Mississippi Subordination Agreement Regarding Fixtures
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How to fill out Subordination Agreement Regarding Fixtures?
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FAQ
Subordinated Party means the Person (as defined in the Credit Agreement) that has agreed in the Designated Agreement to be bound by these Terms of Subordination, together with its successors and assigns.
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
The Subordinated Lender hereby agrees that all Subordinated Obligations (as defined below) and all of his right, title and interest in and to the Subordinated Obligations shall be subordinate and junior in right of payment to the Senior Lender Loan and all rights of Senior Lender in respect of the Senior Lender Loan, ...
What Is a Subordination Agreement? A subordination agreement is a legal document that establishes one debt as ranking behind another in priority for collecting repayment from a debtor. The priority of debts can become extremely important when a debtor defaults on their payments or declares bankruptcy.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.
Four types of subordinate clauses are discussed in this feature: concessive, time, place and reason. A subordinate clause is a clause that supports ideas stated in the main clause. Subordinate clauses are also dependent on main clauses and would be otherwise incomprehensible without them.
A new creditor may wish to be the senior lender, but the existing lender must consent to give up (or subordinate) their superior claim over a security interest. The Agreement thus defines the new senior and subordinated creditors and the priority of the two claims against specific collateral.