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Intercreditor Agreement Waiver of Right to Seek Relief from Automatic Stay

Description: Under the Bankruptcy Code secured creditors may sometimes seek relief from an automatic stay. In intercreditor agreements, second lien lenders often agree not to interfere with such rights of the first lien lenders by themselves seeking relief from the automatic stay.
Form Type: Contract Clauses
Practice Area: Corporate & Securities

Date: May 2014
PLI Item #: 135708
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"; "automatic stay"; "relief from automatic stay"; "waiver"; "liquidation"; "bankruptcy"
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