[{"data":1,"prerenderedAt":474},["ShallowReactive",2],{"document-prior-secured-party-notice-D408":3},{"document":4,"label":26,"preview":11,"thumb":27,"thumb600":28,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":29,"breadcrumb":33,"related":41,"customDescModule":183,"customdescription":6,"mdFm":184,"mdProseHtml":473},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":16,"keywords":15},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: Prior Secured Party Notice / Purchase Money Security Dear [Contact name], This is to notify you that the undersigned has or expects to acquire a purchase money security interest in and to the following described collateral: ",null,"Prior Secured Party Notice","1",513,"doc","https://templates.business-in-a-box.com/imgs/1000px/prior-secured-party-notice-D408.png","https://templates.business-in-a-box.com/imgs/250px/408.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#408.xml",{"title":15,"description":6},"prior secured party notice",[17,20,23],{"label":18,"url":19},"Finance & Accounting","/templates/finance-accounting/",{"label":21,"url":22},"Business Loans","/templates/business-loan/",{"label":24,"url":25},"Guaranties & Collateral","/templates/guaranties-collateral/","Prior Secured Party Notice Template","https://templates.business-in-a-box.com/imgs/400px/408.png","https://templates.business-in-a-box.com/imgs/600px/408.png",[30,17,20,23],{"label":31,"url":32},"Templates","/templates/",[34,35,38],{"label":31,"url":32},{"label":36,"url":37},"Legal Agreements","/templates/business-legal-agreements/",{"label":39,"url":40},"Loans & Promissory Notes","/templates/loans-and-promissory-notes/",[42,46,50,54,58,62,66,70,74,78,82,86,90,107,124,139,153,169],{"label":43,"url":44,"thumb":45,"extension":10},"Demand by Secured Party for Possession of Collateral","/template/demand-by-secured-party-for-possession-of-collateral-D397","https://templates.business-in-a-box.com/imgs/250px/397.png",{"label":47,"url":48,"thumb":49,"extension":10},"Third Party Confidential Information Policy","/template/third-party-confidential-information-policy-D736","https://templates.business-in-a-box.com/imgs/250px/736.png",{"label":51,"url":52,"thumb":53,"extension":10},"Secured Installment Note","/template/secured-installment-note-D440","https://templates.business-in-a-box.com/imgs/250px/440.png",{"label":55,"url":56,"thumb":57,"extension":10},"Retirement Party Invitation_Internal","/template/retirement-party-invitation_internal-D653","https://templates.business-in-a-box.com/imgs/250px/653.png",{"label":59,"url":60,"thumb":61,"extension":10},"Retirement Party Invitation_Guest","/template/retirement-party-invitation_guest-D652","https://templates.business-in-a-box.com/imgs/250px/652.png",{"label":63,"url":64,"thumb":65,"extension":10},"Subordination Agreement to Secured Debt","/template/subordination-agreement-to-secured-debt-D410","https://templates.business-in-a-box.com/imgs/250px/410.png",{"label":67,"url":68,"thumb":69,"extension":10},"Shareholders Resolution Ratyfing Prior Acts of Officers","/template/shareholders-resolution-ratyfing-prior-acts-of-officers-D87","https://templates.business-in-a-box.com/imgs/250px/87.png",{"label":71,"url":72,"thumb":73,"extension":10},"Secured Lumpsum Promissory Note Agreement","/template/secured-lumpsum-promissory-note-agreement-D13041","https://templates.business-in-a-box.com/imgs/250px/13041.png",{"label":75,"url":76,"thumb":77,"extension":10},"Won't You Join Us For a Party","/template/won-t-you-join-us-for-a-party-D1457","https://templates.business-in-a-box.com/imgs/250px/1457.png",{"label":79,"url":80,"thumb":81,"extension":10},"Disclosure Notice","/template/disclosure-notice-D534","https://templates.business-in-a-box.com/imgs/250px/534.png",{"label":83,"url":84,"thumb":85,"extension":10},"Filming Notice","/template/filming-notice-D13973","https://templates.business-in-a-box.com/imgs/250px/13973.png",{"label":87,"url":88,"thumb":89,"extension":10},"Legal Notice","/template/legal-notice-D835","https://templates.business-in-a-box.com/imgs/250px/835.png",{"description":91,"descriptionCustom":6,"label":92,"pages":93,"size":94,"extension":10,"preview":95,"thumb":96,"svgFrame":97,"seoMetadata":98,"parents":99,"keywords":105,"url":106},"SUBORDINATION AGREEMENT This Subordination Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the \"Borrower), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the \"General Partner\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [THIRD PARTY NAME] (the \"Lender\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS [COMPANY NAME] (herein called the \"Borrower\") is indebted and may hereafter become further indebted or liable to the undersigned (herein called [SPECIFY]); WHEREAS concurrently with the execution hereof, [COMPANY NAME] (the \"Lender\") and the Borrower did execute a credit agreement bearing formal date of [DATE] (the said agreement, as same may be amended, supplemented or restated at any time and from time to time, shall be referred to herein as the \"Credit Agreement\"); WHEREAS [COMPANY NAME] is the general partner of the Borrower (the \"General Partner\"); WHEREAS it is a condition of the Credit Agreement that [SPECIFY] enter into this Subordination Agreement in favor of the Lender; WHEREAS the General Partner is a wholly-owned subsidiary of [SPECIFY] it is in the best interests and to the advantage of [SPECIFY] that the Lender agree to lend to the Borrower an amount up to the Aggregate Commitment on the terms and conditions of the Credit Agreement; NOW, THEREFORE, in consideration of the Lender making advances to the Borrower pursuant to the Credit Agreement, and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, [SPECIFY] covenants and agrees with the Lender as follows: [SPECIFY] hereby acknowledges, agrees and confirms that, subject to Section [NUMBER], any and all present and future Indebtedness and liabilities of the Borrower to [SPECIFY] (all of which present and future Indebtedness and liabilities being herein collectively called \"[SPECIFY] Indebtedness\" are hereby and shall hereafter be junior and subordinate to, and the payment thereof, whether in whole or in part, and whether as to principal, interest, fees or otherwise, and whether at or prior to maturity or upon acceleration of maturity, is postponed to the prior payment in full of, all present and