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Intercreditor Agreement Unsecured Creditor Rights Clause

Description: Most intercreditor agreement allow second lien lenders to exercise whatever rights they would have as unsecured creditors, subject to the other terms of the intercreditor agreement. This sample clause makes such an intention of the parties clear.
Form Type: Contract Clauses
Practice Area: Corporate & Securities

Date: May 2014
PLI Item #: 135749
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"; "plan of reorganization"; "unsecured creditor"
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