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inter creditor agreement

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student12 | 17:26 Thu 20th Jul 2006 | Business & Finance
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what is an inter creditor agreement
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Avatar Image Ethel
It is an agreement between your creditors to establish priority.

For example, you buy a house with a mortgage with A.

Sometime later you take a secured loan with B.

The inter creditor agreement will be that A has priority in the event of you going bankrupt.

Or they may agree that B is guaranteed X amount in that event.

This is a very general and simplified explanation of a complicated area.
17:41 Thu 20th Jul 2006

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