hard · Debt Capital Markets bond-instruments-structures

In the context of an intercreditor agreement, what does this 'silence' typically mean?

1. The Second-Lien lender is barred from casting a vote on any amendment to the underlying credit agreement that does not directly touch the shared collateral package.
2. The Second-Lien lender agrees to waive its right to take enforcement actions against the collateral for a set period (standstill) while the First-Lien lender acts.
3. The Second-Lien lender's periodic interest payments are kept off the company's public financial statements and excluded from its disclosed interest-expense line.
4. The Second-Lien lender is wholly prohibited from attending any meeting held with the borrowing company's senior management team or its board of directors.

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