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.
Travis Texas Detailed Subordination Provision refers to a specific provision included in various legal contracts, particularly in financing agreements or real estate transactions. This provision outlines the specific rules and conditions regarding the subordination of one party's claim or interest to another party's claim or interest. The Travis Texas Detailed Subordination Provision serves to prioritize the rights of different parties involved in a transaction when it comes to the distribution of assets or payment of debts. It aims to establish an orderly and fair hierarchy in the event of bankruptcy, foreclosure, or other financial difficulties. This provision typically includes essential details such as: 1. Identification of Parties: The provision identifies the parties involved in the agreement, distinguishing between the senior and subordinate parties. This helps establish the hierarchy in case of conflicting interests. 2. Subordination Agreement: It includes a detailed description of the subordination agreement between the senior and subordinate parties. This agreement typically outlines the conditions under which the subordinate party's interest will be postponed or made secondary to the senior party's interest. 3. Priority of Payments: The provision clearly defines the order in which various parties involved will receive payments. It outlines which party will have the first claim on the available funds or assets, followed by subsequent parties in the hierarchy. 4. Collateral Priority: If the agreement involves collateral, the provision may specify the priority of various liens or security interests. This helps determine which party has a superior right to the collateral in case of default or foreclosure. 5. Event of Default: The provision may describe the consequences and remedies in the event of default, such as the termination of the subordinate party's rights or the acceleration of payments to the senior party. Types of Travis Texas Detailed Subordination Provision: 1. Real Estate Subordination Provision: This type of provision is commonly used in real estate transactions to establish the priority of mortgage interests, ensuring that certain lenders have priority over others in case of foreclosure or sale. 2. Financing Subordination Provision: It is used in loan agreements or financing arrangements where multiple creditors are involved. This provision helps determine the priority of debt repayments, protecting the rights of senior lenders over subordinate lenders. 3. Corporate Subordination Provision: This provision may be included in corporate financing agreements, specifying the order in which various creditors or shareholders will be compensated in case of liquidation or bankruptcy. In conclusion, the Travis Texas Detailed Subordination Provision plays a crucial role in establishing the priority of claims between different parties involved in a legal agreement. It ensures that all relevant parties' rights and obligations are clearly defined, offering stability and predictability in complex financial transactions.Travis Texas Detailed Subordination Provision refers to a specific provision included in various legal contracts, particularly in financing agreements or real estate transactions. This provision outlines the specific rules and conditions regarding the subordination of one party's claim or interest to another party's claim or interest. The Travis Texas Detailed Subordination Provision serves to prioritize the rights of different parties involved in a transaction when it comes to the distribution of assets or payment of debts. It aims to establish an orderly and fair hierarchy in the event of bankruptcy, foreclosure, or other financial difficulties. This provision typically includes essential details such as: 1. Identification of Parties: The provision identifies the parties involved in the agreement, distinguishing between the senior and subordinate parties. This helps establish the hierarchy in case of conflicting interests. 2. Subordination Agreement: It includes a detailed description of the subordination agreement between the senior and subordinate parties. This agreement typically outlines the conditions under which the subordinate party's interest will be postponed or made secondary to the senior party's interest. 3. Priority of Payments: The provision clearly defines the order in which various parties involved will receive payments. It outlines which party will have the first claim on the available funds or assets, followed by subsequent parties in the hierarchy. 4. Collateral Priority: If the agreement involves collateral, the provision may specify the priority of various liens or security interests. This helps determine which party has a superior right to the collateral in case of default or foreclosure. 5. Event of Default: The provision may describe the consequences and remedies in the event of default, such as the termination of the subordinate party's rights or the acceleration of payments to the senior party. Types of Travis Texas Detailed Subordination Provision: 1. Real Estate Subordination Provision: This type of provision is commonly used in real estate transactions to establish the priority of mortgage interests, ensuring that certain lenders have priority over others in case of foreclosure or sale. 2. Financing Subordination Provision: It is used in loan agreements or financing arrangements where multiple creditors are involved. This provision helps determine the priority of debt repayments, protecting the rights of senior lenders over subordinate lenders. 3. Corporate Subordination Provision: This provision may be included in corporate financing agreements, specifying the order in which various creditors or shareholders will be compensated in case of liquidation or bankruptcy. In conclusion, the Travis Texas Detailed Subordination Provision plays a crucial role in establishing the priority of claims between different parties involved in a legal agreement. It ensures that all relevant parties' rights and obligations are clearly defined, offering stability and predictability in complex financial transactions.
