A Deed of Subordination is essential in complex financing arrangements where multiple creditors are involved and a clear hierarchy of debt needs to be established. This document is commonly used in India for corporate refinancing, project finance, or restructuring scenarios where new debt is being introduced alongside existing debt. The deed ensures that junior creditors cannot receive payments until senior debt obligations are satisfied, providing crucial security for senior lenders. Under Indian law, the document must be properly stamped and may require registration depending on the nature of the security interests involved. The Deed of Subordination needs to comply with various Indian legislation including the Indian Contract Act, 1872, the Registration Act, 1908, and when corporate entities are involved, the Companies Act, 2013. It's particularly important in scenarios involving multiple lenders, corporate group restructuring, or project financing where different classes of debt exist.
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1. Parties: Identifies all parties to the deed including the debtor, senior creditor(s), and subordinated creditor(s)
2. Background: Recitals explaining the existing debt arrangements, security interests, and reason for subordination
3. Definitions and Interpretation: Defines key terms used in the deed and sets out interpretation rules
4. Subordination: Core provisions establishing the subordination of specified debt and its mechanisms
5. Undertakings by Subordinated Creditor: Specific promises by the subordinated creditor regarding their debt and actions
6. Payments and Treatment of Subordinated Debt: Rules governing payments on subordinated debt and treatment of any received payments
7. Duration and Release: Period of subordination and conditions for release from subordination obligations
8. Protection of Subordination: Provisions ensuring the effectiveness of the subordination arrangement
9. Power of Attorney: Appointment of senior creditor as attorney to enforce subordination rights if necessary
10. General Provisions: Standard boilerplate including notices, amendments, governing law, etc.
11. Execution: Formal execution blocks meeting Indian deed requirements
1. Security Subordination: Additional provisions for subordinating security interests when secured debt is involved
2. Turnover Provisions: Detailed mechanisms for turning over any received payments to senior creditor
3. Future Debt Provisions: Provisions covering future debt that may be incurred by the debtor
4. Representations and Warranties: Additional confirmations from parties about their capacity and authority
5. Accession Provisions: Mechanism for additional parties to join the subordination arrangement
6. Permitted Payments: Specific circumstances under which payments on subordinated debt are allowed
7. Filing and Registration: Requirements for filing with authorities when involving corporate entities
1. Schedule 1 - Senior Debt: Details of all senior debt including amounts, dates, and documents
2. Schedule 2 - Subordinated Debt: Details of all subordinated debt including amounts, dates, and documents
3. Schedule 3 - Security Interests: List and details of any security interests affected by the subordination
4. Schedule 4 - Form of Accession Deed: Standard form for new parties joining the subordination arrangement
5. Schedule 5 - Notice Details: Contact details and notice requirements for all parties
6. Appendix A - Related Documents: List of related facility agreements, security documents, etc.
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