A Deed of Subordination is commonly used in Singapore when multiple creditors lend to the same debtor and need to establish a clear hierarchy of debt repayment. The deed formally documents the agreement between creditors to subordinate certain debt obligations behind others, typically used in corporate financing, restructuring, or investment scenarios. The document sets out the terms of subordination, including payment restrictions, turnover obligations, and enforcement limitations. Under Singapore law, these deeds are particularly important in insolvency scenarios where creditor priority becomes crucial.
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Key Requirements PROMPT example:
Deed Of Subordination
"I need a Deed of Subordination to establish priority between a $10M senior bank loan and a $2M shareholder loan for our Singapore manufacturing company, with the shareholder agreeing to fully subordinate their debt until the bank loan is repaid."
1. Parties: Identifies all parties to the deed, including senior and junior creditors, and the debtor
2. Background: Sets out the context of existing debts and reason for subordination
3. Definitions: Defines key terms used throughout the deed including Senior Debt, Subordinated Debt, and Enforcement Action
4. Subordination Provisions: Core terms establishing the ranking of debts and subordination mechanics
5. Undertakings: Commitments by parties regarding the subordinated debt and restrictions on payments
6. Duration: Period for which subordination remains effective and termination provisions
7. Execution: Formal execution blocks for all parties including attestation requirements
1. Security Provisions: Details of any security arrangements and their priority ranking
2. Turnover Provisions: Provisions for handling unauthorized payments received by junior creditors
3. Further Assurance: Obligation to take additional steps if needed to give effect to the subordination
1. Schedule 1 - Details of Senior Debt: Comprehensive list of senior debt facilities and amounts
2. Schedule 2 - Details of Subordinated Debt: Comprehensive list of subordinated debt facilities and amounts
3. Schedule 3 - Form of Accession Deed: Template for additional parties to join the subordination arrangement
4. Schedule 4 - Notice Provisions: Contact details and methods for serving notices between parties
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