Intercompany Subordination Agreements are essential in complex corporate structures where multiple group entities have lending relationships with each other. This document becomes particularly important in Singapore's business environment, where many multinational companies establish regional headquarters. The agreement specifies which intercompany debts take priority over others, establishes payment restrictions, and includes turnover provisions. It's crucial for risk management and protecting senior creditors' interests, especially in restructuring or insolvency scenarios. The agreement must comply with Singapore's robust legal framework, including the Companies Act and insolvency laws.
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1. Parties: Identification of all participating companies and their roles (Senior Creditors, Subordinated Creditors, Debtor)
2. Background: Context of the subordination arrangement and existing debt relationships
3. Definitions: Key terms including Senior Debt, Subordinated Debt, Enforcement Action, etc.
4. Subordination: Core provisions establishing the subordination arrangement
5. Turnover Provisions: Requirements for subordinated creditors to turn over received payments
6. Payment Restrictions: Limitations on payments to subordinated creditors
7. Enforcement Restrictions: Limitations on enforcement actions by subordinated creditors
1. Security Provisions: Additional provisions required when any of the debt is secured
2. Intercreditor Provisions: Additional provisions governing relationships between multiple creditors when multiple classes of creditors are involved
3. Cross-Border Provisions: Provisions dealing with foreign law aspects when parties or assets are in multiple jurisdictions
1. Form of Accession Deed: Template for additional parties to join the agreement
2. Details of Existing Debt: Schedule listing all relevant existing debt arrangements
3. Form of Payment Blockage Notice: Template for notifying payment restrictions
4. Security Documents: List of relevant security documents if secured debt is involved
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