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Intercreditor Agreement Collateral Proceeds Turnover Clause
Leveraged Financing 2014 ( Edition)
Book Publication Date:
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.
PLI Item #:
Corporate & Securities
"first lien obligations"
"second lien obligations"
"first lien claimholders"
"second lien claimholders"
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