Document background
The Intercreditor Deed is essential in complex financing arrangements where multiple lenders provide different types of debt to a single borrower or group of borrowers under Nigerian law. It becomes particularly relevant in project finance, syndicated lending, and corporate debt restructuring scenarios. The document establishes a clear hierarchy of creditor rights, regulates payment priorities, sets out security sharing arrangements, and provides mechanisms for coordinated enforcement actions. It must comply with Nigerian legislation, including CAMA 2020 and BOFIA 2020, while addressing practical considerations such as local security perfection requirements and enforcement procedures. The deed typically includes provisions for future accession of new creditors, transfer mechanics, and specific requirements of development finance institutions active in the Nigerian market.