future Indebtedness and liabilities of the Borrower to the Lender under the Credit Agreement (all of which present and future Indebtedness and liabilities being herein collectively called \"Lender Indebtedness\"); and any and all Liens now or hereafter held by [SPECIFY] for [SPECIFY] Indebtedness or any part thereof (all of which present and future Liens being herein collectively called \"[SPECIFY] Liens\"), as well as all rights, remedies and recourses which now are or may hereafter be granted by the Borrower to [SPECIFY], whether directly or indirectly, under the terms of the [SPECIFY] Liens are hereby and shall hereafter be subject, postponed, and fully and completely subordinated to any and all Liens now or hereafter held by the Lender for Lender Indebtedness or any part thereof including, without limitation, the Liens constituted pursuant to the Security Documents to which the Borrower is a party (all of which present and future Liens being herein collectively called \"Lender Liens\"), notwithstanding any priorities that might otherwise be established by [YOUR COUNTRY LAW] and resulting either from the nature of the Lien which now is or may hereafter be created under the [SPECIFY] Liens, or from the date of execution, issue, delivery, registration, notification, publication or perfection of any deed, document, instrument or notice, or otherwise howsoever. In order to effectuate this Agreement, subject to Section [NUMBER], [SPECIFY] hereby assigns, transfers and makes over to the Lender any and all [SPECIFY] Indebtedness; and [SPECIFY] hereby authorizes the Lender to collect and receive any dividends, distributions or payments which may be payable to [SPECIFY] in the course of any receivership, bankruptcy, liquidation or winding-up of the Borrower or upon realization of any [SPECIFY] Liens, and in the event of the amount of Lender Indebtedness at such time not being paid in full (in principal, interest, costs and accessories), [SPECIFY] hereby authorizes the Lender to apply the amount of the dividends, distributions or payments so collected by the Lender in payment of the balance of the Lender Indebtedness, the surplus, if any, to be paid to [SPECIFY]. [SPECIFY] shall, upon demand of the Lender, execute all sworn statements of claim, assignments and other documents and do all matters and things which may be necessary or advisable in the opinion of the Lender, acting reasonably, to give effect to this Agreement. Subject to Section [NUMBER], moneys owing and which may hereafter become owing by the Borrower to [SPECIFY] shall not be paid to or withdrawn by [SPECIFY], but shall hereafter either remain on the books of the Borrower or be paid to the Lender pursuant to this Agreement, unless the Lender's prior written consent is obtained. Any moneys received by [SPECIFY] or by any agent of [SPECIFY] on account of any [SPECIFY] Indebtedness without the prior written consent of the Lender shall be held as agent for the Lender and shall forthwith be paid to the Lender upon demand. Notwithstanding any provision to the contrary herein contained, unless an Event of Default shall have occurred and be continuing, the Borrower may pay to [SPECIFY], without the prior written consent of the Lender:","Subordination Agreement","4",55,"https://templates.business-in-a-box.com/imgs/1000px/subordination-agreement-D423.png","https://templates.business-in-a-box.com/imgs/250px/423.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#423.xml",{"title":6,"description":6},[100,102,104],{"label":18,"url":101},"finance-accounting",{"label":21,"url":103},"business-loan",{"label":21,"url":103},"subordination agreement","/template/subordination-agreement-D423",{"description":108,"descriptionCustom":6,"label":109,"pages":110,"size":111,"extension":10,"preview":112,"thumb":113,"svgFrame":114,"seoMetadata":115,"parents":116,"keywords":122,"url":123},"PROMISSORY NOTE This Promissory Note (the \"Note\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] TERMS FOR VALUE RECEIVED, the Borrower promises to pay to the order of Lender, at its principal office located at [ADDRESS], or at such other place that is designated in writing by the holder hereof, the principal sum of [AMOUNT], together with all charges and interest herein provided, payable at the rate and in the manner hereinafter set forth: Borrower shall make monthly payments of principal and interest at the rate of [%] per annum based upon an amortization of [NUMBER] months. Monthly payments shall be due on or before the first day of each month with the first payment being due on or before [DATE]. If not sooner paid, all amounts due under this Note, including principal, interest and other charges shall be due and payable in full on or before the first day of [MONTH], [YEAR] (the \"Maturity Date\"). Time is of the essence of the payment obligations hereunder and each monthly payment shall be due and payable on or before the first day of each month. This Note is and will be secured by a certain first priority security interest in all of the tangible and intangible property of the Borrower, to be recorded in all applicable governmental offices. The parties shall execute a separate security agreement, in form and substance acceptable to the Lender in all respects. Borrower agrees to execute any such security agreements presented by the Lender or other documents required by the Lender in order to perfect its security interest in the above described property. Said Security Agreement and any other instruments and documents executed in connection with or given as security for this Note shall hereinafter be referred to collectively as the \"Loan Documents.