Picture of Postponement Agreement under PPSA | Canada Picture of Postponement Agreement under PPSA | Canada

Postponement Agreement under PPSA | Canada

Subordinate the security interest of an existing lender to a new lender under the terms of this Postponement Agreement for Canadian provinces with PPSA legislation.

  • The parties to the Agreement are (i) a borrower, (ii) the borrower's new lender, and (iii) a previous lender who is still owed money by the borrower.
  • The first lender agrees to postpone its security to the new lender's security, notwithstanding that the previous lender is a secured creditor.
  • The purpose of the Agreement is to induce the new lender to provide the borrower with loan financing, a line of credit, or other type of borrowing arrangement.
  • This legal contract is available in MS Word format and is easy to download and use.
  • The Postponement Agreement can be used in any province or territory in Canada which has a Personal Property Security Act.
Document Type: Microsoft Word
Last Updated: 07-October-2022
SKU: 587
$11.49
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Prepare a Subordination Agreement between two lenders with this long form template.

  • The purpose of the Subordination Agreement (also called a Postponement Agreement) is to induce a new lender to extend a loan to a borrower.
  • One lender (postponing creditor) agrees to subordinate and postpone its security interest under a loan agreement or similar instrument to the interest of a second lender (senior creditor) until the indebtedness owing to the senior creditor has been satisfied.
  • If the borrower's assets are distributed among its creditors, the indebtedness owing to the senior creditor would be paid out first, before distribution to any other creditors.
  • If the borrower is not in default under its obligations to the senior creditor, it may continue to make payments to the postponing creditor in accordance with the terms of the agreement.
  • If the borrower is in default under its obligations to the senior creditor, no payments on the subordinated indebtedness shall be made by the borrower. If the postponing creditor receives any such payments, it must pay them over to the senior creditor.
  • This generic Subordination Agreement is provided in MS Word and is fully editable to meet your needs.
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Subordination Agreement

Get an existing creditor to allow a new lender's security to take priority under this short-form Subordination Agreement.

  • The secured creditor agrees to subordinate its security interest in a borrower's personal property (inventory, equipment, accounts, book debts) to the new lender's security interest.
  • The Agreement is being signed as an inducement for the new lender to provide loan financing or credit facilities to the borrower.
  • This is a generic legal form which can be used in many countries.
  • Available as a downloadable MS Word document.
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Are you loaning money or extending credit facilities to a customer or other party? Document your security interest as a creditor and make sure you get repaid with this Canada Loan Security Forms Package.

The package contains the following forms:

  1. General Security Agreement,
  2. Unconditional Guarantee and Postponement of Claim,
  3. Promissory Note to be executed by the borrower.

Don't run the risk of having a customer fail to honour its payment obligations. Get the Canada Loan Security Forms Package for your business.

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