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inter creditor agreement
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what is an inter creditor agreement
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No best answer has yet been selected by student12. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.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.
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