SFNet New York and New Jersey Chapters Joint Educational Event with ACFA - Intercreditor Agreements
May 12, 2026 5:00 PM to 7:00 PM (Eastern Daylight Time)
New York, NY 10017
CLE HYBRID PROGRAM: INTERCREDITOR AGREEMENTS AND AGREEMENTS AMONG LENDERS: WHAT'S A FILO, ANYWAY?
SFNet NY/NJ in conjunction with ACFA
Tuesday, May 12, 2026, 5:00 PM - 7:00 PM EST
6pm - Live Webinar Commencement
LOCATION:
150 E 42nd Street
17th Floor
New York, NY 10017
SPEAKERS:
David W. Morse, Partner - Otterbourg P.C. (New York, New York)
Chad Simon, Senior Managing Director - Gordon Brothers (New York, New York)
Lena Surilov, Partner - Otterbourg P.C. (New York, New York)
While first-in, last-out tranches (or “FILO”) within secured credit facilities are not a new phenomenon, over the last few years there has been a noticeable increase in the use of them, particularly with a number of relatively new entrants into the market that are keenly focused on providing that extra bit of liquidity that a company is so often looking for and may not be available through a traditional borrowing base in the context of an asset-based facility. But not only are more lenders offering a FILO tranche within a credit facility, either provided by the same group of lenders or a separate FILO lender (or increasingly syndicate of FILO lenders), but the variations on the terms and structure for the FILO and navigating the relationship between the tranches has gained in complexity and variety (did someone say, “SISO”?).
The panel will look at various elements of how the terms of the FILO tranche have evolved, the different structures for the documentation of FILOs (and risks and benefits of those structures), the issues that arise in establishing the relative rights of the different tranches, and considering how such matters may play out in a distressed situation, including a Chapter 11. In today’s world of more complex capital structures, even in the middle market, this is a topic that the secured lender and their counsel should know.
This will be a joint program with ACFA. We look forward to engaging with you both in person and virtually (all SFNet NY/NJ Chapter members in good current standing will automatically receive a virtual link from Zoom the night before the presentation, no registration required).
EVENT INCLUDES:
- Light hors d'oeuvres & refreshments
- In-Person attendance (registration required on form below if planning to attend in person) at the American Arbitration Association (150 E 42nd Street, 17th Fl, New York, New York 10017).
**PLEASE EMAIL ANY EVENT INQUIRIES TO ACFA'S ADMINISTRATIVE EMAIL: acfalaw.org@gmail.com**
REGISTRATION:
Event is FREE for SFNet NY or NJ Chapter Members - Sponsored by Otterbourg P.C.
$50 per additional guest; fee is waived for any guest of an ACFA Member or SFNet NY or NJ Chapter Member is good standing.
SFNet NY or NJ Chapter membership must be current in order to register without charge.
For questions or additional information, please contact Paul H. Shur, Becker NE, P.C., SFNet NY/NJ Education Chair at pshur@beckerlawyers.com or 212-440-8102.
Registration
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