 The Ritz-Carlton Washington DC
Washington,
DC
Format: Live/In-Person
December 9, 2009
Location: N/A
Format: Webcast/ Teleconference
December 10, 2009
Location: N/A
Format: Video Webcast/ Teleconference |
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