The Subordinated Creditors Security Agreement is essential in complex financing structures where multiple creditors hold security interests over the same assets. It is commonly used in Singapore for project financing, corporate restructuring, and leveraged acquisitions. The document establishes clear hierarchies among creditors, defines enforcement rights, and ensures compliance with Singapore's security and corporate laws. This agreement is particularly crucial when new financing is introduced alongside existing secured debt, requiring careful structuring of intercreditor relationships and security priorities.
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Key Requirements PROMPT example:
Subordinated Creditors Security Agreement
"Need a Subordinated Creditors Security Agreement for a Singapore real estate development project with three tiers of creditors, where the subordinated debt is approximately SGD 50 million and needs to be in place by March 2025."
1. Parties: Identifies all parties to the agreement, including secured creditors, subordinated creditors, and debtors
2. Background: Sets out the context of the security arrangement and existing debt relationships
3. Definitions: Defines key terms used throughout the agreement
4. Grant of Security: Details the security interests being created and the assets covered
5. Subordination Provisions: Specifies the ranking and priority of different creditors' claims
6. Representations and Warranties: Standard representations regarding authority, enforceability, and security interests
7. Covenants: Ongoing obligations of the parties
8. Enforcement: Rights and procedures for enforcing security interests
1. Intercreditor Provisions: Additional provisions required when multiple creditor classes are involved to govern their relationships and respective rights
2. Standstill Provisions: Specific restrictions on enforcement actions by different creditor classes and timing of such restrictions
3. Payment Waterfall: Detailed provisions governing the order of distribution of proceeds among different classes of creditors
1. Schedule of Secured Assets: Detailed list and description of all assets subject to the security interest
2. Form of Accession Deed: Template document for additional parties to join the agreement in the future
3. Existing Security Interests: Comprehensive list of pre-existing security interests and their respective priorities
4. Notice Requirements: Standard forms of notices required for perfection of security interests
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