【英文含义】

An Intercreditor Agreement is a contract between common lenders regarding the terms and the collateral allocation if the borrower defaults. Such understanding is extremely beneficial to subordinate lenders as it protects their rights. It states how their individual interests are protected against a common borrower.

【定义与解释】

债权人间协议指不同债权人之间达成的协议，旨在规定他们在债务重组或债务处理过程中的权利、责任、优先顺位、分配规则等。它用于管理向同一借款人借钱的两个或多个债权人之间的关系，这种协议旨在协调不同债权人之间的利益，以确保债务重组或处置过程的顺利进行。

【债权人协议通常用于各种类型的借贷场景】

1.银团贷款

2.夹层融资

3.基于资产的借贷

4.有担保和无担保贷款

【协议通常规定事项】

优先次序和权益分配规则：确定不同债权人的优先权和权益分配顺序，以及如何分配收益或资产。

决策程序：规定债务重组或处置过程中的决策流程，确保所有债权人参与决策，并规定多数表决或共识原则。

通知和沟通要求：确立债权人之间的通信和沟通要求，以保持透明度和及时的信息交流。

协调和协助义务：规定债权人之间的协调和互助义务，以推动债务重组或处置的进展。

禁止一方行动条款：制定禁止债权人单方行动的规则，以确保债务重组或处置过程中的一致性和协调性。

【Intercreditor Agreement vs Agreement Among Lenders】

An Intercreditor Agreement is a legal inter-creditor contract. It is duly signed between two or more creditors. This contract describes how it may resolve competing interests and how one must work to do something for the mutual borrower. In comparison, Agreement Among Lenders(AAL) splits the lenders into two or more lenders classes and allocates the economics per a waterfall or waterfalls. Moreover, it also provides certain rights.

Intercreditor Agreement（ICA）是一份合法的债权人间协议。它由两个或两个以上的债权人进行正式签署。该协议详细描述了如何解决相互竞争的利益，并规定了债权人为了共同借款人的利益所必须采取的行动。相比之下，Lenders Among Lenders（AAL）将债权人分为两个或多个债权人类别，并根据瀑布结构或多瀑布结构分配经济利益。此外，它还提供了特定的权利。

【双语例句】

The Company has pledged, or caused the initial Subsidiary Guarantor Pledgors to pledge, as the case may be, the capital stock of the initial Subsidiary Guarantors owned by the Company or the initial Subsidiary Guarantor Pledgors (the “Collateral”) (subject to permitted liens and the Intercreditor Agreement) on the date of the issuance of the Notes in order to secure the obligations of the Company and the Subsidiary Guarantor Pledgors under the Convertible Notes, the 2015 Notes, the Notes and the Subsidiary Guarantees and the permitted pari passu secured indebtedness. 

本公司已于票据发行日期质押或促使初始附属公司担保质押人质押（视情况而定）本公司所拥有初始附属公司担保人或初始附属公司担保质押人的股份（「抵押品」）（须受获许可留置权及债权人间协议所规限）以担保本公司及附属公司担保质押人于可换股票据、二零一五年票据、票据及附属公司担保以及获许可的同等权益有抵押债务下的责任。