In principle, the separation of the main structure of project funding requires that we address certain issues. The nature of these points varies between the conditions for calling certain mandatory documents, transactions, parties and phases. To show what has been said, after the management of the project by the sponsors, an ad hoc entity – that is, the single-purpose company – commonly known as a project company – is first created, the shares of which are often distributed either by association agreement or through a joint enterprise agreement between the promoters. Sponsors could be formed by a group of legal entities, which usually includes at least one parent company of the ad hoc entity. Under Turkish law, the concept of subordination is not regulated as stipulated by the common law and some other civil courts. However, the subordination agreement should not be confused with the notion of subordination, which is simply found when a third party makes the debt deed in contractual relation and becomes the new debtor of such a contractual relationship. Moreover, the conclusion of such an agreement is not subject to the concept of a third-party contract under Turkish law, as is the case in some other civil law authorities such as France, Belgium, Luxembourg, Greece, Switzerland and Japan. Subordination contracts are the most common in the field of mortgages. When an individual borrows a second mortgage, that second mortgage has a lower priority than the first mortgage, but those priorities may be disrupted by refinancing the original loan.

The subordination mechanism originates from the Common Law System and is heavily used in financing projects in Turkey as a civil court. The implementation of subordination in Turkey also requires the adaptation of such an approach to the judicial system through the use of existing mechanisms in the law of obligations, as is the case in many other civil legal systems. However, the implementation of subordination in practice in Turkey is discussed in the following sections. In addition, Italian law grants the parties contractual classification and undercutting of turnover. Nevertheless, the minor must make the effect of a complete waiver as part of a contractual subordination. If we move in the North in relation to the legal systems that we have briefly analysed geographically, Luxembourg law deserves to be affected. Although the principle of Indian law of equal treatment of all creditors[60], recognized as a public order by jurisprudence,[61] is rigorously respected, the effect of Belgian commentators and, given that Belgian jurisprudence is often invoked by Luxembourg jurisprudence, is possible that subordination is an instrument of security.

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