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inter creditor agreement
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what is an inter creditor agreement
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It is an agreement between your creditors to establish priority.
For example, you buy a house with a mortgage with A.
Sometime later you take a secured loan with B.
The inter creditor agreement will be that A has priority in the event of you going bankrupt.
Or they may agree that B is guaranteed X amount in that event.
This is a very general and simplified explanation of a complicated area.
For example, you buy a house with a mortgage with A.
Sometime later you take a secured loan with B.
The inter creditor agreement will be that A has priority in the event of you going bankrupt.
Or they may agree that B is guaranteed X amount in that event.
This is a very general and simplified explanation of a complicated area.
Only 1 answer
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