\" All of the terms, covenants, Conditions, representations and warranties contained in the Loan Documents are hereby made part of this Note to the same extent and with the same force and effect as if fully set forth herein. If all or any portion of any payment due hereunder is not received by the Lender within [NUMBER] calendar days after the date when such payment is due, Borrower shall pay a late charge equal to [%] of such payment, such late charge to be immediately due and payable without demand by Lender. Borrower shall have the right to prepay all (but not a portion) of the indebtedness evidenced by this Note at any time, by paying the Lender an amount equal to the sum of (I) the principal balance then outstanding, (ii) all interest accrued to the date of such prepayment, (iii) all interest calculated through the Maturity Date, and (iv) any late charge or charges then due and owing. If any payment under this Note is not paid in full by the [DAY] of any month during the term hereof or if the entire amount due as represented by this Note is not paid in full on or before the Maturity Date, or should default be made in the performance or observation of any of the terms, covenants, or conditions contained in the Loan Documents, or if any representation or warranty contained in the Loan Documents is breached or is or becomes untrue, this Note shall be in default, and the entire principal amount outstanding hereunder, accrued interest thereon, all late charges, if any, and any and all other charges due hereunder, shall, at Lender's option, immediately become due and payable, without further notice, the giving of such notice being expressly waived by the Borrower","Promissory Note","3",39,"https://templates.business-in-a-box.com/imgs/1000px/promissory-note-D434.png","https://templates.business-in-a-box.com/imgs/250px/434.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#434.xml",{"title":6,"description":6},[117,118,119],{"label":18,"url":101},{"label":21,"url":103},{"label":120,"url":121},"Promissory Notes","promisory-note","promissory note","/template/promissory-note-D434",{"description":125,"descriptionCustom":6,"label":126,"pages":127,"size":128,"extension":10,"preview":129,"thumb":130,"svgFrame":131,"seoMetadata":132,"parents":133,"keywords":137,"url":138},"SECURITY AGREEMENT This Security Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [SECURED PARTY NAME] (the \" Secured Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Debtor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] For value received, the undersigned Debtor, promises to pay to the order of [name], together with any other holder of this note (\"Secured Party\"), [amount], with interest at the rate of [%] per annum. Payment shall be made in successive equal monthly installments of [amount]. Each such Installment is payable on the [day] of each month, commencing on [date]. Recitals WHEREAS, the Secured Party has extended to the Debtor a certain loan as evidenced by a certain promissory note, in the original principal amount equal to [amount] dated on even date herewith (the \"Note\"); and WHEREAS, the Debtor wishes to grant a first priority security interest in and to all of the Debtor's tangible and intangible personal property pursuant to the terms hereof; NOW, THEREFORE, for and in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto covenant and agree as follows: DEFINITIONS The following terms shall have the meanings herein specified unless the context otherwise requires. Such definitions shall be equally applicable to the singular and plural forms of the terms defined: \"Contracts\" shall mean all contracts between the Debtor and one or more additional parties. \"Contract Rights\" shall mean all rights of the Debtor (including, without limitation, all rights to payment) under each Contract. \"Copyrights\" shall mean any [country] copyright to which the Debtor now or hereafter has title, as well as any application for a [country] copyright hereafter made by the Debtor. \"Equipment\" shall mean any \"equipment,\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, fixtures and vehicles now or hereafter owned by the Debtor and any and all additions, substitutions and replacements of, any of the foregoing, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. \"General Intangibles\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Goods\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Inventory\" shall mean all raw materials, workinprocess, and finished inventory of the Debtor of every type or description and all documents of title covering such inventory, and shall specifically include all \"inventory\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by the Debtor. \"Marks\" shall mean any trademarks and service marks now held or hereafter acquired by the Debtor, which are registered in the [country] Patent and Trademark Office, as well as any unregistered marks used by the Debtor in the [COUNTRY] and trade dress, including logos and/or designs, in connection with which any of these registered or unregistered marks are used. \"Obligations\" shall mean: (i) all indebtedness, obligations and liabilities (including, without limitation, guarantees and other contingent liabilities) of the Debtor to the Secured Party, including but not limited to the Note; (ii) any and all sums advanced by the Secured Party in order to preserve the Collateral or preserve its security interest in the Collateral; and (iii) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Debtor referred to in clause (i), after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys' fees and court costs. \"Patents\" shall mean any [country] patent to which the Debtor now or hereafter has title, as well as any application for a [country] patent now or hereafter made by Debtor. \"Proceeds\" shall have the meaning assigned that term under the [law or code] as in effect in the State of [state/province] on the date hereof or under other relevant law and, in any event, shall include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Secured Party or the Debtor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to the Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. \"Receivables\" shall mean any \"account\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [STATE/PROVINCE], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all of the Debtor's rights to payment for goods sold or leased or services performed by the Debtor, whether now in existence or arising from time to time hereafter, including, without limitation, rights evidenced by an account, note, contract, security agreement, or other evidence of indebtedness or security, together with (i) all security pledged, assigned, hypothecated or granted to or held by the Debtor to secure the foregoing; (ii) all of the Debtor's right, title and interest in and to any goods, the sale of which gave rise thereto; (iii) all guarantees, endorsements and indemnifications on, or of, any of the foregoing; (iv) all powers of attorney for the execution of any evidence of