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.
The Parties desire to set forth in this First Lien/Second Lien Intercreditor Agree-ment (this Agreement) their rights and remedies with respect to the Collateral securing the First Lien Obligations and the Second Lien Obligations.