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Intercreditor And Subordination Agreement

Intercreditor And Subordination Agreement Template for Singapore

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Key Requirements PROMPT example:

Intercreditor And Subordination Agreement

"Need an Intercreditor and Subordination Agreement for a Singapore real estate development project with three tiers of debt (senior bank loan, mezzanine finance, and shareholder loans), where the total facility value is SGD 250 million and we need to establish payment waterfalls and enforcement rights by March 2025."

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Document background
The Intercreditor and Subordination Agreement is essential in complex financing structures where multiple creditors have claims against the same debtor. This document, particularly under Singapore's legal framework, establishes clear hierarchies between different classes of debt, regulates payment flows, and coordinates enforcement actions. It's commonly used in syndicated lending, project finance, and corporate restructuring scenarios, providing crucial clarity on creditor rights and responsibilities. The agreement addresses key aspects such as payment subordination, lien subordination, and enforcement standstills, while ensuring compliance with Singapore's regulatory requirements and market practices.
Suggested Sections

1. Parties: Identification of all creditors, debtors, and security trustees involved in the agreement

2. Background: Context of the various debt facilities and security arrangements, including existing credit relationships

3. Definitions: Key terms including Senior Debt, Subordinated Debt, Enforcement Action, and other relevant definitions

4. Ranking and Priority: Establishes hierarchy of debts and payment priorities between different classes of creditors

5. Payment Restrictions: Conditions and restrictions for payments on subordinated debt and circumstances under which payments are prohibited

6. Turnover Provisions: Requirements to turn over unauthorized payments received in contravention of the agreement

7. Enforcement: Rights and restrictions on enforcement actions by different creditor classes

8. Bankruptcy and Insolvency: Provisions governing rights and obligations in case of bankruptcy or insolvency events

9. Amendments and Waivers: Procedures for modifying the agreement and circumstances where waivers may be granted

10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes

Optional Sections

1. Security Trust Provisions: Required if security is held by a trustee for multiple creditors

2. Cross-Border Provisions: Additional provisions for handling international aspects when parties or assets are in multiple jurisdictions

3. Hedging Liabilities: Provisions addressing the ranking and treatment of hedging obligations within the creditor hierarchy

4. Representations and Warranties: Additional confirmations and statements by the parties regarding their status and authority

Suggested Schedules

1. Form of Accession Deed: Template document for new parties to join the agreement

2. Security Documents: List and details of all security documents covered by the agreement

3. Existing Debt: Details of all existing debt facilities, their terms and conditions

4. Notice Requirements: Forms and templates of notices required under the agreement

5. Payment Waterfall: Detailed breakdown of payment priorities and application of proceeds

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
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Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, including registration of charges and security interests, and corporate restructuring provisions

Insolvency, Restructuring and Dissolution Act 2018: Key legislation governing insolvency proceedings, creditor rights, and restructuring processes in Singapore

Securities and Futures Act (Cap. 289): Regulates securities, financial instruments, and related transactions that may be relevant to intercreditor arrangements

Property Law Act (Cap. 242): Governs property rights and security interests in Singapore, relevant for secured creditor arrangements

Banking Act (Cap. 19): Regulatory framework for banking institutions in Singapore, particularly relevant if banks are parties to the agreement

ACRA Filing Requirements: Mandatory registration and filing requirements with the Accounting and Corporate Regulatory Authority for certain security interests and charges

MAS Regulations: Monetary Authority of Singapore regulations affecting financial institutions and certain types of financial arrangements

Singapore Contract Law: General principles of contract law that govern the formation and enforcement of intercreditor agreements

Singapore Case Law on Subordination: Relevant judicial decisions and precedents regarding subordination and intercreditor arrangements in Singapore courts

Cross-border Legislation: Laws governing international aspects of intercreditor arrangements, including conflict of laws principles

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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