The security officer receives instructions from creditors who hold 662.3% (or 50.1% if this is the threshold applicable in the second bond agreement) the sum of (i) amounts under the senior credit agreement and (ii) any actual exposure under guarantee agreements. The second U.S. privileges prohibit the second pledge representative from exercising his rights or recourse with respect to the shared guarantees until the expiry of the 90 to 180-day period from the notification of the second representative of the pledge to the first representative of the pledge after a second pledge event or, in some cases, if, in some cases, a second acceleration of the pledges ends earlier. The status quo period is permanent insofar as the first pledgeee zealously pursues an action pursuing a substantial part of the shared guarantees. The exercise of guarantees generally includes all measures (including the initiation of legal proceedings) aimed at closing the pawn of the second pledge holder in certain guarantees, holding or selling common security or exercising a right of compensation with respect to common guarantees, but the acceleration of credit facility obligations is generally not an exercise in guarantee. This communication of practice compares the main conditions of the Intercretor Agreement (LMA) for financing of loan-financed acquisitions (LMA Leveraged Intercreditor Agreement) (LMA- Leveraged Intercreditor Agreement), the LMA`s intercreator contract for transactions real estate financing (senior/mezzanine), for which mezzanine debt is structurally subordinated (LMA REF Intercreditor Agreement – Structural Subordination) and the LMA Interbank Agreement for Real Estate Financing Operations (Senior Mezzanine), in which mezzanine debt is not structurally subordinated, but only subject to contractual subordination in the Intercreditor Agreement (LMA REF Intercreditor Agreement) (together the Intercreditor Agreements). The second U.S. pawn rights are usually executed by the first and second wagering agents and are executed or recognized by the borrower and sometimes by the guarantors. Depending on the flexibility negotiated by the borrower in the first pawnbrok credit contract and in the second pawnbroking contract, the loan agreement may also allow for other categories of initial pawn rights and second pawns allowed by the credit contracts to join the intercredit contract.