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Simple English definitions for legal terms

subordination agreement

Read a random definition: copyright infringement

A quick definition of subordination agreement:

A subordination agreement is a contract that says if someone owes money to different lenders and they can't pay it all back, the lender who signed the subordination agreement will get paid first. This makes it less risky for the lender to loan money because they know they will get paid before anyone else. The borrower can then get more loans from other lenders who are willing to take on more risk, but will charge higher interest rates.

A more thorough explanation:

A subordination agreement is a legal contract that ensures that a senior debt is paid before any other "subordinated" debt in case the debtor goes bankrupt. This agreement is usually signed by the debtor and the original creditor when the debtor needs to take on more debt after having a previous loan.

For example, let's say a company has a loan from Bank A, and they need to take on more debt to expand their business. However, they cannot get another loan without the agreement of Bank A. Bank A will require the company to sign a subordination agreement, which guarantees that they will be paid before any other creditors if the company goes bankrupt. This ensures that Bank A is not taking on high risks.

Once the subordination agreement is signed, the company may be able to get other loans from creditors who are willing to give the risky loan because they can charge a much higher interest rate. This is because the other creditors know that Bank A will be paid first if the company goes bankrupt.

subordination | Subornation of perjury

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JumpySubsequentDolphin
23:52
☹️
it's like p much impossible to get in if you don't do it according to the deans lol
like i mean it's probs possible but. very rare
JumpySubsequentDolphin
23:52
SO WHY DO THEY CALL IT
JumpySubsequentDolphin
23:52
OPTIONAL
mind games
JumpySubsequentDolphin
23:52
WHY DO SCHOOLS DO THIS
JumpySubsequentDolphin
23:52
the illusion of chocoe
JumpySubsequentDolphin
23:52
chocoe
JumpySubsequentDolphin
23:52
choice
there's an infamous dude on reddit who literally got into every t14 like HYS but got WL at northwestern and he's like it's definitely because he didn't do the interview lol
and he had like 180 lol
JumpySubsequentDolphin
23:59
maybe YP?
Dkk
2:22
@jackfrost11770: "do the northwestern thing" ? very sad.
Dkk
2:23
@jackfrost11770: that'smy Army buddy who got rejected from NW.
Dkk
2:24
He did not have 180. 170.
Dkk
2:25
Northwestern is an Ohio trainwreck and the staff there should consider the gun,
4:18
^ HAHAHAHA
4:19
Jackfrost has a point though, a good way to stand out with your apps is to do as much "optional" stuff as possible, including the interview
4:20
This goes for NU's Kira as much as it does, for example, ASU's 1-minute "elevator pitch" video
Dkk
4:22
Indeed indeed @renard
Dkk
4:36
Man my butthole is on fire from that Carolina Reaper. 1:36 AM fire farts.
6:18
^is this satire? wtf this is really poorly written lmao
[] baddestbunny
9:49
when someone describes something as "classic LSAT Demon" I tend to assume that is code for "this thing sucks"
Dkk
10:29
I dont know.
Dkk
10:29
I dont know.
[] baddestbunny
10:30
Defining “postmodernism” is a daunting task. One commentator has likened it to “trying to nail gelatin to a wall.” Part of the difficulty is postmodernism’s heterogeneity. As Angela Harris has noted, “There are as many different definitions of postmodernism as there are postmodernists.”
Dkk
10:36
Indeed, indeed!
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