Clauses to be inserted into a deed of priority or intercreditor agreement. The clauses provide that creditors with security over the same asset or assets of a debtor company must consult with each other before taking any action to enforce their security or accelerate the debt owed by that debtor.

These clauses can be used in conjunction with Standard documents, Deed of priority and Intercreditor deed for secured debt.

For a checklist of issues commonly dealt with in intercreditor agreements and deeds of priority, including information on approaches that may be agreed by creditors on intercreditor issues, see Checklist, Intercreditor agreements and deed of priority.