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Intercreditor Agreement Standstill Clause


Book Publication Date: May 2014
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. Standstill clauses prevent the second lien creditor from taking action against the collateral for a specified period of time.
Type: Contract Clauses
PLI Item #: 133503
Practice Area: Corporate & Securities
Keywords: "intercreditor agreement"; "lien subordination"; "first lien obligations"; "second lien obligations"; "first lien claimholders"; "second lien claimholders"; "payment subordination"; "standstill provision"; "standstill period"

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