A Loan Subordination Agreement is essential in complex financing structures where multiple lenders are involved with the same borrower. This document establishes a clear hierarchy of payment rights, with junior creditors agreeing to subordinate their claims to those of senior creditors. Under Singapore law, these agreements are particularly important in corporate restructuring, project finance, and leveraged finance transactions. The agreement typically includes detailed provisions on payment restrictions, turnover of proceeds, and enforcement rights, ensuring clarity in creditor rankings and helping prevent disputes in default scenarios.
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1. Parties: Identification of Senior Creditor(s), Junior Creditor(s), and Borrower
2. Background: Context of existing debts and purpose of subordination
3. Definitions: Key terms including Senior Debt, Junior Debt, Subordination Period
4. Subordination Provisions: Core terms of debt subordination and payment restrictions
5. Turnover of Proceeds: Provisions for handling payments received in violation of subordination
6. Representations and Warranties: Standard confirmations from parties regarding authority and enforceability
7. Duration: Term of the subordination arrangement
1. Security Provisions: Additional provisions when secured debt is involved, including ranking of security interests and enforcement rights
2. Intercreditor Provisions: Detailed arrangements between multiple creditors, including voting rights and enforcement procedures
3. Standstill Provisions: Restrictions on enforcement actions during specified periods, including conditions and duration of standstill
1. Schedule of Existing Senior Debt: Details of all senior debt covered by the agreement including amounts, dates, and key terms
2. Schedule of Existing Junior Debt: Details of all junior debt covered by the agreement including amounts, dates, and key terms
3. Form of Accession Deed: Template for additional parties to join the agreement post-execution
4. Payment Waterfall: Detailed order of payment priorities in various scenarios including enforcement and insolvency
Relevant legal definitions
Senior Creditor
Junior Creditor
Borrower
Senior Debt
Junior Debt
Subordinated Obligations
Subordination Period
Enforcement Action
Permitted Payments
Payment Default
Acceleration Event
Insolvency Event
Discharge Date
Security
Security Documents
Secured Obligations
Business Day
Default
Enforcement Notice
Finance Documents
Material Adverse Effect
Subordination
Turnover Proceeds
Accession Deed
Borrowing Liabilities
Payment Waterfall
Distribution
Guarantee
Priority of Payments
Relevant Jurisdiction
SGD
Effective Date
Termination Date
Junior Creditor
Borrower
Senior Debt
Junior Debt
Subordinated Obligations
Subordination Period
Enforcement Action
Permitted Payments
Payment Default
Acceleration Event
Insolvency Event
Discharge Date
Security
Security Documents
Secured Obligations
Business Day
Default
Enforcement Notice
Finance Documents
Material Adverse Effect
Subordination
Turnover Proceeds
Accession Deed
Borrowing Liabilities
Payment Waterfall
Distribution
Guarantee
Priority of Payments
Relevant Jurisdiction
SGD
Effective Date
Termination Date
Clauses
Subordination
Turnover
Payments
Enforcement
Representations and Warranties
Prohibited Actions
Permitted Payments
Priority of Payments
Ranking
Security
Information Rights
Payment Blockage
Default
Amendments and Waivers
Assignment and Transfer
Notices
Severability
Governing Law
Jurisdiction
Accession
Termination
Further Assurance
Costs and Expenses
Counterparts
Third Party Rights
Confidentiality
Duration
Filing and Registration
Turnover
Payments
Enforcement
Representations and Warranties
Prohibited Actions
Permitted Payments
Priority of Payments
Ranking
Security
Information Rights
Payment Blockage
Default
Amendments and Waivers
Assignment and Transfer
Notices
Severability
Governing Law
Jurisdiction
Accession
Termination
Further Assurance
Costs and Expenses
Counterparts
Third Party Rights
Confidentiality
Duration
Filing and Registration
Relevant Industries
Relevant Teams
Relevant Roles
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