California Security Interest Subordination Agreement
Description
How to fill out Security Interest Subordination Agreement?
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FAQ
Subordination agreement is a contract which guarantees senior debt will be paid before other ?subordinated? debt if the debtor becomes bankrupt.
Subordinated Secured Debt means any Debt of Borrowers incurred under the provisions of Section 5.1(c) that is secured by a Lien on the property of any Borrower, provided that, to qualify as Subordinated Secured Debt permitted under such Section 5.1(c), the creditor to whom such secured Debt is owing must have executed ...
A subordination agreement prioritizes debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
Security subordination means that the subordinated lender agrees that its security interest in the shared collateral is fully subordinated to the security interest of the senior lender.
Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
A Subordination Agreement focuses on creditor priorities and security claims, providing legal certainty to creditors when assessing repayment risk.
An Intercreditor Agreement is a collateral distribution once a borrower defaults in case the lenders are both superior. In the case of the subordination agreement, the loans are ranked in order of priority. It means a rank is given regarding which debt is to be paid first compared to other debts.