The Subordinated Promissory Note is commonly used in complex financing arrangements where multiple layers of debt exist. This document is particularly relevant when companies or individuals need to raise additional capital while maintaining existing senior debt relationships. Under U.S. law, it must clearly specify the subordination terms, payment schedule, interest rates, and default provisions. The note's subordinated status means it ranks below senior debt in priority of payment, particularly in bankruptcy or liquidation scenarios. This type of instrument is frequently used in mezzanine financing, growth capital arrangements, and structured finance transactions.
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1. Promise to Pay: Principal amount, payment terms, and unconditional promise to pay by the maker to the payee
2. Interest Rate: Specified interest rate, calculation method, and payment frequency of interest
3. Payment Schedule: Timing and amount of payments, including maturity date and method of payment
4. Subordination Terms: Explicit subordination provisions detailing the note's subordinate status to senior debt
5. Events of Default: Conditions constituting default and consequences thereof
1. Security Interest: Terms regarding any collateral securing the note, including description and enforcement rights
2. Conversion Rights: Terms and conditions for converting the debt to equity, including conversion price and mechanism
3. Acceleration Clause: Conditions under which the holder may demand immediate repayment of the entire outstanding amount
1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and allocation between principal and interest
2. Senior Debt Schedule: Comprehensive list of senior debt obligations to which this note is subordinate
3. Collateral Description: Detailed description of any collateral securing the note, including location and identification details
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