Skip to main content

Download Form

Intercreditor Agreement Collateral Proceeds Turnover Clause

Description: An intercreditor agreement is an agreement between two groups of lenders with separate debt obligations secured by common collateral of a borrower. An intercreditor agreement delineates the rights and obligations of each group of lenders in relation to the other lenders regarding the collateral if the borrower defaults under its debt obligations or files for bankruptcy. Turnover clauses can require the first lien lenders to turn over any proceeds of borrower collateral to the first lien lenders until first lien lenders have been paid in full.
Form Type: Contract Clauses
Practice Area: Corporate & Securities

Date: May 2014
PLI Item #: 133486
Keywords: "intercreditor agreement"; "lien subordination"; "first lien obligations"; "second lien obligations"; "first lien claimholders"; "second lien claimholders"; "payment subordination"; "turnover"; "proceeds"
Thank you for exploring PLI PLUS.
The content on this page is only available to subscribers.

To learn more about PLI PLUS subscriptions
please click on the link below or contact us at PLUS@pli.edu.