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Intercreditor Agreement Buyout Right Clause

Description: Intercreditor agreements may provide a buyout right for the second lien lenders. That is, upon an event of default the second lien lenders may be given the option to buy the first lien debt prior to the first lien lenders foreclosing or seeking other remedies. A typical clause is provided here.
Form Type: Contract Clauses
Practice Area: Corporate & Securities

Date: May 2014
PLI Item #: 135750
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"; "buyout right"
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