indebtedness or security or other writing in connection therewith; (v) all books, records, ledger cards and invoices relating thereto; (vi) all evidences of the filing of financing statements and other statements and the registration of other instruments in connection therewith and amendments thereto, notices to other creditors or secured parties, and certificates from filing or other registration officers; (vii) all credit information, reports and memoranda relating thereto and (viii) all other writings related in any way to the foregoing. GRANT OF SECURITY INTEREST The Debtor does hereby grant to the Secured Party a continuing security interest of first priority in all of the right, title and interest of the Debtor in, to and under all of the following property whether now existing or hereafter created or arising: ","Security Agreement","10",96,"https://templates.business-in-a-box.com/imgs/1000px/security-agreement-D915.png","https://templates.business-in-a-box.com/imgs/250px/915.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#915.xml",{"title":6,"description":6},[134,136],{"label":36,"url":135},"business-legal-agreements",{"label":36,"url":135},"security agreement","/template/security-agreement-D915",{"description":140,"descriptionCustom":6,"label":141,"pages":142,"size":9,"extension":10,"preview":143,"thumb":144,"svgFrame":145,"seoMetadata":146,"parents":148,"keywords":147,"url":152},"LOAN AGREEMENT This Loan Agreement (\"Agreement\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] Promise to Pay Within [NUMBER] months from today, Borrower promises to pay to Lender the sum of [AMOUNT], and interest and other charges stated below. Responsibility Although this Agreement may be signed below by more than one person, Borrower understands that both parties are individuals responsible for paying back the full amount. Breakdown of Loan Amount of Loan: Other (Describe): Amount Financed: Finance Charge: Total of Payments: Annual Rate: Repayment Borrower will repay the amount of this note in [NUMBER] equal uninterrupted monthly installments of [AMOUNT] each on the [DAY] of each month starting on the [DATE], and ending on [DATE]. Prepayment Borrower has the right to prepay the whole outstanding amount at any time","Loan Agreement","2","https://templates.business-in-a-box.com/imgs/1000px/loan-agreement-D417.png","https://templates.business-in-a-box.com/imgs/250px/417.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#417.xml",{"title":147,"description":6},"loan agreement",[149,150,151],{"label":18,"url":101},{"label":21,"url":103},{"label":21,"url":103},"/template/loan-agreement-D417",{"description":154,"descriptionCustom":6,"label":155,"pages":8,"size":9,"extension":10,"preview":156,"thumb":157,"svgFrame":158,"seoMetadata":159,"parents":161,"keywords":160,"url":168},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: OFFICIAL DEMAND LETTER REGARDING [DESCRIBE] Dear [CONTACT NAME], Based on our records, you were required to have paid $ [AMOUNT] USD (the \"Debt\") to [COMPANY NAME] on [DATE], for [SERVICE REQUIRING PAYMENT]. This Debt remains outstanding, despite our initial requests for payment. ","Demand Letter","https://templates.business-in-a-box.com/imgs/1000px/demand-letter-D13262.png","https://templates.business-in-a-box.com/imgs/250px/13262.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13262.xml",{"title":160,"description":6},"demand letter",[162,165],{"label":163,"url":164},"Human Resources","human-resources",{"label":166,"url":167},"Company Policies","company-policies","/template/demand-letter-D13262",{"description":170,"descriptionCustom":6,"label":171,"pages":8,"size":9,"extension":10,"preview":172,"thumb":173,"svgFrame":174,"seoMetadata":175,"parents":177,"keywords":181,"url":182},"[DATE] [CONTACT NAME] [ADDRESS] [ADDRESS 2] [CITY, STATE/PROVINCE] [ZIP/POSTAL CODE] SUBJECT: NOTICE OF DEFAULT Dear [Contact name], Please be advised that the undersigned is the holder of a certain promissory note made by you dated [Date], in the original principal amount of [Amount]. You are hereby notified that you have defaulted under said note because you have failed to pay the installment due [Date], in the amount of [Amount]","Notice of Default in Payment","https://templates.business-in-a-box.com/imgs/1000px/notice-of-default-in-payment-D391.png","https://templates.business-in-a-box.com/imgs/250px/391.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#391.xml",{"title":176,"description":6},"notice of default in payment",[178,179,180],{"label":18,"url":101},{"label":21,"url":103},{"label":18,"url":101},"notice default in payment","/template/notice-of-default-in-payment-D391",false,{"seo":185,"reviewer":196,"quick_facts":200,"at_a_glance":202,"personas":206,"variants":231,"glossary":258,"clauses":288,"how_to_fill":329,"common_mistakes":360,"faqs":377,"industries":405,"comparisons":422,"diy_vs_pro":435,"related_template_ids_curated":448,"schema":459,"classification":461},{"meta_title":186,"meta_description":187,"primary_keyword":188,"secondary_keywords":189},"Prior Secured Party Notice Template (Free Word)","Free prior secured party notice template for notifying earlier lienholders of a new security interest. Used in 190+ countries. Free Word and PDF download.","prior secured party notice template",[15,190,191,192,193,194,195],"secured party notice letter","lien priority notice template","ucc secured party notice","notice to prior lienholder template","secured creditor notification letter","collateral notice letter template",{"name":197,"credential":198,"reviewed_date":199},"Bruno Goulet","CEO, Business in a Box","2026-05-02",{"difficulty":201,"legal_review_recommended":183,"signature_required":183},"medium",{"what_it_is":203,"when_you_need_it":204,"whats_inside":205},"A Prior Secured Party Notice is a formal written letter sent by a new or junior secured creditor to an existing lienholder, notifying them of a subsequent security interest taken against the same collateral. This free Word download gives you a professionally formatted letter you can edit online and export as PDF to send to the earlier creditor in connection with a new financing arrangement.\n","Use it when a borrower has existing liens on their assets and you are taking a new or subordinate security interest in the same collateral. Sending this notice is a standard step in multi-creditor lending arrangements to establish transparency and manage priority expectations between parties.