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Postponement And Subordination Agreement

Postponement And Subordination Agreement Template for Singapore

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Key Requirements PROMPT example:

Postponement And Subordination Agreement

"Need a Postponement And Subordination Agreement for a Singapore property development project where three junior creditors will subordinate their collective debt of SGD 5 million to a senior bank loan, with the agreement to take effect from March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses






























Industries

Companies Act (Cap. 50): Key legislation governing corporate matters including company charges, priorities, debt subordination, requirements for registration of charges, and corporate authority and capacity

Securities and Futures Act (Cap. 289): Regulations pertaining to securities, financial instruments, and priority of security interests in the context of subordination agreements

Banking Act (Cap. 19): Legislation governing regulated financial institutions and priority of claims, particularly relevant if any parties are banks or financial institutions

Insolvency, Restructuring and Dissolution Act 2018: Governs priority of creditors' claims in insolvency, treatment of subordinated debt in restructuring, and bankruptcy scenarios

Contract Law: Common law principles of contract formation, including Misrepresentation Act and Unfair Contract Terms Act

Property Law: Legal framework governing security interests and priorities between creditors in relation to property

Registration Requirements: ACRA (Accounting and Corporate Regulatory Authority) registration requirements and filing obligations for charges and security interests

MAS Guidelines: Monetary Authority of Singapore guidelines applicable when financial institutions are involved in subordination agreements

International Law Considerations: Cross-border legal implications and requirements if the agreement involves international parties or assets

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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