CREDITOR INFORMATION. PART 1 – Complete this part if the Creditor HAS a lien or security on the Agricultural Product(s) or the BRM Program Proceeds related to the Agricultural Product(s). located at (herein referred to as the “Creditor”), does hereby consent that: Name of Bank or Lending Institution or Secured Party In consideration of an advance being issued under the APP by BCBFA BC Breeder & Feeder Association (herein referred to as the “Administrator”) to the Producer, the Administrator and the Creditor agree that the security interest in the Agricultural Product(s) listed above for which the advance was issued, or the BRM program payment(s) related to the aforementioned Agricultural Product(s) as required for the Producer’s advance, now held or to be held by the Administrator, shall rank prior to any lien or security on the said Agricultural Product(s) or any BRM program(s) payments given by the Producer to the Creditor, 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, but only to the extent of securing repayment to the Administrator of the advance payment up to the lesser of the principal amount of $400,000 or the amount as set out in the Repayment Agreement entered into between the Producer and Administrator on- (YYY-MM-DD), plus interest on that amount and any potential collection and legal costs. Any BRM program proceeds payable to the Producer from the date this Agreement is signed until full payment of the above-mentioned amounts shall be sent to the Administrator. Notwithstanding the priorities set out in this Agreement, the Administrator acknowledges that the Producer will operate bank accounts with the Creditor into which proceeds of property subject to the Administrator's security interest may be deposited. With the exception of any monies deposited in any accounts designated as trust accounts by the Producer for the benefit of the Administrator, the Creditor shall have no obligation to the Administrator with respect to any monies in any other account of the Producer maintained with the Creditor, or any monies that may be deposited therein or disbursed from any such other accounts, except for monies deposited therein after the Creditor has received notice from the Administrator and that the Administrator is thereafter exercising its rights in and to proceeds of the property subject to its security. Prior to proceeding to...
CREDITOR INFORMATION. In the event that the Note Trustee enforces the Security as set out in this Clause 11 (Enforcement), the Issuer acknowledges, that on demand from the Note Trustee, it will provide to the Note Trustee a certificate detailing the amounts owed by the Issuer to third party creditors. For the avoidance of doubt, the Note Trustee will be entitled to rely on this certificate absolutely and without further investigation.
