Events Calendar

Intercreditor Agreements and Agreements Among Lenders: What’s a FILO, Anyway? | May 12, 2026

Date: Tuesday, May 12, 2026

Time: 5:00 p.m. to 7 p.m. EST | 6:00 p.m. EST Live Webinar Commencement

Location: American Arbitration Association (150 E 42nd Street, 17th Fl, New York, New York 10017) & Zoom

Panelists:

David 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 Secured Finance Network New York/New Jersey. We look forward to engaging with you both in person and virtually (all ACFA and SFNet NY/NJ Chapter members in good current standing will automatically receive a virtual link from Zoom the night before the presentation).

Price:

- FREE for ACFA Members & SFNet NY/NJ Chapter Members
- $50.00 per additional guest (the $50.00 fee goes toward price of annual membership for new members); fee is waived for any guest of an ACFA Member or SFNet NY Chapter Member in good standing.

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) OR virtual live webinar via Zoom (all ACFA and 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).

**PLEASE EMAIL ANY EVENT INQUIRIES TO ACFA'S ADMINISTRATIVE EMAIL: **

This year’s CLEW (Continuing Legal Education Weekend) will be held in-person on Thursday, June 4th, Friday, June 5th, and Saturday, June 6th, 2026 at The Newbury Boston in Boston, Massachusetts.

The Newbury Boston is a beautifully restored and reimagined luxury hotel at the intersection of Newbury and Arlington Streets, where the bustle of the Back Bay is your playground and the idyllic Boston Public Garden your front yard. Heritage architecture and residential comfort define each guestroom at The Newbury, the newest boutique hotel in Boston's Back Bay area. Intuitive interiors give way to calming, contemporary accommodations featuring original artwork by illustrator Veronica Lawlor, custom-designed furnishings by acclaimed interior designer Alexandra Champalimaud, handcrafted woods, and marble touches. Revel in layered luxury with bespoke amenities that include Byredo bath products made expressly for the hotel, luxurious robes and linens, in-room Nespresso Vertuo espresso-maker, and private access to The Library and Fitness Center, along with preferred seating at The Street Bar.

The $2,595.00 registration fee will include programming for 13.5 CLE credits, double occupancy room for Thursday, June 4th and Friday, June 5th, and the following activities for members and one guest: Thursday afternoon coffee and tea service, Thursday evening cocktail hour and hors d'oeuvres, Friday breakfast and group dinner, and Saturday breakfast. We have secured the group rate for those wishing to arrive early or stay late, based on first come, first served basis and subject to availability.

Further information for the CLEW, can be found here in the brochure.

Attendees are encouraged to review the Newbury's website, which provides a wealth of information, by clicking here

CLE Credit Information:
Attorneys who are members in good standing of ACFA will be entitled to CLE credits for attending all CLE presentations. Members admitted in other jurisdictions with CLE requirements should consult with the appropriate bar organization for that jurisdiction. The CLE presentations are non-transitional in nature. The New York State Continuing Legal Education Board has certified AFCA as an accredited provider of continuing legal education in the state of New York. ACFA has a financial hardship policy, the details of which can be obtained by contacting ACFA.

ONLINE REGISTRATION NOW OPEN BELOW.

The 2026 CLEW is sponsored by:

Mobsters and Lobsters Tour | Friday, June 5th at 2 pm

For those registered for CLEW 2026 in Boston, the activity this year is Mobsters and Lobsters Boston Trolley Tour! Step beyond the guidebooks and into Boston’s shadowed past. This immersive, privately narrated experience dives deep into the city’s gritty underworld, bringing to life thrilling tales of the Italian Mafia and the Irish Mob. Guests will hear gripping stories of notorious crime bosses, unsolved mysteries, and daring heists—including the Brink’s Robbery and the Isabella Stewart Gardner Museum heist—woven together with rich Boston history.

Price: $75.00 per person

**First come, first served, and group size limits may apply; all ages welcome to join this activity. Please send any event inquiries to ACFA's administrative email: **