The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors.he Basic Bank Account Number (BBAN) format is decided by the national central bank or designated payment authority of each country. There is no consistency between the formats adopted. The national authority may register its BBAN format with SWIFT, but is not obliged to do so. It may adopt IBAN without registration.
Payment subordination allows the senior creditor the right to be paid first from all assets of the debtor or any other obligor of the debtor, regardless whether such assets constitute collateral security. The amount owed to the senior lender drives payment subordination terms, not the value of the pledged collateral. Provisions in the intercreditor agreement typically require all parties to pay-over to the senior creditor or its agent any proceeds obtained from shared collateral.
âWhoâ is in the first position and âwhatâ needs to move into the first position to get repaid. It is the intercreditor agreement that outlines who is on first and what âwhatâsâ rights are and what precludes âwhatâ from moving to âwhoâsâ first position. When the second lien holder made the loan he looked to excess value in the assets or future cash flows and as time marches on the matrix changes.