A contract, usually a deed, under which two or more creditors agree among themselves the order of priority in which their respective security from a common debtor will rank and the respective rights which they will have in relation to the debts owed to them by that debtor.

The term is often used interchangeably with the term intercreditor agreement since both types of documents seek to achieve ranking as between creditors. However, an intercreditor agreement is typically a more complex document as it often regulates rights of both debt and equity providers, the right to receive payments before the debtor becomes insolvent and the rights to enforce security.