A Debtor In Possession Loan Agreement is utilized when a company in financial distress requires new financing during insolvency proceedings in Singapore. This document, governed by Singapore law, particularly the IRDA 2018, establishes the terms under which a lender provides rescue financing to the distressed company. The agreement typically includes provisions for super-priority status, security arrangements, operational controls, and monitoring mechanisms. It's specifically designed to balance the interests of new lenders providing rescue financing with existing creditors' rights, while enabling the debtor company to continue operations during restructuring.
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1. Parties: Identification of lender(s) and borrower(s), including registration details
2. Background: Context of the DIP financing, including insolvency proceedings status
3. Definitions: Key terms used throughout the agreement
4. Facility Details: Loan amount, purpose, and drawdown conditions
5. Security and Priority: Super-priority status and security arrangements
6. Conditions Precedent: Requirements before loan effectiveness
7. Representations and Warranties: Borrower's statements of fact and assurances
8. Covenants: Ongoing obligations of the borrower
9. Events of Default: Circumstances that trigger default and remedies
10. Payment Terms: Interest rates, repayment schedule, and fees
11. Governing Law and Jurisdiction: Applicable law and dispute resolution provisions
1. Intercreditor Provisions: Required when multiple creditors are involved to establish priority and rights between different classes of creditors
2. Cross-Border Provisions: Provisions dealing with international aspects of the financing, including recognition of foreign proceedings
3. Carve-out Provisions: Specific exceptions to the super-priority status and provisions for protected creditors
4. Insurance: Requirements for insurance coverage of assets and business
5. Voting Rights: Provisions regarding creditor voting rights in restructuring proceedings
1. Form of Drawdown Notice: Standard format for requesting loan disbursements
2. Security Documents: Details of collateral and security arrangements
3. Fee Schedule: Breakdown of all applicable fees and charges
4. Court Orders: Copies of relevant insolvency proceedings orders
5. Budget: Approved operating budget during DIP period
6. Existing Indebtedness: Schedule of pre-existing debts and their status
7. Form of Compliance Certificate: Template for periodic compliance reporting
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