The Intercreditor and Subordination Agreement is essential in complex financing structures where multiple creditors have claims against the same debtor. This document, particularly under Singapore's legal framework, establishes clear hierarchies between different classes of debt, regulates payment flows, and coordinates enforcement actions. It's commonly used in syndicated lending, project finance, and corporate restructuring scenarios, providing crucial clarity on creditor rights and responsibilities. The agreement addresses key aspects such as payment subordination, lien subordination, and enforcement standstills, while ensuring compliance with Singapore's regulatory requirements and market practices.
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1. Parties: Identification of all creditors, debtors, and security trustees involved in the agreement
2. Background: Context of the various debt facilities and security arrangements, including existing credit relationships
3. Definitions: Key terms including Senior Debt, Subordinated Debt, Enforcement Action, and other relevant definitions
4. Ranking and Priority: Establishes hierarchy of debts and payment priorities between different classes of creditors
5. Payment Restrictions: Conditions and restrictions for payments on subordinated debt and circumstances under which payments are prohibited
6. Turnover Provisions: Requirements to turn over unauthorized payments received in contravention of the agreement
7. Enforcement: Rights and restrictions on enforcement actions by different creditor classes
8. Bankruptcy and Insolvency: Provisions governing rights and obligations in case of bankruptcy or insolvency events
9. Amendments and Waivers: Procedures for modifying the agreement and circumstances where waivers may be granted
10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Security Trust Provisions: Required if security is held by a trustee for multiple creditors
2. Cross-Border Provisions: Additional provisions for handling international aspects when parties or assets are in multiple jurisdictions
3. Hedging Liabilities: Provisions addressing the ranking and treatment of hedging obligations within the creditor hierarchy
4. Representations and Warranties: Additional confirmations and statements by the parties regarding their status and authority
1. Form of Accession Deed: Template document for new parties to join the agreement
2. Security Documents: List and details of all security documents covered by the agreement
3. Existing Debt: Details of all existing debt facilities, their terms and conditions
4. Notice Requirements: Forms and templates of notices required under the agreement
5. Payment Waterfall: Detailed breakdown of payment priorities and application of proceeds
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