Practical Law Glossary Item 2-383-2197 (Approx. 2 pages)
Glossary
Intercreditor Agreement
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.