An agreement to regulate the respective rights and ranking of each type of creditor or debt provider throughout the term of financing.
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+ intercreditor agreement
USA
An agreement among lenders, or classes of lenders, describing their respective rights and obligations with respect to the borrower and its assets. It can include provisions specifying who has the right to declare defaults, to foreclose on the collateral, to grant waivers or to make amendments to the loan agreements and security agreements. This agreement can also specify how payments from the borrower are to be applied among the lenders.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.