Intercreditor Agreement.docx
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Intercreditor Agreement.docx
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IntercreditorAgreementIntercreditorAgreement合同范本ThisINTERCREDITORAGREEMENT,datedasof_(M,D,Y)(thisAgreement),isamongAAA(theSubordinatingCreditor),BBB,a_(PLACENAME)corporation(theDebtor),andCCCLLC,asagentfortheDDD(theSeniorCreditor).RECITALSATheSeniorCreditorhasorexpectstoacquireasecurityinterestinassetsoftheDebtorinwhichtheSubordinatingCreditorhasaninterest,includingbutnotlimitedtotheSeniorCreditorCollateral.BTheDebtorandSubordinatingCreditorarepartiestotheSubordinatingCreditorAgreements.TheCreditorsareexecutingthisAgreementtosetforththeirlienprioritieswithrespecttotheSeniorCreditorCollateral.NOW,THEREFORE,inconsiderationofthepremises,andintendingtobelegallyboundhereby,theCreditorsherebyagreeasfollows:
AGREEMENT1.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,defaultbyDebtorintheperformanceofitsobligationstotheSubordinatingCreditorshallconstituteadefaultbyDebtorintheperformanceoftheSeniorCreditorObligations.13.ChoiceofLaw.ThisAgreementandalltransactionscontemplatedhereunderand/orevidencedherebyshallbegovernedby,construedunder,andenforcedinaccordancewiththeinternallawsoftheChosenState.14.AmendmentandWaiver.OnlyawritingsignedbyallpartiesheretomayamendthisAgreement.NofailureordelayinexercisinganyrighthereundershallimpairanysuchrightthatSeniorCreditormayhave,norshallanywaiverbySeniorCreditorhereunderbedeemedawaiverofanydefaultorbreachsubsequentlyoccurring.SeniorCreditorsrightsandremedieshereinarecumulativeandnotexclusiveofeachotherorofanyrightsor
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