\n","Sender and recipient identification, a clear statement of the new security interest being taken, a description of the collateral involved, reference to the underlying financing agreement, and a request for acknowledgment or response from the prior secured party.\n",[207,211,215,219,223,227],{"title":208,"use_case":209,"icon_asset_id":210},"Commercial lenders","Notifying an earlier lienholder when issuing a second-position loan against pledged assets","persona-lender",{"title":212,"use_case":213,"icon_asset_id":214},"Equipment finance companies","Alerting a prior creditor before taking a security interest in already-encumbered equipment","persona-equipment-finance",{"title":216,"use_case":217,"icon_asset_id":218},"Small business owners","Informing an existing lender that new financing is being secured against the same collateral","persona-small-business-owner",{"title":220,"use_case":221,"icon_asset_id":222},"Accounts receivable factoring firms","Providing notice to a prior secured party before advancing funds against pledged receivables","persona-finance-manager",{"title":224,"use_case":225,"icon_asset_id":226},"Attorneys and paralegals","Preparing required creditor notifications as part of a commercial loan closing package","persona-attorney",{"title":228,"use_case":229,"icon_asset_id":230},"CFOs and finance directors","Documenting creditor notification steps in a multi-lender capital structure","persona-cfo",[232,235,238,242,246,250,254],{"situation":233,"recommended_template":7,"slug":234},"Notifying a prior lienholder of a new subordinate security interest","prior-secured-party-notice-D408",{"situation":236,"recommended_template":92,"slug":237},"Formally subordinating an earlier lien to a new senior lender","subordination-agreement-D423",{"situation":239,"recommended_template":240,"slug":241},"Releasing a lien after a debt has been fully paid","Lien Release Letter","release-of-lien-D12665",{"situation":243,"recommended_template":244,"slug":245},"Notifying a borrower that a new security interest has been registered","Notice of Security Interest","conflicts-of-interest-policy-D12632",{"situation":247,"recommended_template":248,"slug":249},"Documenting the relative priority of multiple creditors against shared collateral","Intercreditor Agreement","non-profit-partnership-agreement-D14023",{"situation":251,"recommended_template":252,"slug":253},"Sending written demand to a debtor in default on a secured obligation","Default Notice Letter","notice-of-default-in-payment-D391",{"situation":255,"recommended_template":256,"slug":257},"Confirming a UCC filing has been made against a debtor's assets","UCC Financing Statement Cover Letter","cover-letter-for-rfp-D13638",[259,262,265,268,271,274,277,280,283,285],{"term":260,"definition":261},"Secured Party","A lender or creditor who holds a legally recognized interest in a debtor's collateral as security for a debt obligation.",{"term":263,"definition":264},"Prior Secured Party","A creditor whose security interest in collateral was perfected before a subsequent creditor's interest was created or registered.",{"term":266,"definition":267},"Security Interest","A creditor's legal right to take possession of specific collateral if the debtor defaults on their payment obligation.",{"term":269,"definition":270},"Collateral","The specific asset or assets pledged by a debtor to secure a loan or other financial obligation.",{"term":272,"definition":273},"Lien Priority","The ranked order in which competing creditors have the right to claim proceeds from collateral, generally determined by the date of perfection.",{"term":275,"definition":276},"Perfection","The legal process of making a security interest enforceable against third parties, typically accomplished by filing a UCC-1 financing statement.",{"term":278,"definition":279},"UCC-1 Financing Statement","A public notice document filed with a state authority to establish and publicize a creditor's security interest in a debtor's collateral.",{"term":281,"definition":282},"Subordination","An agreement by a senior creditor to allow a junior creditor's claim to take priority over their own in the event of default or liquidation.",{"term":248,"definition":284},"A contract between two or more creditors that defines their respective rights and priorities against shared collateral or a common debtor.",{"term":286,"definition":287},"Junior Lienholder","A secured creditor whose interest in collateral was perfected after an earlier creditor's, giving them a lower priority claim on proceeds.",[289,294,299,304,309,314,319,324],{"name":290,"plain_english":291,"sample_language":292,"common_mistake":293},"Sender and recipient identification","Opens the letter by identifying the party sending the notice, the prior secured party being notified, and their respective contact details and addresses.","[SENDER COMPANY NAME], located at [SENDER ADDRESS], hereby provides notice to [PRIOR SECURED PARTY NAME], located at [RECIPIENT ADDRESS], in connection with the financing described below.","Addressing the letter to a general company address rather than the specific department or officer responsible for lien management, causing the notice to be misdirected and creating a documentation gap.",{"name":295,"plain_english":296,"sample_language":297,"common_mistake":298},"Date and reference line","States the date the notice is being issued and includes a reference line identifying the debtor and the relevant loan or account number for easy cross-referencing.","Date: [DATE] | Re: Notice of Subsequent Security Interest — Debtor: [DEBTOR FULL LEGAL NAME] | Account/Loan No.: [REFERENCE NUMBER]","Omitting the debtor's full legal name in the reference line, which can cause the receiving party's records team to fail to match the notice to the correct file.",{"name":300,"plain_english":301,"sample_language":302,"common_mistake":303},"Statement of new security interest","Clearly states that the sender is taking or has taken a new security interest in specified collateral belonging to the named debtor, and identifies the effective date of that interest.","Please be advised that [SENDER COMPANY NAME] has taken a security interest in the collateral described herein, held by [DEBTOR FULL LEGAL NAME], effective [EFFECTIVE DATE], pursuant to a [LOAN/FINANCING AGREEMENT] dated [AGREEMENT DATE].","Using vague language such as 'may be taking' rather than a definitive statement, which weakens the notice's legal clarity and undermines its purpose as formal documentation.",{"name":305,"plain_english":306,"sample_language":307,"common_mistake":308},"Collateral description","Describes the specific assets subject to the new security interest — mirroring the collateral description used in the underlying security agreement and any UCC-1 filing.","The collateral subject to [SENDER COMPANY NAME]'s security interest includes: [COLLATERAL DESCRIPTION, e.g., 'all accounts receivable, inventory, equipment, and general intangibles of [DEBTOR NAME] as more fully described in the Security Agreement dated [DATE]'].","Using a collateral description that is narrower or broader than the one in the underlying security agreement, creating inconsistency that could be exploited in a priority dispute.",{"name":310,"plain_english":311,"sample_language":312,"common_mistake":313},"Reference to underlying agreement","Cites the specific financing or security agreement that gives rise to the new security interest, including its date and the parties involved.","This security interest arises pursuant to that certain Security Agreement entered into between [SENDER COMPANY NAME] and [DEBTOR FULL LEGAL NAME] dated [AGREEMENT DATE], a copy of which is available upon written request.","Failing to reference the underlying agreement at all, leaving the prior secured party with no way to verify the basis for the claimed interest or assess its scope.",{"name":315,"plain_english":316,"sample_language":317,"common_mistake":318},"Acknowledgment of prior interest","Explicitly recognizes that the recipient holds an existing, earlier security interest in the same collateral — demonstrating good faith and framing the priority relationship clearly.","We acknowledge that [PRIOR SECURED PARTY NAME] holds a prior recorded security interest in some or all of the above-described collateral. This notice is being provided as a matter of professional courtesy and to facilitate open communication between secured creditors.","Omitting any acknowledgment of the prior interest, which can appear adversarial and may prompt the prior creditor to take defensive action rather than cooperate.",{"name":320,"plain_english":321,"sample_language":322,"common_mistake":323},"Request for response or acknowledgment","Invites the prior secured party to confirm receipt of the notice and to raise any concerns about priority, collateral overlap, or the need for a subordination or intercreditor agreement.","We respectfully request that you acknowledge receipt of this notice in writing by [RESPONSE DATE]. If you wish to discuss the priority arrangements or enter into an intercreditor agreement, please contact [CONTACT NAME] at [PHONE/EMAIL] at your earliest convenience.","Setting an unrealistically short response deadline — such as 48 hours — that forces a negative or defensive reply, when 5–10 business days is the standard reasonable window.",{"name":325,"plain_english":326,"sample_language":327,"common_mistake":328},"Sender signature block","Closes the letter with the name, title, company, and contact information of the authorized representative sending the notice on behalf of the new secured party.","Sincerely, [AUTHORIZED REPRESENTATIVE NAME] | [TITLE] | [SENDER COMPANY NAME] | [ADDRESS] | [PHONE] | [EMAIL]","Signing on behalf of a company without including the title or authority of the signatory, which can raise questions about whether the notice was issued by someone authorized to bind the company.",[330,335,340,345,350,355],{"step":331,"title":332,"description":333,"tip":334},1,"Identify all prior secured parties against the collateral","Before drafting the notice, search the relevant UCC filing system or land registry to identify every creditor with an existing recorded interest in the collateral. A separate notice should be sent to each prior secured party.","Run a UCC search under the debtor's exact legal name — not a trade name — to catch all filed interests, including those from asset-based lenders who may not have been disclosed by the borrower.",{"step":336,"title":337,"description":338,"tip":339},2,"Enter the sender and recipient details","Fill in your company's full legal name, address, and contact information in the sender block. Enter the prior secured party's full legal name and the specific address for their lien management or legal department.","Call the prior creditor ahead of sending to confirm the correct mailing address and contact name for lien-related correspondence — generic addresses cause delays.",{"step":341,"title":342,"description":343,"tip":344},3,"Complete the reference line with debtor information","Enter the debtor's full legal name exactly as it appears in the security agreement and any UCC filings. Include your internal loan or account reference number so both parties can cross-reference the file easily.","If the debtor operates under a trade name, include the legal entity name first and note the DBA — e.g., 'Acme Holdings LLC d/b/a FastParts.'",{"step":346,"title":347,"description":348,"tip":349},4,"State the new security interest clearly and precisely","Write a definitive statement that you have taken a security interest, specifying the effective date and citing the underlying security agreement by name and date. Avoid conditional language.","Use the same date as the executed security agreement, not the date the UCC-1 is filed — the security interest is created at execution, even if perfection occurs later.",{"step":351,"title":352,"description":353,"tip":354},5,"Describe the collateral consistently with your security agreement","Copy the collateral description directly from your security agreement. Do not paraphrase or summarize — any difference between the notice and the security agreement can create ambiguity in a priority dispute.","If your collateral description uses 'all assets' language, state that explicitly rather than listing categories — a partial list can imply that unlisted assets are excluded.",{"step":356,"title":357,"description":358,"tip":359},6,"Set a clear response deadline and contact point","Specify a response deadline of 5–10 business days and provide a named contact with both phone and email. This makes follow-up straightforward