Intercreditor Agreement

IntercreditorAgreementThisINTERCREDITORAGREEMENT,datedasof_________(M,D,Y)(this'Agreement'),isamongAAA(the'SubordinatingCreditor'),BBB,a_________(PLACENAME)corporation(the'Debtor'),andCCCLLC,asagentfortheDDD(the'SeniorCreditor').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'-AllDebtor'spresentandfutureAccounts,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)SubordinatingCreditorshallprovideSeniorCreditorwith30days'writtennoticepriortosuchpayment,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,notificationtotheDebtor'saccountdebtors,theseekingoftheappointmentofareceiverforanyportionoftheDebtor'sassets,setoff,orotherwise,unlessanduntiltheSeniorCreditorhasreceivedpaymentofallSeniorCreditorObligationsinimmediatelyavailablefunds.4.2.IftheSubordinatingCreditor,incontraventionofthetermsofthisAgreement,shallcommence,prosecute,orparticipateinanysuit,action,orproceedingagainsttheDebtororinitiateanyforeclosuresaleorproceedingoranyotheractiontoenforceitslienonanyoftheSeniorCreditorCollateral,thentheDebtormayinterposeasadefenseorpleadthemakingofthisAgreement,andtheSeniorCreditormayinterveneandinterposesuchdefenseorpleainitsnameorinthenameoftheDebtor.IftheSubordinatingCreditor,incontraventionofthetermsofthisAgreement,shallattempttoenforceanyremediesprohibitedbythisAgreement,thentheSeniorCreditorortheDebtormay,byvirtueofthisAgreement,restraintheenforcementthereofinthenameoftheSe