Subordination deed—single company borrower—single unsecured senior lender—single unsecured junior lender

The following Banking & Finance precedent provides comprehensive and up to date legal information covering:

  • Subordination deed—single company borrower—single unsecured senior lender—single unsecured junior lender
  • Recitals:
  • 1 Definitions and interpretation
  • 2 Subordination
  • 3 Junior Lender and Junior Debt
  • 4 Turnover and turnover trust
  • 5 Insolvency of the Borrower
  • 6 Rescission of payment
  • 7 Assignments and transfers
  • 8 Costs, expenses and indemnities
    • More...

Subordination deed—single company borrower—single unsecured senior lender—single unsecured junior lender

This Deed is made [insert day and month] 20[insert year]

Parties

  1. 1

    [insert name of party] of [insert address] (the Senior Lender);

  1. 2

    [Insert name of party] of [insert address] (the Junior Lender);

  1. 3

    [insert name of party], a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert registered office] (the Borrower).

Recitals:

    1. (A)

      The Senior Lender has agreed to provide the Borrower with a loan facility on the terms of the Senior Facility Agreement (as defined below).

    1. (B)

      It is a condition precedent to the utilisation of the Senior Facility (as defined below) that the Junior Lender and the Borrower enter into this Deed with the Senior Lender.

    1. (C)

      [[insert further details if required]]

The parties agree:

    1. 1

      Definitions and interpretation

      1. 1.1

        [Unless defined otherwise in this Deed, or the context requires otherwise, all words or expressions defined in the Senior Facility Agreement have the same meaning in this Deed.]

      1. 1.2

        In this Deed:

        Business Day

        1. •

          means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London;

        Debt

        1. •

          means the Senior Debt and the Junior Debt;

        Debt Documents

        1. •

          means the Senior Documents and the Junior Documents;

        Enforcement Action

        1. •

          means any action to:

          1. (a)

            demand or accelerate payment of any of the Debt or make any of the Debt payable on

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