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Explanation: Subordination agreement, letter of subordination
Leslie Nelman Local time: 13:37 Native speaker of: English PRO pts in pair: 73
Danke an euch alle. Alle drei Antworten waren hilfsreich, und die zwei "agrees" auch. Thanks again. Helga
45 mins confidence:
notice/letter of postponement
Explanation: given by Eichborn, supported by the following URL:
In due course the group headed by the Swiss holding company collapsed, the borrower became insolvent and Bank B and C obtained judgments against the property developer. Bank B claimed priority over C by virtue of the letter of postponement.
The House of Lords confirmed the Swiss holding company had simply issued the letter of postponement in its own name and had failed to recognise that it had no power to bind its subsidiaries