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Many capital structures include one or more debt facilities that are junior to senior debt secured by the same assets or property. One such type of junior debt that doesn’t fit neatly in traditional structures, but is commonly discussed, is debt with a “silent second lien.” This Legal Update briefly describes the silent second lien debt product (including how this terminology is often vaguely used or overused in the market), highlights some differences between the US and European markets and discusses considerations in connection with the use of the product in each market and in cross-border transactions.

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