A Deed of Subordination is essential in complex financing arrangements where multiple creditors have claims against the same debtor. Under English and Welsh law, this document formally establishes the ranking of debts and prevents junior creditors from taking enforcement action or receiving payments ahead of senior creditors. The deed is commonly used in corporate finance, acquisition financing, and restructuring scenarios, particularly where there are multiple layers of debt or where existing creditors need to accommodate new financing. It includes detailed provisions on payment restrictions, enforcement limitations, and the treatment of received funds.
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1. Parties: Identifies all parties to the deed including Senior Creditor, Junior Creditor, and Debtor
2. Background: Explains the context of existing debts and reason for subordination
3. Definitions: Defines key terms including Senior Debt, Junior Debt, and Subordination Period
4. Subordination Provisions: Core terms establishing the subordination arrangement
5. Restrictions on Junior Debt: Limitations on payments and enforcement of junior debt
6. Turnover Provisions: Requirements to pay over any received amounts to senior creditor
7. Duration: Period of effectiveness of the subordination
8. Execution: Formal execution blocks for all parties
1. Security Provisions: Required when secured debt is involved - include when either debt is secured
2. Further Assurance: Obligations to take additional steps if required - include in complex arrangements or where future actions may be needed
3. Assignment Provisions: Rules regarding transfer of rights - include when transfer rights are important to parties
1. Schedule 1 - Senior Debt Documents: Lists all documents evidencing senior debt
2. Schedule 2 - Junior Debt Documents: Lists all documents evidencing junior debt
3. Schedule 3 - Form of Accession Deed: Template for additional parties to join the arrangement
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