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Intercreditor Agreement Waiver of Right to Seek Relief from Automatic Stay

Book Publication Date: May 2014
Description: Under the Bankruptcy Code secured creditors may sometimes seek relief from an automatic stay. In intercreditor agreements, second lien lenders often agree not to interfere with such rights of the first lien lenders by themselves seeking relief from the automatic stay.
Type: Contract Clauses
PLI Item #: 135708
Practice Area: Banking and finance, Corporate finance, Financing

Keywords: "intercreditor agreement"; "lien subordination"; "first lien obligations"; "second lien obligations"; "first lien claimholders"; "second lien claimholders"; "revolving credit"; "debt cap"; "refinancing"; "amendment"; "restatement"; "maximum first priority lien amount"; "DIP financing"; "debtor in possession"; "automatic stay"; "relief from automatic stay"; "waiver"; "liquidation"; "bankruptcy"

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