Until the financial crisis, the second largest pawn market had grown rapidly. According to loan Pricing Corporation, the volume of the second pawnbroking loan increased by about 8 billion euros. USD in 2003 to more than $29 billion in 2006.1 In the second quarter of 2007, second-quarter pawn loans reached $15.21 billion, the highest quarter for the second issue of pledges2. In the second quarter of 2009, the second set-up mission was less than USD33. In the early years of the second wagering market, the second pawnbroker generally subordinated virtually all of its rights as a secured creditor to the rights of the first pawnbroker until the first pawnbroker was fully paid – a “silent second.” Surprisingly, there were few published guidelines on topics that consultants should consider when developing or reviewing an interbank agreement, and participants strongly engaged in “market practice.” However, it gradually became apparent that the market had limited experience of the impact of these provisions as a result of a default by the borrower or the initiation of bankruptcy proceedings. Inter-10-currency agreements are used in a large number of financing transactions to determine the respective rights and remedies of two or more creditors in credit facilities made available to a common borrower. Inter-conditator agreements are not standardized and their scope is very different. Inter-10-agreements may include payment rules, payment freeze conditions, as well as other creditors` rights and non-guaranteed remedies. Such under-edding agreements are usually found, for example, in mezzanine unsecured financing. However, in the case of secure financing transactions, the inter-creator agreement can also regulate the relative rights and priorities of the relative rights and priorities of each creditor`s pledge rights over the borrower`s assets, and this is where the task force has concentrated its efforts.
Over the past five to eight years, the use of “Second Pfand” structures in priority and secure syndicated financing operations has increased. These structures include a “first privilege”, guaranteed by a priority pledge for most of the borrower`s assets, and a separate “second right of bet” passu bet, usually granted by a separate group of lenders and guaranteed by a second guarantee of priority in the same security. In recent years, the second collateral structures have gained increasing attention due to the increase in second-largest lenders who may not have provided emergency loans and the relatively tight interest rate differentials available in the second collateral market prior to the financial crisis in the second half of 2008.