Postponement of Claims Agreement

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Agreement where a creditor of a corporation agrees not to be repaid on any claims until another creditor is repaid.

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This agreement is to be used where a creditor (often a shareholder or investor) in a corporation agrees not to be repaid on any claims until a 2nd creditor is repaid. This type of agreement is usually made when the 2nd creditor refused to make a loan unless there is an assurance that it will be repaid first. This agreement does not allow the periodic repayment of interest to be paid to the 1st creditor until all of the indebtedness to the 2nd creditor has been paid off.

This form includes special formatting features to assist you in completing the agreement.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Postponement Agreement

 

 

TO:   Name of Creditor Receiving Postponement (the "Creditor")
 
 
WHEREAS:
 
(A)   The Creditor has agreed to provide to Name of Borrower (the "Borrower") certain credit on the terms and conditions set out in the Name of Agreement by which Lender is giving Credit to Borrower (ie. Loan Agreement) dated Date of Agreement by which Lender is giving Credit to Borrower between the Borrower and the Creditor, as the same may be amended, modified or replaced from time to time (the "Credit Agreement");
 
(B)   As a condition precedent to extending the credit under the Credit Agreement, the Creditor has required the Name of Party Postponing its Security to Lender (the "Postponing Creditor") to execute and deliver this Agreement;
 
NOW THEREFORE in consideration for the foregoing and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Postponing Creditor agrees as follows:
 
1.   Postponement of Claims. From the date hereof and until such time as all indebtedness, obligations and liabilities of the Borrower to the Creditor under the Credit Agreement are repaid in full and the Credit Agreement has been terminated:
 
(a)   the Postponing Creditor shall postpone the payment and satisfaction by the Borrower and its subsidiaries of all indebtedness, liabilities and obligations now or hereafter due and owing by the Borrower and its subsidiaries to the Postponing Creditor including, without limitation, the repayment of loans and the payment of trade accounts, dividends, management fees, rent and interest (the "Postponed Obligations") in favour of, and shall postpone the Postponed Obligations to, all indebtedness, liabilities and obligations of the Borrower and its subsidiaries to the Creditor; and
 
(b)   the Postponing Creditor shall not demand or accept payment of all or any part of the Postponed Obligations.
 
2.   Filings by Creditor. The Postponing Creditor hereby consents to the filing by the Creditor of financing change statements or to any similar registrations or filings in any and all appropriate jurisdictions in respect of the postponement of the Postponed Obligations provided for above, and the Postponing Creditor shall, upon receipt of a written request from the Creditor to do so, undertake such registrations or filing in prescribed form.
 
3.   Monies Held in Trust. In the event any payments are made by the Borrower or any of its subsidiaries to the Postponing Creditor in contravention of this Agreement, the Postponing Creditor shall hold such payments in trust for the Creditor and shall forthwith pay such payments to the Creditor.
 
4.   Extensions, Waivers, Etc. The Postponing Creditor also agrees that the Creditor may grant extensions of time, release obligors and/or security, and waive any other rights in relation thereto, without affecting the rights of the Creditor nor the obligations of the Postponing Creditor hereunder.
 
5.   Further Assurances. The Postponing Creditor shall from time to time and at all times hereafter do all things and execute all documents which may be necessary or desirable in order to give full effect to this Agreement.
 
6.   Acknowledgement by Postponing Creditor. The Postponing Creditor acknowledges the benefit to it of the Creditor extending credit to the Borrower.
 
7.   Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the  of State or Province of Lender.
 
8.   Successors and Assigns. This Agreement shall extend and enure to the benefit of and be binding upon the Creditor and its successors and assigns and shall be binding upon the Postponing Creditor and its successors and assigns.
 
 
IN WITNESS WHEREOF the undersigned has executed this Agreement as of Date of Signing of Agreement.
 
 
 
NAME OF SUBORDINATOR
 
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28639
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Postponement Agreement

 

 

TO:   Name of Creditor Receiving Postponement (the "Creditor")
 
 
WHEREAS:
 
(A)   The Creditor has agreed to provide to Name of Borrower (the "Borrower") certain credit on the terms and conditions set out in the Name of Agreement by which Lender is giving Credit to Borrower (ie. Loan Agreement) dated Date of Agreement by which Lender is giving Credit to Borrower between the Borrower and the Creditor, as the same may be amended, modified or replaced from time to time (the "Credit Agreement");
 
(B)   As a condition precedent to extending the credit under the Credit Agreement, the Creditor has required the Name of Party Postponing its Security to Lender (the "Postponing Creditor") to execute and deliver this Agreement;
 
NOW THEREFORE in consideration for the foregoing and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Postponing Creditor agrees as follows:
 
1.   Postponement of Claims. From the date hereof and until such time as all indebtedness, obligations and liabilities of the Borrower to the Creditor under the Credit Agreement are repaid in full and the Credit Agreement has been terminated:
 
(a)   the Postponing Creditor shall postpone the payment and satisfaction by the Borrower and its subsidiaries of all indebtedness, liabilities and obligations now or hereafter due and owing by the Borrower and its subsidiaries to the Postponing Creditor including, without limitation, the repayment of loans and the payment of trade accounts, dividends, management fees, rent and interest (the "Postponed Obligations") in favour of, and shall postpone the Postponed Obligations to, all indebtedness, liabilities and obligations of the Borrower and its subsidiaries to the Creditor; and
 
(b)   the Postponing Creditor shall not demand or accept payment of all or any part of the Postponed Obligations.
 
2.   Filings by Creditor. The Postponing Creditor hereby consents to the filing by the Creditor of financing change statements or to any similar registrations or filings in any and all appropriate jurisdictions in respect of the postponement of the Postponed Obligations provided for above, and the Postponing Creditor shall, upon receipt of a written request from the Creditor to do so, undertake such registrations or filing in prescribed form.
 
3.   Monies Held in Trust. In the event any payments are made by the Borrower or any of its subsidiaries to the Postponing Creditor in contravention of this Agreement, the Postponing Creditor shall hold such payments in trust for the Creditor and shall forthwith pay such payments to the Creditor.
 
4.   Extensions, Waivers, Etc. The Postponing Creditor also agrees that the Creditor may grant extensions of time, release obligors and/or security, and waive any other rights in relation thereto, without affecting the rights of the Creditor nor the obligations of the Postponing Creditor hereunder.
 
5.   Further Assurances. The Postponing Creditor shall from time to time and at all times hereafter do all things and execute all documents which may be necessary or desirable in order to give full effect to this Agreement.
 
6.   Acknowledgement by Postponing Creditor. The Postponing Creditor acknowledges the benefit to it of the Creditor extending credit to the Borrower.
 
7.   Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the  of State or Province of Lender.
 
8.   Successors and Assigns. This Agreement shall extend and enure to the benefit of and be binding upon the Creditor and its successors and assigns and shall be binding upon the Postponing Creditor and its successors and assigns.
 
 
IN WITNESS WHEREOF the undersigned has executed this Agreement as of Date of Signing of Agreement.
 
 
 
NAME OF SUBORDINATOR
 
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
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