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Three party agreement among a debtor and two of its secured creditors whereby one creditor (the Subordinator) subordinates its security to the other.
Details:
Three party agreement among a debtor and two of its secured creditors whereby one creditor (the Subordinator) subordinates its security to the other.
Form Outline:
Subordination Agreement
THIS AGREEMENT made as of...
WHEREAS:
The Debtor is or will be indebted to... ;
As collateral security... ;
The Debtor is indebted to...;
As collateral security... for;
As a condition of extending the Lender's Indebtedness...;
NOW THEREFORE in consideration for the foregoing... Subordinator agrees as follows:
1. Consent of the Subordinator.
2. Subordination.
3. Subordination.
4. Filings by Lender.
5. Monies Held in Trust.
6. Extensions, Waivers, Etc.
7. Further Assurances.
8. Costs and Expenses.
9. Proceeds.
10. Disentitlement of Proceeds.
11. Right to Information.
12. Covenant by Debtor.
13. Acknowledgement by Subordinator.
14. Notices.
15. Entire Agreement.
16. Governing Law.
17. Successors and Assigns.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
Borrowing & Lending Forms
