Who’s 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

• Intercreditor Agreements Resource Kit
  Review this resource kit for your one-stop shop to all things “intercreditor.”

• 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 practice note for an overview of second lien debt versus unsecured debt.

 Practical Guidance Updates

Featuring the latest updates from your Practical Guidance account.

• Market Standards—Finance
• Summer Associate Resource Kit: Finance
• Finance Fundamentals Resource Kit
• The Practical Guidance Journal Summer 2021 Edition, featuring details on the latest LIBOR cessation dates
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.  

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