Common use of DECLARATION OF SECURED CREDITORS Clause in Contracts

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.