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Intercreditor And Subordination Agreement

Intercreditor And Subordination Agreement Template for India

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Intercreditor And Subordination Agreement

"Need to draft an Intercreditor and Subordination Agreement for a renewable energy project in Gujarat, India, involving three senior lenders (two domestic banks and one international bank), two mezzanine lenders, and export credit agency financing, with project completion expected by March 2025."

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Document background
The Intercreditor And Subordination Agreement is essential in complex financing structures where multiple lenders provide different types of debt to a single borrower or group of borrowers in India. This document becomes crucial in scenarios involving syndicated loans, project financing, or corporate debt restructuring, where different classes of creditors need to establish their respective rights and priorities. It ensures compliance with Indian banking regulations and corporate laws while providing a clear framework for creditor rights, payment hierarchies, and enforcement procedures. The agreement typically addresses key aspects such as debt subordination, payment waterfalls, enforcement standstills, and security sharing arrangements, all within the context of Indian legal requirements and market practices.
Suggested Sections

1. Parties: Identifies all creditors (senior and subordinated), the borrower, and any security trustees or agents

2. Background: Describes the existing credit facilities, purpose of the agreement, and current security arrangements

3. Definitions and Interpretation: Defines key terms including Senior Debt, Subordinated Debt, Enforcement Action, and other crucial concepts

4. Ranking and Priorities: Establishes the hierarchy of debts and security interests between creditors

5. Payment Provisions: Sets out permitted payments to various creditor classes and payment restrictions

6. Turnover of Receipts: Procedures for handling payments received in violation of the agreement

7. Enforcement and Standstill: Rules governing enforcement actions and standstill periods

8. Application of Proceeds: Order of application of enforcement proceeds and other recoveries

9. Security and Guarantees: Provisions regarding sharing of security and guarantee rights

10. Default and Acceleration: Procedures following an event of default and acceleration rights

11. Information Sharing: Requirements for sharing information between creditors

12. Changes to the Parties: Transfer and assignment provisions, accession mechanics

13. Notices: Communication procedures between parties

14. Miscellaneous: Standard boilerplate provisions including amendments, waivers, severability

15. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes

Optional Sections

1. Purchase Option: Grants certain creditors the right to purchase other creditors' debt - used in complex multi-creditor scenarios

2. Hedging Liabilities: Required when hedging arrangements are part of the credit structure to establish their ranking

3. New Money Provisions: Used when anticipating future funding needs and establishing their ranking

4. Subordinated Creditor Representative: Needed when multiple subordinated creditors appoint a representative

5. Restructuring Provisions: Detailed provisions for managing debt restructuring - used in higher-risk transactions

6. Common Security Trustee: Required when appointing a security trustee to hold security for multiple creditors

7. Payment Blockage Provisions: Detailed provisions for blocking payments - used in complex subordination structures

8. Inter-Party Arrangements: Special arrangements between specific creditor groups - used in syndicated facilities

Suggested Schedules

1. Creditor Details: List of all creditors, their commitments, and contact details

2. Existing Facilities: Details of all existing credit facilities and their key terms

3. Security Documents: List and details of all security documents

4. Form of Accession Deed: Standard form for new parties joining the agreement

5. Form of Resignation Letter: Template for creditors exiting the arrangement

6. Payment Conditions: Detailed conditions for permitted payments to various creditor classes

7. Security Sharing Terms: Detailed terms for sharing and enforcing security interests

8. Notice Details: Comprehensive contact information for all parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

















































Clauses

































Relevant Industries

Banking & Financial Services

Infrastructure & Construction

Real Estate

Manufacturing

Energy & Power

Telecommunications

Healthcare

Mining & Metals

Technology

Transportation & Logistics

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Corporate Finance

Compliance

Banking

Loan Administration

Project Finance

Restructuring

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Treasury Manager

Credit Risk Manager

Loan Officer

Restructuring Officer

Corporate Finance Manager

Investment Banking Director

Compliance Officer

Senior Finance Manager

Project Finance Manager

Debt Restructuring Specialist

Banking Relationship Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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