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Agreement by which a Shareholder or other Creditor of a Corporation agrees not to be repaid by the Corporation until another Creditor is repaid.
Details:
Agreement by which a Shareholder or other Creditor of a Corporation agrees not to be repaid by the Corporation until another Creditor is repaid.
Form Outline:
Postponement Agreement
TO: Name of Creditor Receiving Postponement (the "Creditor")
WHEREAS:
The Creditor has agreed to...;
As a condition precedent to extending the credit under the Credit Agreement, the Creditor has...;
NOW THEREFORE in consideration for the foregoing..., the Postponing Creditor agrees as follows:
1. Postponement of Claims.
(a) the Postponing Creditor shall... ; and
(b) the Postponing Creditor shall not...
2. Filings by Creditor.
3. Monies Held in Trust.
4. Extensions, Waivers, Etc.
5. Further Assurances.
6. Acknowledgement by Postponing Creditor.
7. Governing Law.
8. Successors and Assigns.
IN WITNESS WHEREOF the undersigned has executed this Agreement as of Date of Signing of Agreement.
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