Glossary

Priority deed

How the term "priority deed" is used in practice, and how it relates to a deed of priority between secured lenders.

Priority deed is the shorter, more commonly spoken term for a deed of priority — the same instrument setting out the ranking and conduct rules between two or more secured lenders over the same asset. In practice the two terms are used interchangeably across the industry, with "priority deed" heard more often in conversation and "deed of priority" appearing more often as the document's formal title. Borrowers encountering the term should understand it as a lender-to-lender agreement rather than something they themselves negotiate directly, though its existence, and its terms, are usually a condition their junior facility cannot settle without. Where a broker or lender refers to "getting the priority deed sorted," they mean coordinating agreement between the existing and incoming lenders on ranking, notice and enforcement rights before the junior facility can proceed.

Related

Deed of priority · Second mortgages · Intercreditor

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