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Intercreditor Agreement Unsecured Creditor Rights Clause

Book Publication Date: May 2014
Description: Most intercreditor agreement allow second lien lenders to exercise whatever rights they would have as unsecured creditors, subject to the other terms of the intercreditor agreement. This sample clause makes such an intention of the parties clear.
Type: Contract Clauses
PLI Item #: 135749
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"; "unsecured creditor"

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