The CMBS Form of Intercreditor Agreement: Time for a Fresh Look?
The CMBS Form of Intercreditor Agreement: Time for a Fresh Look?
The CMBS Form of Intercreditor Agreement: Time for a Fresh Look?
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>The</strong> <strong>CMBS</strong> <strong>Form</strong> <strong>of</strong> <strong>Intercreditor</strong> <strong>Agreement</strong>:<br />
<strong>Time</strong> <strong>for</strong> a <strong>Fresh</strong> <strong>Look</strong>?<br />
RESTRICTIONS UPON SENIOR LOAN MODIFICATION<br />
―Senior Loan Modification‖ includes any amendment, deferral, extension,<br />
modification, increase, renewal, replacement , consolidation, supplement or<br />
waiver (collectively, a ―Senior Loan Modification‖):<br />
(i) increase the interest rate or principal amount <strong>of</strong> the Senior Loan,<br />
(ii) increase in any other material respect any monetary obligations <strong>of</strong> Borrower<br />
under the Senior Loan Documents,<br />
(iii) extend or shorten the scheduled maturity date <strong>of</strong> the Senior Loan (except<br />
that Senior Lender may permit Borrower to exercise any extension options in<br />
accordance with the terms and provisions <strong>of</strong> the Senior Loan Documents),<br />
(iv) convert or exchange the Senior Loan into or <strong>for</strong> any other indebtedness or<br />
subordinate any <strong>of</strong> the Senior Loan to any indebtedness <strong>of</strong> Borrower,<br />
(v) amend or modify the provisions limiting transfers <strong>of</strong> interests in the Borrower<br />
or the Premises,<br />
16
Change language