Author: Elizabeth Burton

This paper provides an introductory overview of two categories of multi lender/secured party scenarios: (1) co-lenders where the parties involved are sharing security and have a shared interest in the same financing and (2) separate situations where the lenders or secured parties involved have overlapping but different security or, in some limited cases, shared security but with different rights under the security and separate debt. In co-lending situations, it explores four main categories: participations, securitizations, clubs, and syndications. In situations with multiple lenders, the paper examines inter-lender agreements, postponements, subordinations, priority and standstill agreements, and inter-creditor agreements.

These materials are part of a collection presented at LESA’s Commercial Lending program in Edmonton on June 18, 2026.