Yes, if the seller signed a subordination and standstill agreement that defines a blockage trigger by cross-reference to the buyer's entire credit agreement rather than to the vendor note itself.
Short answer
The PPSA has almost nothing to say about this — it addresses subordination only at the level of the public record. Section 50 provides that where a security interest “has been subordinated by the secured party to any other security interest in the collateral, a financing change statement may be registered at any time during the period that the registration of the subordinated interest is effective.” That is a registry mechanic. It says nothing about how long a payment blockage may last, what triggers it, or whether the seller gets any cure right.
All of that content comes from the subordination and standstill agreement itself — a document separate from both the note and the purchase agreement, usually presented to the seller as a bank condition that will not move. The trigger is the clause worth reading closely: a standstill that blocks payment on “any default” under the buyer’s credit agreement, incorporated by cross-reference to the bank’s entire Event of Default article rather than to a short, VTB-specific list, can be tripped by a covenant — a fixed-charge coverage ratio, for instance — that has nothing to do with the seller’s note or the seller’s own performance. Once tripped, if the bank holds sole discretion to waive and no notice obligation runs to the seller, there is no statutory lever back: no PPSA provision limits the blockage, and general relief-from-forfeiture doctrine does not apply to a temporary deferral the seller voluntarily agreed to. The fix is negotiated at signing, not discovered afterward: a capped blockage period, a trigger narrowed to payment defaults rather than any covenant breach, and a notice obligation to the seller.
the postponement that blocked VTB payments on an unrelated default is the direct example: a fixed-charge coverage covenant breach, unrelated to the note, froze fourteen months of scheduled payments under a standstill the seller had signed as a closing condition. A different VTB risk — what happens for tax purposes if part of the note is later forgiven rather than merely delayed — is covered at VTB written off by the seller and forgiven in the buyer’s hands.
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