DECLARATION OF SECURED CREDITORS Clause Samples

The Declaration of Secured Creditors clause identifies and formally acknowledges the parties who hold a security interest in certain assets or collateral under an agreement. This clause typically lists the names of the secured creditors and describes the nature or extent of their security interests, such as liens on property or pledged assets. By clearly stating which creditors are secured and what assets are involved, the clause ensures transparency and helps prevent disputes over priority or rights to collateral in the event of default or insolvency.
DECLARATION OF SECURED CREDITORS. ✓ List all secured creditors who have a security interest that includes the Agricultural Product(s) and/or the BRM program payments whether such security was given under the authority of the Bank Act or under the authority of a personal property security legislation in force in the province or by operation of any other law. ✓ Examples may include, but are not limited to: o a lien taken by an input supplier on the agricultural product to be used for the APP advance. o a lien taken by your financial institution o a General Security Agreement. ✓ Attach a separate sheet if required. A signed Priority Agreement is needed for each secured creditor listed below.
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DECLARATION OF SECURED CREDITORS.  List all secured creditors who have a security interest that includes the Agricultural Product(s) and/or the BRM program payments whether such security was given under the authority of the Bank Act or under the authority of a personal property security legislation in force in the province or by operation of any other law.  Examples may include, but are not limited to: o a lien taken by an input supplier on the agricultural product to be used for the APP advance; o a lien taken by your financial institution; or o a General Security Agreement.  Attach a separate sheet if required.  A signed Priority Agreement is needed for each secured creditor listed below. I certify the above to be true and correct. I agree to report any future changes in the producer’s structure. I am aware that to make a false statement is an offence.  This form is to be used where the Administrator and signatories agree to a Liability Agreement that covers only one program year. The dollar amount entered below should be the amount of the advance taken for the program year as stated in Part 2 of the Repayment Agreement.  Complete one of the four following subsections, as applicable: o Part A – If you are the Sole Shareholder of a corporate farming business. o Part B – For Members, Partners or Shareholders of a Cooperative, Partnership or Corporation, as the case may be. o Part C – If a Letter of Guarantee will be obtained in lieu of signing to be personally or jointly & severally, or solidarily, liable. Note: For a sole proprietor of a non-corporate farming business, the sole proprietor agrees to be personally liable by signing the Application and Repayment Agreement. Therefore, the signing of this form is not required in such circumstances.
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DECLARATION OF SECURED CREDITORS. List all secured creditors who have a security interest in the Agricultural Product(s), the Business Risk Management program payments whether such security was granted under the authority of the Bank Act or under the authority of a personal property security legislation in force in the province or by operation of any other law. Attached separate sheet if required. An executed Priority Agreement is required for each secured creditor. 1.) Secured Creditor 2.) Secured Creditor Name of Secured Creditor Address Telephone # Contact Person Registration (if applicable) Collateral Subject to Security Amount Secured by Security 3.) Secured Creditor Name of Secured Creditor Address Telephone # Contact Person Registration (if applicable) Collateral Subject to Security Amount Secured by Security
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Related to DECLARATION OF SECURED CREDITORS

  • SUBORDINATION OF SECURITIES SECTION 1201.

  • Rights of Secured Party Secured Party shall have the rights contained in this Section at all times during the period of time this Agreement is effective.

  • Payment of Secured Obligations Grantor will pay and perform or cause to be paid and performed the Secured Obligations according to the tenor thereof and all other sums now or hereafter secured hereby as the same shall become due.

  • Revival of Secured Obligations This Agreement and the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash.

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Security Instruments, as may be amended in accordance herewith, which presently secure the Indebtedness shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Indebtedness as described in the Credit Agreement as modified by this Amendment.