Loan & DebtMay 14, 2026, 04:18 PM
Melar Acquisition Corp. I Enters Intercreditor Agreement
AI Summary
Melar Acquisition Corp. I, as part of the Melar Lender group, has entered into an Intercreditor Agreement with YA II PN, Ltd. (YA Lender) and Everli Global Inc. The agreement establishes that indebtedness owed to both Melar Lender and YA Lender by Everli will rank pari passu, ensuring equal rights to payment and security. Key provisions include pro rata distribution of principal payments, shared first-priority security interests in Everli's assets, and a bailment structure for collateral once YA Lender funds $5,000,000. This arrangement supports the previously disclosed business combination between Melar Acquisition Corp. I and Everli.
Key Highlights
- Melar Acquisition Corp. I (Melar Lender) and YA II PN, Ltd. (YA Lender) entered into an Intercreditor Agreement with Everli Global Inc.
- The agreement governs the rights, priorities, and obligations of the Melar Lender and YA Lender regarding Everli's indebtedness.
- Indebtedness evidenced by promissory notes to both lenders will rank pari passu in right of payment and security.
- Principal payments, prepayments, and other distributions on Lender Indebtedness will be applied pro rata.
- Both lenders will share a first-priority, perfected security interest in substantially all of Everli's collateral.
- A bailment structure is established, with Melar Lender transferring pledged collateral to YA Lender once YA Lender funds at least $5,000,000.
- The agreement provides for coordination between lenders in the event of bankruptcy or insolvency proceedings.
- This agreement is in the context of Melar Acquisition Corp. I's proposed business combination with Everli.
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