A deed of priority to regulate the priority of security granted to different creditors over the same asset or assets by the same debtor company. This standard document includes integrated drafting notes that explain the law behind, and commercial reasons for, provisions of the document.

This standard document does not include subordination provisions or provisions prohibiting payment of the debt owed to the junior creditor before enforcement of security. If these provisions are required, consider using Standard document, Intercreditor deed for secured debt.

For a checklist of issues commonly dealt with in intercreditor agreements and deeds of priority, including information on approaches that may be agreed by creditors on intercreditor issues, see Checklist, Intercreditor agreements and deeds of priority.

For information on when to use this standard document and legal issues applicable to deeds of priority, see Drafting note, Drafting assumptions and legal issues.