This office lease form is a more detailed, more complicated subordination provision stating that subordination is conditioned on the landlord providing the tenant with a satisfactory non-disturbance agreement.
Nebraska Detailed Subordination Provision is a legal term that refers to a specific provision found in various legal agreements, particularly in financing and lending documents. This provision outlines the order of priority or subordination of different debts or claims in the event of a default or bankruptcy. In simpler terms, the Nebraska Detailed Subordination Provision determines the priority of payments when multiple creditors are involved. It sets the hierarchy in which debts must be repaid, ensuring that certain debts are paid off before others in case of insolvency. There are different types of Nebraska Detailed Subordination Provisions, each serving a distinct purpose. Here are a few notable types: 1. First Lien Subordination Provision: This provision places a specific debt in a subordinate position to another specified lien. It means that if the first lien is defaulted on, the subordinate debt or claim will be paid only after the first lien is satisfied. 2. Second Lien Subordination Provision: This provision establishes a subordinate position for a debt or claim that is second in priority. In the event of default, the second lien will be paid only after the first lien is fully satisfied. 3. Intercreditor Subordination Provision: This type of provision governs the relationship between two or more creditors who have claims against the same collateral. It sets out the order of priority among these creditors and specifies the rights and obligations of each party. 4. Subrogation Subordination Provision: This provision addresses subrogation, which is the substitution of one person or entity in place of another, typically related to insurance claims. It determines the priority of subrogation rights among different claimants in case of loss or damage. The Nebraska Detailed Subordination Provision is crucial for lenders, borrowers, and other parties involved in financial transactions. It protects the interests of various creditors and ensures a fair distribution of funds when repayments or enforcement actions are required. Understanding the specific type of subordination provision in a legal agreement is essential to determine the priority of payments and potential risks.
