intercreditor-lien-priority

Drafts U.S. intercreditor agreements establishing first lien vs second lien priority over shared collateral, covering standstill, enforcement control, payment waterfall/turnover, and 11 U.S.C. 510(a) subordination. Use for first lien/second lien financings, refinancing, or intercreditor negotiations requiring lien priority and remedies governance. Trigger: intercreditor, lien priority, first lien, second lien, standstill, turnover, payment waterfall, subordination agreement.

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ソースの最終更新活動: 2026年5月27日 14:27
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name	intercreditor-lien-priority
title	Intercreditor Agreement (Lien Priority)
description	Drafts U.S. intercreditor agreements establishing first lien vs second lien priority over shared collateral, covering standstill, enforcement control, payment waterfall/turnover, and 11 U.S.C. 510(a) subordination. Use for first lien/second lien financings, refinancing, or intercreditor negotiations requiring lien priority and remedies governance. Trigger: intercreditor, lien priority, first lien, second lien, standstill, turnover, payment waterfall, subordination agreement.
author	CaseMark
author_url	https://github.com/CaseMark/skills/tree/main/skills/legal/intercreditor-lien-priority
license	Apache-2.0
version	0.1.0

Intercreditor Agreement (Lien Priority)

Allocates collateral control, remedies, and payment rights between first lien and second lien creditors under a shared collateral structure.

Quick Start

Collect first lien and second lien credit/security documents.

Populate the intake table below from deal term sheet.

Confirm key elections with parties.

Draft per article outline; run required-clauses checklist before delivery.

Intake

Field

Source

Notes

Parties/roles

Term sheet

Agents, lenders, borrower, guarantors

Collateral scope

Security agreements

Shared vs excluded collateral

Obligations scope

Credit agreements

Principal, interest, fees, hedging, LCs

Standstill period

Term sheet

Exact days and triggers

Permitted payments

Term sheet

Allowed payments to second lien, if any

Bankruptcy positions

Term sheet

DIP, cash collateral, 363 sale, plan voting

Governing law

Term sheet

Commonly NY or DE

Key Elections

Election

Options

Insert

Standstill trigger

First lien EoD notice or occurrence

[INSERT]

Standstill length

Fixed days

[__] days

Permitted payments to 2L

None / limited

[INSERT]

2L enforcement after standstill

Allowed / restricted

[INSERT]

Borrower party

Signatory / acknowledgment

[INSERT]

Discharge definition

Cash pay + cash collateralize

[INSERT]

Article Outline

Definitions and construction

Lien priority and subordination

Enforcement rights and standstill

Payment waterfall and turnover

Bankruptcy and insolvency

Amendments/restrictions on second lien documents

Representations and warranties

Covenants and cooperation

Miscellaneous (governing law, jurisdiction, notices, jury waiver, successors)

Required Clauses Checklist

Absolute first lien priority over shared collateral regardless of perfection timing

Subordination continuing until Discharge of First Lien Obligations

Exclusive enforcement control by first lien agent during standstill

Turnover obligation for junior receipts

Proceeds waterfall: first lien first, then second lien

Prohibition on junior objections to first lien enforcement (with negotiated carve-outs)

Bankruptcy subordination under 11 U.S.C. 510(a)

Restrictions on second lien document amendments that worsen senior position

Notice mechanics and amendment consent requirements

Template Snippets

Standstill clause:

"Standstill Period" means the period beginning on the date the First Lien Agent delivers written notice of a First Lien Event of Default and ending [__] days thereafter. During the Standstill Period, the Second Lien Secured Parties shall not take any Enforcement Action with respect to the Collateral or contest any Enforcement Action taken by the First Lien Secured Parties.

Turnover clause:

Any payment or distribution received by any Second Lien Secured Party in violation of this Agreement shall be held in trust and immediately turned over to the First Lien Agent for application in accordance with the Payment Waterfall.

Pitfalls and Checks

Lien vs debt subordination: Use lien subordination language unless debt subordination is also intended; align waterfall and turnover accordingly.

Discharge definition: Must include cash collateralization or backstop of contingent LC/hedging exposure.

Permitted junior payments: If allowed, limit to scheduled interest and fees when no first lien default exists.

Bankruptcy provisions: Confirm 11 U.S.C. 510(a) enforceability; address cash collateral, DIP financing, relief from stay, and plan voting. Verify post-petition interest allocation under 11 U.S.C. 552(b)(1) [VERIFY].

UCC Article 9: Confirm perfection status; verify after-acquired property and proceeds coverage.

Borrower covenants: If borrower is a party, include covenant not to direct payments contrary to waterfall.

Post-standstill rights: Define narrowly whether junior creditors may file proofs of claim or seek adequate protection after standstill expiry.

Consistency: Keep defined terms aligned across agreement; cross-reference credit documents precisely. Match notices, consent, and assignment provisions to deal structure.

intercreditor-lien-priority

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このリポジトリの他の Skills

このリポジトリの他の Skills

Intercreditor Agreement (Lien Priority)

Quick Start

Intake

Key Elections

Article Outline

Required Clauses Checklist

Template Snippets

Pitfalls and Checks