← Syndicated Loans and Cross-Border Project Finance

Intercreditor terms, security and agency administration

Module 04 / 5 · 65 min

Rank and share security among lenders under Ethiopian law, and run the agency from drawdown to default.

In this module you will learn to

Design intercreditor terms for senior and subordinated debt and for domestic and DFI tranches
Explain how security is taken and shared under Ethiopian law, and its limits
Process drawdowns and compute and distribute interest as agent
Handle waivers, amendments, partial payments and defaults fairly among lenders

Built on

Erudite Africa course specification 1.o: Syndicated Loans and Cross-Border Project Finance, Levels 1 and 2 (October 2026)
Erudite Africa Training Module: Ethiopian Context, programme overview and regulatory register (October 2026)
NBE directives as listed in the lessons: SBB/87/2024, SBB/88/2024, SBB/90/2024, SBB/95/2025, SBB/96/2025, NBE/INT/13/2026, FXD/01/2024 and FXD/04/2026
A commercial bank's Revised Credit Procedure Manual (August 2025), unnamed
Banking Business Proclamation No. 1360/2025; Public Private Partnership Proclamation No. 1076/2018 as amended; Ministry of Finance Public Sector Debt Statistical Bulletin No. 56
Loan Market Association documentation conventions, IFC Performance Standards, Equator Principles and MIGA cover types (general market practice)

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.