Intercreditor Agreement.doc

编号: _Intercreditor Agreement甲 方：_乙 方：_签订日期：_年_月_日ThisINTERCREDITORAGREEMENT,datedasofM,D,YthisAgreement,isamongAAAtheSubordinatingCreditor,BBB,aPLACENAMEcorporationtheDebtor,andCCCLLC,asagentfortheDDDtheSeniorCreditorRECITALSATheSeniorCreditorhasorexpectstoacquireasecurityinterestinassetsoftheDebtorinwhichtheSubordinatingCreditorhasaninterest,includingbutnotlimitedtotheSeniorCreditorCollateralBTheDebtorandSubordinatingCreditorarepartiestotheSubordinatingCreditorAgreementsTheCreditorsareexecutingthisAgreementtosetforththeirlienprioritieswithrespecttotheSeniorCreditorCollateralNOW,THEREFORE,inconsiderationofthepremises,andintendingtobelegallyboundhereby,theCreditorsherebyagreeasfollows:AGREEMENT1DefinitionsThefollowingtermsusedhereinshallhavethefollowingmeaningAllcapitalizedtermsnothereindefinedshallhavethemeaningsetforthintheUniformCommercialCode:11BankruptcyCode-Title11oftheUnitedStatesCode12ChosenState-PLACENAME13Creditors-TheSubordinatingCreditorandtheSeniorCreditor14Debtor-Seepreamble15InterestPayments-RegularlyscheduledinterestpaymentspursuanttotheSubordinatingCreditorAgreements16Party-EachoftheSubordinatingCreditor,theDebtor,andtheSeniorCreditor17PermittedPayments-iInterestPayments,andii$,oftheSubordinatingCreditorObligations18SecondaryCollateral-CollateralofaCreditorholdingasecurityinterestwhichisinferiortothepriorityoftheotherCreditor19SeniorCreditor-Seepreamble110SeniorCreditorCollateral-AllDebtorspresentandfutureAccounts,Instruments,Documents,ChattelPaper,GeneralIntangibles,Inventory,Equipment,LetterofCreditRights,andInvestmentPropertyandthedirectandindirectproceedsthereof111SeniorCreditorObligations-ObligationsoftheDebtortotheSeniorCreditorsecuredbytheSeniorCreditorCollateral112SubordinatingCreditor-SeePreamble113SubordinatingCreditorAgreements-TheNoteandWarrantPurchaseAgreement,datedM,D,Y,betweenDebtorandSubordinatingCreditor,andrelateddocumentsthereto114SubordinatingCreditorObligations-IndebtednessowedbytheDebtortotheSubordinatingCreditorsecuredbySeniorCreditorCollateral2PriorityNotwithstandingthetermsorprovisionsofanyagreementorarrangementwhicheitherCreditormaynoworhereafterhavewiththeDebtororanyruleoflaw,andirrespectiveofthetime,order,ormethodofattachmentorperfectionofanysecurityinterestortherecordationorotherfilinginanypublicrecordofanyfinancingstatement,anysecurityinterestsintheSeniorCreditorCollateralheldbytheSeniorCreditor,whetherornotperfected,areandshallremainseniortoanyliennoworhereafterheldbytheSubordinatingCreditorand,anypresentandfutureguarantiesrelatingtotheSeniorCreditorObligations3PermittedPayments31Notwithstandinganythingtothecontrarycontainedherein,DebtormaymakeandSubordinatingCreditormayretainPermittedPayments;provided,thatwithrespecttoanyPermittedPaymentsotherthanInterestPaymentsaSubordinatingCreditorshallprovideSeniorCreditorwith30dayswrittennoticepriortosuchpayment,andbsuchnoticeisnotgivenpriortoM,D,Y32AnypaymentsreceivedbySubordinatingCreditoronaccountoftheSubordinatingCreditorObligations,otherthanPermittedPayments,shallbeheldbySubordinatingCreditorintrustforthebenefitofSeniorCreditor,andshallbedeliveredtoSeniorCreditorinkind,immediatelyuponreceiptbySubordinatingCreditortobeheldbySeniorCreditorascashcollateralsecuringtheSeniorCreditorObligations33SubordinatingCreditormayrequestandreceivepaymentoftheremainingSubordinatingCreditorObligationswiththepriorwrittenconsentofSeniorCreditor,whichconsentshallnotbeunreasonablywithheldordelayed,solongassuchrepaymentdoesnotcauseSubordinatingCreditorasChiefExecutiveOfficeranddirectortobreachhisfiduciarydutiestotheDebtoranditsshareholders34TheprovisionsetforthinSection31abovepermittingPermittedPaymentsshallterminateandbeofnofurtherforceandeffectupontheoccurrenceandduringthecontinuanceofadefaultintheperformanceoftheSeniorCreditorObligations4EnforcementofSecurityInterest41TheSubordinatingCreditorshallhavenorighttotakeanyactionwithrespecttotheSeniorCreditorCollateral,whetherbyjudicialornon-judicialforeclosure,notificationtotheDebtorsaccountdebtors,theseekingoftheappointmentofareceiverforanyportionoftheDebtorsassets,setoff,orotherwise,unlessanduntiltheSeniorCreditorhasreceivedpaymentofallSeniorCreditorObligationsinimmediatelyavailablefunds42IftheSubordinatingCreditor,incontraventionofthetermsofthisAgreement,shallcommence,prosecute,orparticipateinanysuit,action,orproceedingagainsttheDebtororinitiateanyforeclosuresaleorproceedingoranyotheractiontoenforceitslienonanyoftheSeniorCreditorCollateral,thentheDebtormayinterposeasadefenseorpleadthemakingofthisAgreement,andtheSeniorCreditormayinterveneandinterposesuchdefenseorpleainitsnameorinthenameoftheDebtorIftheSubordinatingCreditor,incontraventionofthetermsofthisAgreement,shallattempttoenforceanyremediesprohibitedbythisAgreement,thentheSeniorCreditorortheDebtormay,byvirtueofthisAgreement,restraintheenforcementthereofinthenameoftheSeniorCreditororinthenameoftheDebtor5ProceedsofCollateral51AnyproceedsofSecondaryCollateral,orproceedsofproceeds,receivedbyaCreditorshallbe,immediatelyupondiscovery,paidtotheotherCreditor52Anysuchsumsnotpaidwhendueshallaccruealatechargeattherateof24perannum6SubordinatingCreditorCovenantsandWarrantiesTheSubordinatingCreditorwarrantscovenantsandrepresentsthatit:61IstheowneroftheSubordinatingCreditorObligations,freeandclearoftheclaimsofanyotherentity;62IsthesecuredpartynamedineachfinancingstatementlistedontheattachedExhibitentitledSubordinatingCreditorFinancingStatements63WillindemnifySeniorCreditorandholditharmlessagainstanydirectorindirectlossincludingattorneysfeesandexpensesarisingfromtheassertionbyanyholderoftheSubordinatingCreditorObligationsthattheprovisionsofthisAgreementdonotbindsuchholder64Will,attherequestofSeniorCreditorinconnectionwiththeproperenforcementofitssecurityinterest,promptlyreleaseanylienandsecurityinterestithasonanySeniorCreditorCollateraltofacilitateitstransferorsalesolongastheproceedsthereofareappliedagainsttheSeniorCreditorObligationsandanyexcessispaidtotheSubordinatingCreditortobeappliedagainsttheSubordinatingCreditorObligations65WaivesanyrightsitmayhavetoclaimthattheenforceabilityofthisAgreementmaybeaffectedbyanysubsequentmodification,release,extension,orotherchange,materialorotherwise,intheSeniorCreditorObligationsortheSeniorCreditorCollateral66WillreasonablycooperatewithSeniorCreditorinnotifyingtheDebtorsAccountDebtorsthatproceedsofAccountsshouldbepaidtoSeniorCreditorandnottoSubordinatingCreditor7RemedyforBreachAnybreachhereofislikelytocauseirreparabledamagetotheaggrievedpartyTherefore,therelieftowhichsuchpartyshallbeentitledinsucheventshallinclude,butnotbelimitedto:aamandatoryinjunctionforspecificperformance,bjudicialrelieftopreventaviolationofanyoftheprovisionsofthisAgreement,cdamages,anddanyotherrelieftowhichitmaybeentitledatlaworinequity8AmendmentofSubordinatingCreditorAgreements81ThisAgreementshallbedeemedanamendmenttotheSubordinatingCreditorAgreements,whichcannotbefurtheramendedtoadverselyaffecttherightsofSeniorCreditorhereunder82ThesignatureofSeniorCreditorshallnotberequiredforanyfurtheramendmentoftheSubordinatingCreditorAgreements9EffectofBankruptcyThisAgreementshallremaininfullforceandeffectnotwithstandingthefilingofapetitionforreliefbyoragainsttheDebtorundertheBankruptcyCodeandshallapplywithfullforceandeffectwithrespecttoallSeniorCreditorCollateralacquiredbytheDebtor,andobligationsincurredbytheDebtortotheSubordinatingCreditor,subsequenttothedateofanysuchpetition10NoDutytoProvideFinancialAccommodationsNothingcontainedhereinorinanyprioragreementorunderstandingshallbedeemedtocreateanydutyonthepartofeitherpartytoextendorcontinuetoextendfinancialaccommodationstotheDebtor11WaiverofMarshalingTheSubordinatingCreditorirrevocablywaivesanyrighttocompeltheSeniorCreditortomarshalassetsoftheDebtor12CrossDefaultNotwithstandinganythingtothecontrarycontainedinanyagreementbetweenDebtorandSeniorCreditor,defaultbyDebtorintheperformanceofitsobligationstotheSubordinatingCreditorshallconstituteadefaultbyDebtorintheperformanceoftheSeniorCreditorObligations13ChoiceofLawThisAgreementandalltransactionscontemplatedhereunderand/orevidencedherebyshallbegovernedby,construedunder,andenforcedinaccordancewiththeinternallawsoftheChosenState14AmendmentandWaiverOnlyawritingsignedbyallpartiesheretomayamendthisAgreementNofailureordelayinexercisinganyrighthereundershallimpairanysuchrightthatSeniorCreditormayhave,norshallanywaiverbySeniorCreditorhereunderbedeemedawaiverofanydefaultorbreachsubsequentlyoccurringSeniorCreditorsrightsandremedieshereinarecumulativeandnotexclusiveofeachotherorofanyrightsorremediesthatSeniorCreditorwouldotherwisehave15ConstructionThisAgreementandallagreementsrelatingtothesubjectmatterhereofistheproductofnegotiationandpreparationbyandamongeachpartyanditsrespectiveattorneys16BenefitsOfThisAgreementThisAgreementissolelyforthebenefitofandshallbindtheCreditorsandtheirrespectivesuccessorsandassignsandnootherentityshallhaveanyright,benefit,priority,orinteresthereunder17TermThisAgreementshallcontinueonlysolongastheSeniorCreditorandSubordinatingCreditoreachholdasecurityinterestinanyportionoftheSeniorCreditorCollateral18EnforcementIntheeventthatanypartyfindsitnecessarytoretaincounselinconnectionwiththeinterpretation,defense,orenforcementofthisAgreement,theprevailingpartyshallrecoveritsreasonableattorneysfeesandexpensesfromtheunsuccessfulpartyItshallbepresumedsubjecttorebuttalonlybytheintroductionofcompetentevidencetothecontrarythattheamountrecoverableistheamountbilledtotheprevailingpartybyitscounselandthatsuchamountwillbereasonableifbasedonthebillingrateschargedtotheprevailingpartybyitscounselinsimilarmatters19CounterpartsThisAgreementmaybesignedinanynumberofcounterparts,eachofwhichshallbeanoriginal,withthesameeffectasifallsignatureswereuponthesameinstrumentDeliveryofanexecutedcounterpartofthesignaturepagetothisAgreementbyfacsimileshallbeeffectiveasdeliveryofamanuallyexecutedcounterpartofthisAgreement,andanypartydeliveringsuchanexecutedcounterpartofthesignaturepagetothisAgreementbyfacsimiletoanyotherpartyshallthereafteralsopromptlydeliveramanuallyexecutedco