A checklist of issues commonly dealt with in intercreditor agreements and deeds of priority where the senior and junior debt are documented in separate facility agreements. It outlines approaches that may be agreed by the creditors in relation to intercreditor issues (for example, the junior creditors' rights to receive payments before enforcement action is taken and the circumstances in which the junior creditors are entitled to take enforcement action).

The checklist can be used, for example, if you are asked to draft or review an intercreditor agreement or deed of priority and will help identify points on which you may need to take instructions from your client.