ðə spəsˈɪfɪk ɹˈaɪts ʌvðə fˈɜːst lˈiːən ænd sˈɛkənd lˈiːən lˈɛndɚz ɑːɹ ɪstˈæblɪʃt ɪnðə kɹˈɛdɪt ɐɡɹˈiːmənts bᵻtwˌiːn ðə bˈɑːɹoʊɚ ænd ˈiːtʃ klˈæs ʌv lˈɛndɚɹ æz wˈɛl æz ɪn ɐn ˌɪntɚkɹˈɛdɪɾɚɹ ɐɡɹˈiːmənt.
The specific rights of the first lien and second lien lenders are established in the credit agreements between the borrower and each class of lender as well as in an intercreditor agreement.