A Letter of Subordination of Debts is commonly used in financing arrangements where multiple creditors exist and a clear hierarchy of debt repayment needs to be established. This document, governed by English and Welsh law, formally records the agreement of junior creditors to postpone their rights to repayment until senior debt is satisfied. It typically includes details of the relevant debts, payment restrictions, turnover provisions, and any security arrangements. The letter is particularly important in corporate restructuring, acquisition financing, and project finance transactions, providing certainty to senior lenders about their priority position.
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1. Date and Parties: Identification of all parties involved, including senior and junior creditors
2. Debt Details: Specification of senior and subordinated debts, including amounts and terms
3. Subordination Terms: Clear statement of subordination arrangement and ranking of debts
4. Payment Restrictions: Conditions under which junior debt payments are restricted
5. Turnover Provisions: Requirements for turning over payments received in breach
1. Security Arrangements: Details of any security arrangements, used when debts are secured
2. Cross-Border Provisions: Additional provisions for international parties
3. Restructuring Provisions: Used when restructuring is contemplated
1. Schedule of Debts: Detailed list of all relevant debts and their terms
2. Form of Accession Deed: Template for additional parties to join the subordination arrangement
3. Security Documents: Copies or details of related security documents if applicable
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