A Loan Subordination Agreement becomes necessary when a borrower has multiple creditors and needs to establish a clear hierarchy of debt repayment. This agreement, governed by English and Welsh law, is particularly crucial in complex financing structures, restructurings, or when new debt is being introduced alongside existing facilities. The document sets out the respective rights of senior and junior creditors, including payment conditions, enforcement restrictions, and insolvency arrangements. It provides certainty and protection for senior lenders while allowing borrowers to access additional financing through subordinated debt.
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1. Parties: Identifies all parties to the agreement including senior and junior creditors, and the debtor
2. Background: Explains the context of the existing debts and reason for subordination
3. Definitions: Defines key terms including Senior Debt, Junior Debt, Enforcement Action, etc.
4. Subordination Provisions: Core terms establishing the subordination of junior debt to senior debt
5. Turnover Provisions: Requirements for junior creditors to turn over received payments to senior creditors
6. Restrictions on Junior Debt: Limitations on payments, enforcement actions, and amendments to junior debt
1. Security Provisions: Additional provisions required when any of the debt is secured by collateral or other security interests
2. Intercreditor Provisions: Additional provisions governing relationships between multiple creditor groups when more than two levels of debt exist
3. Buy-out Rights: Optional provisions outlining rights of junior creditors to purchase senior debt in specific circumstances
1. Form of Accession Deed: Template document for new parties to accede to the agreement
2. Details of Existing Senior Debt: Schedule listing all senior debt facilities, amounts, and key terms
3. Details of Existing Junior Debt: Schedule listing all junior debt facilities, amounts, and key terms
4. Notice Details: Contact information and notice requirements for all parties to the agreement
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