and guarantees lower down the group structure law

[Alex16]

The lack of an intercreditor agreement between the Facilities lenders may delay the enforcement; in view of the nature of security taken the Facilities lenders are likely to prefer to take co-ordinated action on enforcement to maximise their returns. The absence of an intercreditor agreement also means that enforcement of share security over holding companies within the group structure may be hindered, since there would be no automatic release of share security and guarantees lower down the group structure. If the lenders choose to enforce share security, a number of other practical issues may arise, including the fact that most share security is only partial with respect to no more than 50% of the relevant company’s share capital...

Не понимаю оборота ..."and guarantees lower down the group structure"

Может быть, and guarantees to lower down...? Хотя и тут непонятно...

Спасибо заранее за разъяснения.

[trtrtr]

Типа [further] down the group structure
not at the top of the group structure
Например:
Shareholders will not want to see their preference for proportionate liability agreed at holding company level undermined by other forms of agreement lower down the group structure.
http://www.cms-lawnow.com/ealerts/2008/09/auditor-liability-limitation-agreements-about-to-become-a-reality?cc_lang=en

[Alex16]

Да, "to" здесь явно не нужно. Остается перевести -

...и [предоставления] гарантий на более низких (нижестоящих) уровнях структуры группы?

[toast2]

у вас не про предоставление гарантий (на самом деле - "поручительств") - у вас про __release__ of ... guarantees lower down the group structure.

то есть про освобождение от обязательств по поручительствам, выдававшимся дочерними (внучатыми и т.п.) компаниями, расположенными на более низких ярусах\уровнях холдинговых структур

[Alex16]

Спасибо.