Get Deed Of Priority

A document used to confirm that a lender agrees their mortgage will rank or take effect in priority after another lender's mortgage.

The key purpose of the intercreditor agreement is to ensure that each type of debt used in the transaction has a risk commensurate with its pricing, ie senior debt (which has a lower return) has less risk than the more expensive junior debt.

A Deed of Priority is a legal agreement which sets out the agreed terms between different lenders. Where a lender's security competes with that of another lender over the same assets, a Deed of Priority sets out how the monies from the realisation of such assets will be dealt with.

A contract, often a deed, which regulates the respective rights and ranking of two or more funders (often both debt and equity) in a financing.

An Intercreditor Agreement, commonly referred to as an inter-creditor deed, is a document signed between two or more creditors, stipulating in advance how their competing interests are resolved and how to work in tandem in service to their mutual borrower.

An intercreditor agreement sets forth the priority of the liens in relation to one another and also governs the rights and obligations of each group of lenders in relation to the other group of lenders.

An Intercreditor Agreement is a collateral distribution once a borrower defaults in case the lenders are both superior. In the case of the subordination agreement, the loans are ranked in order of priority. It means a rank is given regarding which debt is to be paid first compared to other debts.

Waiver of Priority means (i) in the case of premises leased by the Issuer or a Restricted Subsidiary, a written consent or agreement from the landlord of such premises to the Lien in such lease and in the inventory located at such premises held by the Collateral Trustee and to the Collateral Trustee having access to ...