Intercreditor Agreement: First and Second Lien Loans (Silent Second Liens) | Practical Law
This is a standard form of intercreditor agreement to be used in connection with first and second lien loan agreements that are secured by the same collateral. This Standard Document reflects the limited negotiating strength of second lien lenders in a so-called "silent second lien" transaction. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.