Deed of priority: single company borrower—single senior secured lender—single junior secured lender
Deed of priority: single company borrower—single senior secured lender—single junior secured lender

The following Banking & Finance precedent provides comprehensive and up to date legal information covering:

  • Deed of priority: single company borrower—single senior secured lender—single junior secured lender
  • Background
  • 1 Definitions and interpretation
  • 2 Priority
  • 3 Debt Documents
  • 4 Exercise of powers
  • 5 Enforcement of Security
  • 6 Application of proceeds
  • 7 Rescission of payment
  • 8 Assignments and transfers
  • More...

This Deed is made [insert day and month] 20[insert year]

Parties

  1. 1

    [insert name of Senior Lender] of [insert address] (the Senior Lender);

  1. 2

    [insert name of Junior Lender] of [insert address] (the Junior Lender); and

  1. 3

    [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower).

Background

    1. (A)

      The Senior Lender has [agreed to provide OR provided] the Borrower with a loan facility on the terms of the Senior Facility Agreement (as defined below).

    1. (B)

      The Junior Lender has [agreed to provide OR provided] the Borrower with a loan facility on the terms of the Junior Facility Agreement (as defined below).

    1. (C)

      [It is a condition precedent to the provision of [each of] the Senior Facility(as defined below) [and the Junior Facility (as defined below)] that the parties enter into this Deed OR The Lenders and the Borrower have agreed that the Security (as defined below) will rank as set out in this Deed.]

    1. (D)

      [[insert further details if required]]

The parties agree:

    1. 1

      Definitions and interpretation

      1. 1.1

        Definitions

        [In this Deed, unless otherwise provided:

        Business Day

        1. means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London;

        Debt

        1. means the Senior Debt and/or the Junior Debt;

        Debt Documents

        1. means the Senior Documents and/or the Junior Documents;

        Final Discharge Date

        1. means

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