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Subordinated Creditors Security Agreement

Subordinated Creditors Security Agreement Template for Singapore

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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."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Industries

Companies Act (Chapter 50): Primary legislation governing company operations, security creation, registration of charges, and corporate governance in Singapore

Securities and Futures Act (Chapter 289): Regulates securities offerings, financial instruments, and provides framework for security arrangements in financial markets

Property Law Act (Chapter 242): Governs rights and interests in property, including creation and enforcement of security interests over property

Insolvency, Restructuring and Dissolution Act 2018: Provides framework for corporate insolvency, affects priority of creditors and enforcement of security interests in insolvency scenarios

Registration of Deeds Act (Chapter 269): Governs the registration of instruments affecting title to property and security interests

Personal Property Securities Act principles: While not a specific Singapore act, these principles are relevant for personal property security interests and their priority

Monetary Authority of Singapore (MAS) Guidelines: Regulatory guidelines affecting security arrangements involving regulated financial institutions

Banking Act: Relevant when security arrangements involve regulated banks or financial institutions

Contract Law Act (Chapter 53): Governs formation and enforcement of contracts, including security and subordination agreements

Stamp Duties Act (Chapter 312): Governs stamp duty obligations for security documents and their registration

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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