Amendment to Parent Security Agreement Clause Samples
The "Amendment to Parent Security Agreement" clause establishes the terms and procedures for modifying the original security agreement between the parent company and the secured party. Typically, this clause outlines how changes to collateral, obligations, or other key provisions must be documented—often requiring written consent from all parties involved. By setting clear requirements for making amendments, the clause ensures that any alterations are formally agreed upon, thereby preventing misunderstandings and maintaining the enforceability of the security arrangement.
Amendment to Parent Security Agreement. Clause (a)(iii) of Section 11 of the Parent Security Agreement is hereby amended by amending the final sentence thereof to read in its entirety as follows: "Any Proceeds of any Collateral, or of the disposition by the Agent of any of the Collateral (including benefits to the extent provided in Section 19 hereof), shall be applied by the Agent, in the following order of priority: First, to payment of the costs and expenses of such disposition, including the reasonable costs and out-of-pocket expenses of the Agent and attorneys' fees and costs and out-of-pocket expenses of counsel (including allocated costs of in-house counsel) employed in connection therewith and to the payment of all advances made by the Agent for the account of the Parent Guarantor hereunder and the payment of all reasonable costs and out-of-pocket expenses incurred by the Agent in connection with the administration and enforcement of this Agreement, to the extent that such advances, costs, and expenses shall not have been reimbursed to the Agent; Second, toward the satisfaction of the Secured Obligations other than Obligations in respect of principal and Reimbursement Obligations, Currency Hedge Obligations and Cash Management Obligations; Third, toward the satisfaction of the Secured Obligations in respect of principal and Reimbursement Obligations, including the deposit of available funds in an amount equal to the then aggregate Letter of Credit Outstandings in the L/C Collateral Account in accordance with Section 5.8 of the Credit Agreement; Fourth, toward the satisfaction of the Currency Hedge Obligations in the order agreed to by the Currency Hedge Providers from time to time; Fifth, toward the satisfaction of the Cash Management Obligations in the order agreed to by the Cash Management Providers from time to time; and Sixth, any surplus to be paid to the Parent Guarantor, its successors and assigns, or as a court of competent jurisdiction may direct."
Amendment to Parent Security Agreement. The proviso contained in the first paragraph of Section 2 of the Parent Security Agreement is hereby amended by adding the phrase "AKW, AKW LLC," immediately following the phrase "Furukawa," each time it appears in clause (A) thereof.
Amendment to Parent Security Agreement. Paragraph 1 of the Parent Security Agreement is hereby amended by (i) deleting the phrase "all Obligations including, without limitation," where it appears therein, (ii) inserting the word "Parent" immediately preceding the word "Guaranty" where it appears therein and (iii) deleting the parenthetical at the end thereof in its entirety and substituting the following therefor: "and all Obligations (as such term is defined in the Loan Agreement; all of the foregoing are referred to hereinafter collectively as the "Obligations")."
Amendment to Parent Security Agreement. The Parent Security Agreement is amended as follows:
(a) Section 1 of the Parent Security Agreement is amended:
(i) to add immediately after each reference to the term "the Parent" in the definitions of "LETTER OF CREDIT OBLIGATION" and "SECURED OBLIGATIONS" in such Section the phrase "or any Subsidiary Borrower";
(b) Section 4 of the Parent Security Agreement is amended:
(i) to add immediately after the term "Asset Sale" in clause (y) in paragraph (i) in such Section the phrase "or other disposition"; and
Amendment to Parent Security Agreement. Effective as of the Amendment Date, Section 2.7 of the Parent Security Agreement is amended in its entirety to read as follows: