Intercreditor Agreement.docx
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Intercreditor Agreement.docx
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IntercreditorAgreement
编号:
IntercreditorAgreement
甲 方:
乙 方:
签订日期:
年 月 日
合同签订注意事项
一、甲乙双方应保证向对方提供的与履行合同有关的各项信息真实、有效。
二、甲乙双方签订本合同书时,凡需要双方协商约定的内容,经双方协商一致后填写在相应的空格内。
三、签订本合同书时,甲方应加盖公章;法定代表人或主要负责人应本人签字或盖章;乙方应加盖公章;法定代表人或主要负责人应本人签字或盖章。
四、甲乙双方约定的其他内容,合同的变更等内容在本合同内填写不下时,可另附纸。
五、本合同应使钢笔或签字笔填写,字迹清楚,文字简练、准确,不得涂改。
关键词:
Intercreditor;Agreement
ThisINTERCREDITORAGREEMENT,datedasof_________(M,D,Y)(thisAgreement),isamongAAA(theSubordinatingCreditor),BBB,a_________(PLACENAME)corporation(theDebtor),andCCCLLC,asagentfortheDDD(theSeniorCreditor).
RECITALS
ATheSeniorCreditorhasorexpectstoacquireasecurityinterestinassetsoftheDebtorinwhichtheSubordinatingCreditorhasaninterest,includingbutnotlimitedtotheSeniorCreditorCollateral.
BTheDebtorandSubordinatingCreditorarepartiestotheSubordinatingCreditorAgreements.TheCreditorsareexecutingthisAgreementtosetforththeirlienprioritieswithrespecttotheSeniorCreditorCollateral.
NOW,THEREFORE,inconsiderationofthepremises,andintendingtobelegallyboundhereby,theCreditorsherebyagreeasfollows:
AGREEMENT
1.Definitions.Thefollowingtermsusedhereinshallhavethefollowingmeaning.AllcapitalizedtermsnothereindefinedshallhavethemeaningsetforthintheUniformCommercialCode:
1.1.BankruptcyCode-Title11oftheUnitedStatesCode.
1.2.ChosenState-_________(PLACENAME).
1.3.Creditors-TheSubordinatingCreditorandtheSeniorCreditor.
1.4.Debtor-Seepreamble.
1.5.InterestPayments-RegularlyscheduledinterestpaymentspursuanttotheSubordinatingCreditorAgreements.
1.6.Party-EachoftheSubordinatingCreditor,theDebtor,andtheSeniorCreditor.
1.7.PermittedPayments-(i)InterestPayments,and(ii)$,_________,oftheSubordinatingCreditorObligations.
1.8.SecondaryCollateral-CollateralofaCreditorholdingasecurityinterestwhichisinferiortothepriorityoftheotherCreditor.
1.9.SeniorCreditor-Seepreamble.
1.10.SeniorCreditorCollateral-AllDebtorspresentandfutureAccounts,Instruments,Documents,ChattelPaper,GeneralIntangibles,Inventory,Equipment,LetterofCreditRights,andInvestmentPropertyandthedirectandindirectproceedsthereof.1.11.SeniorCreditorObligations-ObligationsoftheDebtortotheSeniorCreditorsecuredbytheSeniorCreditorCollateral.
1.12.SubordinatingCreditor-SeePreamble.
1.13.SubordinatingCreditorAgreements-TheNoteandWarrantPurchaseAgreement,dated_________(M,D,Y),betweenDebtorandSubordinatingCreditor,andrelateddocumentsthereto.
1.14.SubordinatingCreditorObligations-IndebtednessowedbytheDebtortotheSubordinatingCreditorsecuredbySeniorCreditorCollateral.
2.Priority.NotwithstandingthetermsorprovisionsofanyagreementorarrangementwhicheitherCreditormaynoworhereafterhavewiththeDebtororanyruleoflaw,andirrespectiveofthetime,order,ormethodofattachmentorperfectionofanysecurityinterestortherecordationorotherfilinginanypublicrecordofanyfinancingstatement,anysecurityinterestsintheSeniorCreditorCollateralheldbytheSeniorCreditor,whetherornotperfected,areandshallremainseniortoanyliennoworhereafterheldbytheSubordinatingCreditorand,anypresentandfutureguarantiesrelatingtotheSeniorCreditorObligations.
3.PermittedPayments.
3.1.Notwithstandinganythingtothecontrarycontainedherein,DebtormaymakeandSubordinatingCreditormayretainPermittedPayments;provided,thatwithrespecttoanyPermittedPaymentsotherthanInterestPayments(a)SubordinatingCreditorshallprovideSeniorCreditorwith30dayswrittennoticepriortosuchpayment,and(b)suchnoticeisnotgivenpriorto_________(M,D,Y).
3.2.AnypaymentsreceivedbySubordinatingCreditoronaccountoftheSubordinatingCreditorObligations,otherthanPermittedPayments,shallbeheldbySubordinatingCreditorintrustforthebenefitofSeniorCreditor,andshallbedeliveredtoSeniorCreditorinkind,immediatelyuponreceiptbySubordinatingCreditortobeheldbySeniorCreditorascashcollateralsecuringtheSeniorCreditorObligations.
3.3.SubordinatingCreditormayrequestandreceivepaymentoftheremainingSubordinatingCreditorObligationswiththepriorwrittenconsentofSeniorCreditor,whichconsentshallnotbeunreasonablywithheldordelayed,solongassuchrepaymentdoesnotcauseSubordinatingCreditor(asChiefExecutiveOfficeranddirector)tobreachhisfiduciarydutiestotheDebtoranditsshareholders.
3.4.TheprovisionsetforthinSection3.1abovepermittingPermittedPaymentsshallterminateandbeofnofurtherforceandeffectupontheoccurrenceandduringthecontinuanceofadefaultintheperformanceoftheSeniorCreditorObligations.
4.EnforcementofSecurityInterest.
4.1.TheSubordinatingCreditorshallhavenorighttotakeanyactionwithrespecttotheSeniorCreditorCollateral,whetherbyjudicialornon-judicialforeclosure,notificationtotheDebtorsaccountdebtors,theseekingoftheappointmentofareceiverforanyportionoftheDebtorsassets,setoff,orotherwise,unlessanduntiltheSeniorCreditorhasreceivedpaymentofallSeniorCreditorObligationsinimmediatelyavailablefunds.
4.2.IftheSubordinatingCreditor,incontraventionofthetermsofthisAgreement,shallcommence,prosecute,orparticipateinanysuit,action,orproceedingagainsttheDebtororinitiateanyforeclosuresaleorproceedingoranyotheractiontoenforceitslienonanyoftheSeniorCreditorCollateral,thentheDebtormayinterposeasadefenseorpleadthemakingofthisAgreement,andtheSeniorCreditormayinterveneandinterposesuchdefenseorpleainitsnameorinthenameoftheDebtor.IftheSubordinatingCreditor,incontraventionofthetermsofthisAgreement,shallattempttoenforceanyremediesprohibitedbythisAgreement,thentheSeniorCreditorortheDebtormay,byvirtueofthisAgreement,restraintheenforcementthereofinthenameoftheSeniorCreditororinthenameoftheDebtor.
5.ProceedsofCollateral.
5.1.AnyproceedsofSecondaryCollateral,orproceedsofproceeds,receivedbyaCreditorshallbe,immediatelyupondiscovery,paidtotheotherCreditor.
5.2.Anysuchsumsnotpaidwhendueshallaccruealatechargeattherateof24%perannum.
6.SubordinatingCreditorCovenantsandWarranties.TheSubordinatingCreditorwarrantscovenantsandrepresentsthatit:
6.1.IstheowneroftheSubordinatingCreditorObligations,freeandclearoftheclaimsofanyotherentity;
6.2.IsthesecuredpartynamedineachfinancingstatementlistedontheattachedExhibitentitledSubordinatingCreditorFinancingStatements.
6.3.WillindemnifySeniorCreditorandholditharmlessagainstanydirectorindirectloss(includingattorneysfeesandexpenses)arisingfromtheassertionbyanyholderoftheSubordinatingCreditorObligationsthattheprovisionsofthisAgreementdonotbindsuchholder.
6.4.Will,attherequestofSeniorCreditorinconnectionwiththeproperenforcementofitssecurityinterest,promptlyreleaseanylienandsecurityinterestithasonanySeniorCreditorCollateraltofacilitateitstransferorsalesolongastheproceedsthereofareappliedagainsttheSeniorCreditorObligationsandanyexcessispaidtotheSubordinatingCreditortobeappliedagainsttheSubordinatingCreditorObligations.
6.5.WaivesanyrightsitmayhavetoclaimthattheenforceabilityofthisAgreementmaybeaffectedbyanysubsequentmodification,release,extension,orotherchange,materialorotherwise,intheSeniorCreditorObligationsortheSeniorCreditorCollateral.
6.6.WillreasonablycooperatewithSeniorCreditorinnotifyingtheDebtorsAccountDebtorsthatproceedsofAccountsshouldbepaidtoSeniorCreditorandnottoSubordinatingCreditor.
7.RemedyforBreach.
Anybreachhereofislikelytocauseirreparabledamagetotheaggrievedparty.Therefore,therelieftowhichsuchpartyshallbeentitledinsucheventshallinclude,butnotbelimitedto:
(a)amandatoryinjunctionforspecificperformance,(b)judicialrelieftopreventaviolationofanyoftheprovisionsofthisAgreement,(c)damages,and(d)anyotherrelieftowhichitmaybeentitledatlaworinequity.
8.AmendmentofSubordinatingCreditorAgreements.
8.1.ThisAgreementshallbedeemedanamendmenttotheSubordinatingCreditorAgreements,whichcannotbefurtheramendedtoadverselyaffecttherightsofSeniorCreditorhereunder.
8.2.ThesignatureofSeniorCreditorshallnotberequiredforanyfurtheramendmentoftheSubordinatingCreditorAgreements.
9.EffectofBankruptcy.ThisAgreementshallremaininfullforceandeffectnotwithstandingthefilingofapetitionforreliefbyoragainsttheDebtorundertheBankruptcyCodeandshallapplywithfullforceandeffectwithrespecttoallSeniorCreditorCollateralacquiredbytheDebtor,andobligationsincurredbytheDebtortotheSubordinatingCreditor,subsequenttothedateofanysuchpetition.
10.NoDutytoProvideFinancialAccommodations.NothingcontainedhereinorinanyprioragreementorunderstandingshallbedeemedtocreateanydutyonthepartofeitherpartytoextendorcontinuetoextendfinancialaccommodationstotheDebtor.
11.WaiverofMarshaling.TheSubordinatingCreditorirrevocablywaivesanyrighttocompeltheSeniorCreditortomarshalassetsoftheDebtor.
12.CrossDefault.NotwithstandinganythingtothecontrarycontainedinanyagreementbetweenDebtorandSeniorCreditor,defaultbyDebtorintheperformanceofitsobligationsto
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- 关 键 词:
- Intercreditor Agreement