There is no set of fixed rules when negotiating intercreditor arrangements as every deal is fact-specific, generally subject to significant negotiation and ultimately dependent on competing business rationales and negotiating leverage. This article, by Financial Restructuring chair Michael Goldstein, partner Howard Steel, counsel Kizzy Jarashow and associate Artem Skorostensky, is a useful tool for understanding the basic mechanics and strategic bankruptcy considerations in negotiating and documenting intercreditor arrangements.