subordination agreement

An agreement by which one who holds an otherwise senior interest agrees to subor-dinate that interest to a normally lesser interest, usu. when a seller agrees to subordinate a purchase-money mortgage so that the buyer can obtain a first-mortgage loan to improve the property. [Cases: Secured Transactions 147. C.J.S. Secured Transactions § 108.]

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词条贡献者

译者Miranda，毕业于英国顶尖的高级翻译学院，擅长翻译各种与债务重组与公司清算/破产相关的法律文件。