Subordinate the security interest of an existing lender to a new lender under the terms of this Postponement Agreement for Canada.
- 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 terms of the Agreement are governed by the Personal Property Security Act (PPSA).
- 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 Canada Postponement Agreement under PPSA
is in MS Word format, and is easy to download and use.
Last Updated: 14-April-2016