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Co-financing
A financing where a number of different lenders or syndicates are involved, each providing a different facility to the borrower, under a different facility agreement, often with common undertakings and events of default as set out in a "Common Terms Agreement".
Generally, the lenders will share any security in accordance with pre-agreed rules which are not simply based on one lender being senior in all circumstances to another.
Distinct from a syndicated loan in that there are different facilities, to be used for different purposes, and with different pricing.
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