The Postponement And Subordination Agreement is crucial in complex financing arrangements where multiple creditors exist. It provides certainty regarding payment priorities and creditor rights, particularly important in Singapore's sophisticated financial market. This document typically details payment restrictions, turnover provisions, and enforcement mechanisms, ensuring compliance with Singapore's regulatory framework, including the Companies Act and relevant banking regulations. It's commonly used in corporate restructuring, project financing, and acquisition financing scenarios where debt hierarchy needs to be clearly established.
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1. Parties: Identification of all parties including Senior Creditor, Junior Creditor, and Debtor
2. Background: Context of the existing debts and reason for subordination
3. Definitions: Key terms including Senior Debt, Junior Debt, Subordination Period
4. Subordination Terms: Core provisions regarding postponement and subordination of junior debt
5. Payment Restrictions: Conditions under which payments on junior debt are restricted
6. Turnover Provisions: Requirements for junior creditor to turn over unauthorized payments
7. Representations and Warranties: Standard representations and warranties from all parties
8. Covenants: Ongoing obligations of the parties during the subordination period
9. Events of Default: Circumstances constituting breach and corresponding remedies
10. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law
1. Security Arrangements: Details of any security interests, used when secured debt is involved
2. Intercreditor Provisions: Additional terms governing relationship between creditors, used with multiple creditors
3. Foreign Law Considerations: Special provisions for cross-border situations
4. Further Assurance: Additional obligations to execute documents or take actions to perfect the subordination
5. Assignment and Transfer: Provisions governing the transfer of rights and obligations, if permitted
1. Schedule of Existing Debts: Details of all senior and junior debts subject to the agreement
2. Form of Accession Deed: Template for additional parties to join the agreement
3. Payment Waterfall: Detailed order of priority for payments
4. Form of Subordination Notice: Standard form notice to be given to relevant parties regarding the subordination
5. Security Documents: List and copies of relevant security documents (if applicable)
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