and creates a documented communication chain.","Send the notice by a method that generates proof of delivery — certified mail, courier with signature confirmation, or email with read receipt — and retain the delivery record with the loan file.",[361,365,369,373],{"mistake":362,"why_it_matters":363,"fix":364},"Sending notice after the UCC-1 is already filed","Notifying the prior secured party only after your interest is already publicly recorded can appear presumptuous and damages the cooperative creditor relationship needed if a subordination agreement becomes necessary.","Send the notice concurrently with or immediately before executing the security agreement, so the prior party has a reasonable opportunity to respond before the interest is perfected.",{"mistake":366,"why_it_matters":367,"fix":368},"Using a collateral description that differs from the security agreement","Even minor wording differences between the notice and the underlying security agreement can create ambiguity about the scope of the new interest, which prior creditors and courts may exploit.","Paste the collateral description verbatim from the executed security agreement into every notice and UCC filing — never paraphrase it.",{"mistake":370,"why_it_matters":371,"fix":372},"Addressing the notice to the wrong contact","A notice routed to a relationship manager instead of a lien management or legal team can sit unactioned for weeks, undermining your documentation trail and delaying any needed intercreditor discussions.","Confirm the correct recipient department and officer by phone before sending, and include the attention line on the envelope and in the letter header.",{"mistake":374,"why_it_matters":375,"fix":376},"Omitting proof-of-delivery documentation","Without delivery confirmation, you cannot prove the prior secured party received the notice — which becomes critical if a priority dispute or litigation arises.","Send by certified mail with return receipt, or by courier requiring signature, and retain the delivery confirmation in the loan file alongside a copy of the notice.",[378,381,384,387,390,393,396,399,402],{"question":379,"answer":380},"What is a prior secured party notice?","A prior secured party notice is a formal letter sent by a new or junior creditor to an existing lienholder, informing them that a subsequent security interest has been taken against the same collateral. It is used to maintain transparency in multi-creditor lending arrangements, establish a documented communication record, and open dialogue about priority or subordination before any conflict arises.\n",{"question":382,"answer":383},"When should a prior secured party notice be sent?","The notice should be sent at or near the time the new security agreement is executed — ideally before the corresponding UCC-1 financing statement is filed. Sending it at this stage gives the prior creditor an opportunity to respond, request additional information, or propose a subordination or intercreditor agreement before the new interest is publicly perfected.\n",{"question":385,"answer":386},"Is a prior secured party notice legally required?","In most situations, there is no statutory requirement to notify a prior secured party before taking a junior security interest — the UCC filing system is the public notice mechanism. However, some loan agreements include contractual covenants requiring the debtor or a new lender to notify existing creditors. Sending the notice is widely considered best practice because it reduces the risk of disputes and supports a cooperative creditor relationship.\n",{"question":388,"answer":389},"What is the difference between a prior secured party notice and a subordination agreement?","A prior secured party notice is a one-way communication informing an earlier creditor that a new security interest exists. A subordination agreement is a bilateral contract in which the earlier creditor formally agrees to step behind the new creditor in priority. The notice often prompts the discussion that leads to a subordination agreement, but the notice alone does not alter lien priority.\n",{"question":391,"answer":392},"How does lien priority work when there are multiple secured creditors?","Lien priority is generally determined by the date of perfection — the creditor who filed a valid UCC-1 financing statement first has the senior claim on proceeds from the collateral. A later creditor has a junior or subordinate claim. Priority can be altered by a formal subordination agreement signed by the senior creditor, but not by the prior secured party notice alone.\n",{"question":394,"answer":395},"Does the prior secured party need to respond to the notice?","There is no legal obligation for the prior secured party to respond, but the notice should request written acknowledgment within a specified window — typically 5–10 business days. If the prior creditor's loan agreement contains a cross-default or after-acquired collateral clause, they may need to respond to protect their own position. Non-response should be documented in the loan file.\n",{"question":397,"answer":398},"Can this template be used for equipment financing and asset-based lending?","Yes. The template is suitable for any transaction where a new security interest is being taken against collateral that is already encumbered — including equipment loans, accounts receivable factoring, inventory financing, and general asset-based lending. Adjust the collateral description field to match the specific asset type and the language used in your security agreement.\n",{"question":400,"answer":401},"Should the collateral description in the notice match the UCC-1 filing?","Yes — the collateral description in the notice should be consistent with both the security agreement and the UCC-1 financing statement. Discrepancies between these three documents can create ambiguity about the scope of your interest and give a prior creditor grounds to challenge coverage of specific assets in a priority dispute.\n",{"question":403,"answer":404},"What records should I keep after sending a prior secured party notice?","Retain a copy of the signed or finalized notice, proof of delivery (certified mail receipt, courier confirmation, or email read receipt), and any written response from the prior secured party. These records belong in the loan file and should be preserved for the life of the financing plus any applicable statute of limitations for commercial disputes, which is typically 4–6 years depending on jurisdiction.