The Letter of Subordination of Debts is commonly used in Singapore when companies have multiple creditors and need to establish clear payment priorities. This document is particularly relevant in financing arrangements where new debt is being introduced or existing debt relationships need restructuring. It sets out detailed terms of subordination, including payment restrictions, turnover provisions, and procedures during insolvency. Under Singapore law, such letters are crucial instruments in debt structuring and are often required by senior lenders as a condition of providing financing. The document typically includes specific references to Singapore legislation, particularly the Companies Act and the Insolvency, Restructuring and Dissolution Act 2018.
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Key Requirements PROMPT example:
Letter Of Subordination Of Debts
"I need a Letter of Subordination of Debts for our Singapore manufacturing company where three existing shareholders who provided loans totaling SGD 2 million agree to subordinate their debt to a new bank facility of SGD 5 million that we're securing in March 2025."
1. Initial Parties: Details of the senior creditor, subordinated creditor, and debtor including full legal names and registration details
2. Debt Description: Comprehensive details of both senior and subordinated debts, including amounts, dates, and terms
3. Subordination Terms: Clear statement of subordination, its extent, and the specific ranking of debts
4. Payment Restrictions: Detailed conditions under which subordinated debt payments are restricted or prohibited
5. Turnover Provisions: Requirements and procedures for turning over any prohibited payments received by subordinated creditors
1. Further Assurance: Additional actions parties may need to take to give effect to the subordination
2. Credit Agreement Reference: Specific references to related credit agreements and facilities
3. Bankruptcy Provisions: Detailed provisions governing the parties' rights and obligations in insolvency scenarios
1. Schedule of Existing Debts: Detailed list and description of all subordinated debts covered by the agreement
2. Form of Accession Deed: Template document for additional parties to join the subordination arrangement
3. Payment Terms Schedule: Detailed schedule of payment conditions, restrictions, and permitted payments
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