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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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