The second of two after loud praise (7)
I believe the answer is:
flatter
'praise' is the definition.
(flattering is a kind of praising)
'the second of two after loud' is the wordplay.
'the second of two' becomes 'latter' (I've seen this before).
'after' means one lot of letters go next to another.
'loud' becomes 'f' (A musical term).
'latter' put after 'f' is 'FLATTER'.
(Other definitions for flatter that I've seen before include "suit, looking good" , "Less uneven, soft-soap" , "Use soap" , "Possibly imitate" , "flannel" .)