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Intercreditor Agreement Plan of Reorganization Vote Clause

Book Publication Date: May 2014
Description: First lien lenders will want to restrict second lien lenders from voting for or supporting any plan of reorganization that does not provide for payment in full, in cash, of the first lien obligations. This can be done by included a clause like the sample provided here.
Type: Contract Clauses
PLI Item #: 135748
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"; "plan of reorganization"

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