\n",[406,410,414,418],{"industry":407,"icon_asset_id":408,"specifics":409},"Commercial Banking and Lending","industry-banking","Banks and commercial lenders routinely send prior secured party notices when issuing second-lien term loans or revolving facilities against collateral already pledged to another financial institution.",{"industry":411,"icon_asset_id":412,"specifics":413},"Equipment Finance","industry-equipment-finance","Equipment lenders use these notices when financing machinery or vehicles that carry an existing lien from a prior purchase-money security interest holder or floor-plan lender.",{"industry":415,"icon_asset_id":416,"specifics":417},"Accounts Receivable and Invoice Factoring","industry-fintech","Factoring companies notify prior secured parties before advancing funds against receivables to address potential competing claims under blanket lien filings that cover all of a debtor's assets.",{"industry":419,"icon_asset_id":420,"specifics":421},"Real Estate and Construction Finance","industry-real-estate","Construction lenders and mezzanine financiers send creditor notices when layering financing on properties with existing mortgage liens, often as a precursor to negotiating a formal intercreditor or subordination agreement.",[423,426,429,432],{"vs":92,"vs_template_id":424,"summary":425},"subordination-agreement-D13645","A subordination agreement is a binding contract in which the senior creditor formally agrees to step behind a newer lender in priority — it changes lien priority. A prior secured party notice is an informational letter only; it does not alter priority. The notice often initiates the conversation that leads to a subordination agreement.",{"vs":248,"vs_template_id":427,"summary":428},"D{INTERCREDITOR_AGREEMENT_ID}","An intercreditor agreement is a comprehensive bilateral contract between two or more creditors defining their rights, remedies, and priority against shared collateral and a common debtor. A prior secured party notice is a simple one-page letter that opens communication. Complex multi-lender structures typically require an intercreditor agreement, not just a notice.",{"vs":252,"vs_template_id":430,"summary":431},"D{DEFAULT_NOTICE_LETTER_ID}","A default notice letter is sent to a borrower who has failed to meet their payment or covenant obligations, triggering remedies under the security agreement. A prior secured party notice is sent to another creditor as a courtesy and documentation measure before or at the time a new security interest is created — it has nothing to do with borrower default.",{"vs":256,"vs_template_id":433,"summary":434},"D{UCC_COVER_LETTER_ID}","A UCC financing statement cover letter accompanies the UCC-1 form submitted to a state filing office to perfect a security interest publicly. A prior secured party notice goes directly to the existing lienholder, not to a government office. Both are part of a complete loan closing package, but they serve distinct purposes.",{"use_template":436,"template_plus_review":440,"custom_drafted":444},{"best_for":437,"cost":438,"time":439},"Commercial lenders, finance companies, and business owners sending standard creditor notices on straightforward single-collateral transactions","Free","10–15 minutes per notice",{"best_for":441,"cost":442,"time":443},"Transactions involving complex collateral packages, multiple prior lienholders, or situations where a subordination agreement may follow","$150–$400 (attorney or paralegal review)","1–2 business days",{"best_for":445,"cost":446,"time":447},"Large multi-lender syndicated deals, mezzanine or subordinated debt structures, or cross-border financing with jurisdictional complexity","$500–$2,000+","3–7 business days",[237,449,450,451,452,253,453,454,455,456,457,458],"promissory-note-D434","security-agreement-D915","loan-agreement-D417","demand-letter-D13262","general-release-and-settlement-agreement-D12554","assignment-agreement-D12542","letter-of-intent_acquisition-of-business-D5197","confidentiality-agreement-D950","business-credit-application-D247","accounts-receivable-D308",{"emit_how_to":460,"emit_defined_term":460},true,{"primary_folder":135,"secondary_folder":462,"document_type":463,"industry":464,"business_stage":465,"tags":466,"confidence":472},"loans-and-promissory-notes","letter","general","all-stages",[467,468,469,470,471],"secured-creditor","lien-notice","collateral","financing","legal-notice",0.85,"\u003Ch2>What is a Prior Secured Party Notice?\u003C/h2>\n\u003Cp>A \u003Cstrong>Prior Secured Party Notice\u003C/strong> is a formal written letter sent by a new or junior creditor to an existing lienholder, informing them that a subsequent security interest has been taken against the same collateral pledged by a shared debtor. It is a standard component of commercial lending transactions where multiple creditors have claims against the same assets — accounts receivable, equipment, inventory, or general business assets — and serves as the documented first step in managing creditor relationships and priority expectations. The letter does not alter lien priority on its own, but it creates a transparent communication record and typically opens the dialogue that leads to a formal subordination or intercreditor agreement where one is needed.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Entering a lending transaction involving already-encumbered collateral without notifying the prior secured party creates unnecessary risk on multiple fronts. If a dispute over collateral proceeds arises — through borrower default, insolvency, or competing enforcement actions — your documentation of timely notice to the earlier creditor becomes a critical element of the factual record. Sending this letter also builds professional credibility with the prior lienholder, who may control the collateral release or cooperation you need at the end of the transaction. Without a written notice in the file, your institution may struggle to demonstrate good faith or proper process during an audit or litigation. This template gives you a clear, correctly structured notice that takes under 15 minutes to complete, ensuring the right information reaches the right party with no gaps in your loan file.\u003C/p>\n",1781186014815]