Are you an HSBC business borrowing customer?
Deeds of Priority and Letters of Waiver explained
A Deed of Priority is a legal agreement which sets out the agreed terms between different lenders. Where a lender's security competes with that of another lender over the same assets, a Deed of Priority sets out how the monies from the realisation of such assets will be dealt with.
A Letter of Waiver is issued by a secured lender in favour of another lender, waiving a particular asset from its security. The waiver can usually be withdrawn upon written notice.
The process explained
- You contact us to discuss your requirements
- You submit the relevant forms and information
- Within 7 days, we'll contact you to either:
- confirm we have agreed to your request
- tell you that we are unable to agree to your request, giving you the reasons for our decision and advising you of your option to appeal the decision
- tell you that more time or information is required to make a decision and the reasons why (in which case, we'll seek to notify you of our decision within 20 working days)
The relevant documents explained
If you have a straightforward request, you can use one of our standard Deed of Priority or Letter of Waiver documents below. If you need to discuss a more bespoke arrangement, please contact us on 03457 60 60 601 or email email@example.com.