Tuesday, May 12 2026 05:00 PM - Tuesday, May 12 2026 07:00 PM

150 E 42nd Street, 17th Fl, New York, New York 10017 & Zoom | American Arbitration Association

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).

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