A Loan Subordination Agreement becomes necessary when multiple creditors provide financing to the same borrower and need to establish a clear hierarchy of payment rights. This document is crucial in the United States for structuring complex financing arrangements, particularly in scenarios involving refinancing, restructuring, or additional borrowing. The agreement details which creditor gets paid first, how collections are handled, and what rights each creditor has in case of default. It typically includes specific provisions about payment restrictions, enforcement rights, and bankruptcy scenarios. The agreement must comply with both federal and state lending laws, making it a critical tool in debt management and financial planning.
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1. Parties: Identification of senior creditor, subordinate creditor, and debtor
2. Background: Description of existing loans and reason for subordination
3. Definitions: Key terms including Senior Debt, Subordinated Debt, Payment Default
4. Subordination Terms: Core provisions establishing debt priority
5. Payment Restrictions: Conditions under which subordinated debt payments are prohibited
6. Enforcement Restrictions: Limitations on subordinated creditor's enforcement rights
1. Turnover Provisions: Requirements for subordinated creditor to turn over prohibited payments
2. Bankruptcy Provisions: Specific provisions for bankruptcy scenarios
3. Amendment of Subordinated Debt: Restrictions on modifying subordinated debt terms
1. Schedule of Senior Debt: Detailed listing of all senior debt obligations
2. Schedule of Subordinated Debt: Detailed listing of all subordinated debt obligations
3. Form of Legend: Required notation for subordinated debt instruments
4. Payment Terms Schedule: Specific payment terms and conditions for subordinated debt
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