Security & Collateral · glossary
A deed between two secured lenders and the borrower that fixes which lender ranks first. It has three parts: ranking, a standstill on the second lender enforcing, and turnover of anything it receives. No second lender came, so the Bank never needed one. Chapter 7 · Chapter 10
Explained in Chapter 7, The Guarantor, the Group and the Negative Pledge, of Security & Collateral.
A lender that wanted more would need the Bank's consent, given in a deed of priority (an agreement on which lender ranks first). Chapter 10 tests that case.Read Chapter 7, The Guarantor, the Group and the Negative Pledge →
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