This paper studies the effect of non-exclusive liquidity provisions in the [Holmström Tirole 98] model. When a firm exposed to liquidity risk exclusively deals with a single investor, the latter provides both long-term funds and a committed liquidity facility, leaving the former with an incentive stake that guarantees effort provision. If the firm can negotiate ex post with a second investor, the initial contract must also ward off possible abuses of the liquidity facility. We show that non-exclusive contracting improves the firm's liquidity position but severely hampers incentives and limits the access to long-term funds. As a result, the firm is less profitable but more difficult to liquidate, and possibly turns into a zombie.