A contract, often a deed, which regulates the respective rights and ranking of two or more funders (often both debt and equity) in a financing. Usually, the rights the contract regulates include rights to receive payments (such as principal, interest and fees prior to any enforcement of security) from, and rights to enforce security over the assets of, a common debtor.

The term is often used interchangeably with the term deed of priority since both types of document seek to achieve ranking as between creditors. However, an intercreditor agreement is typically a more complex document than a deed of priority which will usually only rank secured debt providers and regulate the distribution of proceeds of enforcement of security.

For further details, see Practice note, Intercreditor deeds: overview.