David,
I believe they are referring to the intercreditor agreement. I just looked up the definition, it is something that needs to happen before we can get to the end but the way this reads, it is common and will not directly affect us. Like I said, though, it does need to occur and is part of a standard process. This is taken from uslegal.com.
An intercreditor agreement is an agreement among creditors that sets forth the various lien positions and the rights and liabilities of each creditor and its impact on the other creditors. Intercreditor agreements are often used financing companies and lenders to determine relative rights of multiple creditirs and establish priorities in payments and other issues. It is common for the intercreditor agreement to include buy-out rights that give the second lien lender the option to acquire, at par, the first lien lender’s claims and liens. That purchase option is typically triggered by specified events, such as the filing of a bankruptcy case by or against the borrower.
