SUBORDINATION AND POSTPONEMENT AGREEMENT
INSTRUCTION SHEET
- The “fill-in” fields for this document can be easily navigated through by using the F11 key on your keyboard.
[1]
SUBORDINATION AND POSTPONEMENT AGREEMENT
THIS AGREEMENT dated for reference the day of ,
MADE BY:
EXISTING SECURED PARTY NAME, of Existing Secured Party Address
(hereinafter called the “Grantor”)
IN FAVOUR OF:
LENDER NAME, of Lender Address
(hereinafter called the “Lender”)
WHEREAS:
A. Borrower Name(the “Borrower”) is indebted or liable to the Grantor and the Borrower has granted personal property security to the Grantor perfected by registration at the B.C. Personal Property Registry by Base Registration No. Base Registration Numberregistered on Registration Date(all of such personal property security being hereinafter referred to as the “Grantor’s Security”) to secure the repayment of any such indebtedness and liability to the Grantor;
B. The Lender has or will be extending credit to the Borrower and the Borrower has granted or will be granting personal property security to the Lender (all of such present and future security being hereinafter referred to as the “Lender Security”), to secure the repayment of all such indebtedness; and
C. The parties consider it is desirable to establish and agree as to the relative priorities of Lender Security and the Grantor Security and the indebtedness secured thereby respectively.
The parties agree as follows:
- Subordination and Postponement
The Grantor hereby subordinates and postpones in all respects to the Lender Security, its security interest in all present and after acquired personal property of the Borrower and all proceeds thereof. The subordination and postponement herein contained shall extend, without limitation, to all purchase money security interests held by the Grantor.
- Grantor Consent to Registrations
The Grantor hereby consents to the filing by theLender of financing change statements or to any similar registrations or filings in any and all appropriate jurisdictions in respect of the postponement and subordination of the Grantor Security provided for above, and the Grantor shall, upon receipt of a written request from the Lender to do so, undertake such registrations or filing in prescribed form. Further, to facilitate the filing by the Lender of financing change statements or similar registrations or filings, the Grantor authorizes the Lender or its solicitors to prepare, execute and file such documents as agents of the Grantor.
- Agreements Regarding Proceeds of Collateral
If the Grantor receives proceeds of enforcement under any of the Grantor Security, then the Grantor shall forthwith pay such proceeds to the Lender to the extent of the indebtedness and liability of the Borrower to the Lender.
- Further Assurances
The Grantor will do, execute and deliver or will cause to be done, executed an delivered,
all such further acts, documents (including certificates, declarations, affidavits, reports and opinions), and things as any other party may reasonably request for the purpose of giving effect to this agreement.
- Governing Law and Attornment
This agreement shall be governed by and construed in accordance with the laws of British
Columbia and the laws of Canada applicable therein. The parties agree that any action under or for the enforcement of this agreement may be brought in the courts of British Columbia, and the Parties attorn to the exclusive jurisdiction of those courts.
- Enurement
This agreement shall extend and enure to the benefit of and be binding upon the parties and their respective heirs, executors, successors and assigns.
IN WITNESS WHEREOF the parties have executed this Agreement as of the date written above.
SIGNED in the presence of:Signature of Witness
Name of Witness / )
)
)
)
)
)
)
)
) / EXISTING SECURED PARTY NAME
Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)
SIGNED in the presence of:
Signature of Witness
Name of Witness / )
)
)
)
)
)
)
)
) / LENDER NAME
Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)
[1]
[1]
SUBORDINATION AND POSTPONEMENT AGREEMENT
THIS AGREEMENT dated for reference the 20thday of February, 2013
MADE BY:
BANK OF BRITISH COLUMBIA, of 123 Fake Street, Vancouver, British Columbia, V2R 5X2
(hereinafter called the “Grantor”)
IN FAVOUR OF:
COMMUNITY FUTURES BRITISH COLUMBIA, of Suite 1056 – 409 Granville Street, Vancouver, British Columbia, V6C 1T2
(hereinafter called the “Lender”)
WHEREAS:
A. Fraser Products Inc. (the “Borrower”) is indebted or liable to the Grantor and the Borrower has granted personal property security to the Grantor perfected by registration at the B.C. Personal Property Registry by Base Registration No. K49538 registered on March 28, 2012 (all of such personal property security being hereinafter referred to as the “Grantor’s Security”) to secure the repayment of any such indebtedness and liability to the Grantor;
B. The Lender has or will be extending credit to the Borrower and the Borrower has granted or will be granting personal property security to the Lender (all of such present and future security being hereinafter referred to as the “Lender Security”), to secure the repayment of all such indebtedness; and
C. The parties consider it is desirable to establish and agree as to the relative priorities of Lender Security and the Grantor Security and the indebtedness secured thereby respectively.
The parties agree as follows:
- Subordination and Postponement
The Grantor hereby subordinates and postpones in all respects to the Lender Security, its security interest in all present and after acquired personal property of the Borrower and all proceeds thereof. The subordination and postponement herein contained shall extend, without limitation, to all purchase money security interests held by the Grantor.
- Grantor Consent to Registrations
The Grantor hereby consents to the filing by the Lender of financing change statements or to any similar registrations or filings in any and all appropriate jurisdictions in respect of the postponement and subordination of the Grantor Security provided for above, and the Grantor shall, upon receipt of a written request from the Lender to do so, undertake such registrations or filing in prescribed form. Further, to facilitate the filing by the Lender of financing change statements or similar registrations or filings, the Grantor authorizes the Lender or its solicitors to prepare, execute and file such documents as agents of the Grantor.
- Agreements Regarding Proceeds of Collateral
If the Grantor receives proceeds of enforcement under any of the Grantor Security, then the Grantor shall forthwith pay such proceeds to the Lender to the extent of the indebtedness and liability of the Borrower to the Lender.
- Further Assurances
The Grantor will do, execute and deliver or will cause to be done, executed an delivered,
all such further acts, documents (including certificates, declarations, affidavits, reports and opinions), and things as any other party may reasonably request for the purpose of giving effect to this agreement.
- Governing Law and Attornment
This agreement shall be governed by and construed in accordance with the laws of British
Columbia and the laws of Canada applicable therein. The parties agree that any action under or for the enforcement of this agreement may be brought in the courts of British Columbia, and the Parties attorn to the exclusive jurisdiction of those courts.
- Enurement
This agreement shall extend and enure to the benefit of and be binding upon the parties and their respective heirs, executors, successors and assigns.
IN WITNESS WHEREOF the parties have executed this Agreement as of the date written above.
SIGNED in the presence of:Signature of Witness
Name of Witness / )
)
)
)
)
)
)
)
) / BANK OF BRITISH COLUMBIA
Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)
SIGNED in the presence of:
Signature of Witness
Name of Witness / )
)
)
)
)
)
)
)
)
) / COMMUNITY FUTURES BRITISH COLUMBIA
Per:
Signature of Authorized Signatory
,
Name and Position of Authorized Signatory
(Print)