Are You in First Position?

Before negotiating with counsel when drafting an intercreditor agreement, make sure you are up to speed on the respective rights, liabilities, and obligations of multiple creditors with respect to each other, the borrower, and the collateral.

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Related Content

• Lien Subordination Versus Debt Subordination
  Review this practice note to understand the distinction between (1) debt subordination, where the debt owing to one creditor is subordinated in right of payment to the debt owing to the other creditor, and (2) lien subordination, where each of the creditors is secured and the lien of one creditor has priority over the lien of the other creditor in the same assets of the borrower.

• Second Lien Financings
  Read this overview of second lien debt versus unsecured debt.

• Intercreditor Agreements Resource Kit
  Check out this resource kit for your one-stop shop to all things intercreditor.

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