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Intercreditor Agreement Standstill 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.
Standstill clauses prevent the second lien creditor from taking action against the collateral for a specified period of time.
PLI Item #:
Corporate & Securities
"first lien obligations"
"second lien obligations"
"first lien claimholders"
"second lien claimholders"
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