Amendment to Security Documents Clause Samples
The "Amendment to Security Documents" clause establishes the process and authority for making changes to the security documents associated with an agreement. Typically, this clause outlines who must consent to amendments, the procedures for executing such changes, and any limitations on what can be modified. For example, it may require written agreement from all parties or specify that only certain provisions can be altered. Its core function is to ensure that any modifications to the security arrangements are properly authorized and documented, thereby maintaining the integrity and enforceability of the security interests involved.
Amendment to Security Documents. On and after the Springing Lien Date, the Purchasers holding at least a majority of the total outstanding principal balance of the Notes (the “Required Holders”) shall have the right to direct the Collateral Agent in writing, from time to time, to consent to any amendment, modification or supplement to or waiver of any provision of any Security Document and to release any Collateral (as defined in the Security Documents) from any lien or security interest held by the Collateral Agent; provided, however, that (i) no such direction shall require the Collateral Agent to consent to the modification of any provision or portion thereof which (in the sole judgment of the Collateral Agent) is intended to benefit the Collateral Agent, (ii) the Collateral Agent shall have the right to decline to follow any such direction if the Collateral Agent shall determine in good faith that the directed action is not permitted by the terms of any Security Document or may not lawfully be taken and (iii) no such direction shall waive or modify any provision of any Security Document the waiver or modification of which requires the consent of all Purchasers unless all Purchasers consent thereto. The Collateral Agent may rely on any such written direction given to it by the Required Holders and shall be fully protected in relying thereon, and shall under no circumstances be liable, except in circumstances involving the Collateral Agent’s gross negligence or willful misconduct as shall have been determined in a final nonappealable judgment of a court of competent jurisdiction, to any holder of the Notes or any other person or entity for taking or refraining from taking action in accordance with any direction or otherwise in accordance with any of the Security Documents.
Amendment to Security Documents. The Company will not amend, modify or supplement, or permit or consent to any amendment, modification or supplement of, the Security Documents in any way which would be adverse to the Holders.
Amendment to Security Documents. The Company shall not, and shall not permit any Subsidiary of the Company to, amend, modify or supplement, or permit or consent to any amendment, modification or supplement of, any of the Security Documents in any way which would be adverse to the Holders of the Securities or which would constitute a Default under this Indenture or a default under any Security Document.
Amendment to Security Documents. Each of the Security Documents ------------------------------- and the Guarantees is hereby amended to reflect the resignation of Fleet Capital Corporation (as successor to Shawmut Capital Corporation) as Collateral Agent and the appointment of Barclays as successor Collateral Agent, and each of the parties hereto consents to the execution and delivery by Barclays, Fleet Capital Corporation ("Fleet") and the Borrower of all such instruments and documents ----- (including, without limitation, UCC-3 assignment forms) as may be reasonably requested by Barclays to reflect such change in Collateral Agent and the assignment by Fleet to Barclays of Fleet's rights and obligations as Collateral Agent.
Amendment to Security Documents. The Company will not amend, modify or supplement, or permit or consent to any amendment, modification or supplement of, the Security Documents in any way which would be adverse to the Holders without the consent of the holders of at least 66 2/3% in aggregate principal amount of the then outstanding Notes.
Amendment to Security Documents. (a) Notwithstanding anything contained in the Security Documents to the contrary, no Collateral that constitutes Common Collateral (as defined in the Intercreditor Agreement) will be released from the Liens created pursuant to the Security Documents (except upon termination of the Security Documents in accordance with their terms when the Obligations have been indefeasibly paid in full, the Lenders have no further commitment to lend, the LC Exposure has been reduced to zero and the Issuing Bank has no further commitment to issue Letters of Credit under the Credit Agreement), unless, prior to or simultaneously with the release of such Liens created pursuant to the Security Documents, all Liens on such Common Collateral securing the Obligations (as defined in the Intercreditor Agreement) in respect of the Senior Second Lien Notes and the Senior Second Lien Note Documents (other than the Intercreditor Agreement) have been or will be simultaneously released (whether pursuant to the Intercreditor Agreement, any other Senior Second Lien Note Document or otherwise and whether automatically or by action of any trustee or other Person).
(b) The Pledge Agreement is hereby amended by replacing the text "the shares of capital stock owned by it and listed on Schedule II hereto and any shares of capital stock of any Subsidiary obtained in the future by the Pledgor and the certificates representing all such shares (the "Pledged Stock")" in clause (a) of the first paragraph of Section 1 of the Pledge Agreement with the text "all the shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a person (collectively the "Equity Interests") owned by it and listed on Schedule II hereto and any Equity Interests obtained in the future by the Pledgor and the certificates representing all such shares (the "Pledged Stock")".
Amendment to Security Documents. 77 SECTION 6.24. Inspection................................................ 77 SECTION 6.25. Use of Proceeds........................................... 77 SECTION 6.26. Money for Security Payments to Be Held in Trust........... 77 SECTION 6.27. Limitation on Improvements to the Released Property.....
Amendment to Security Documents. (a) The Company and the Notes Guarantors shall not, amend, modify or supplement, or permit or consent to any amendment, modification or supplement of, the Security Documents in any way that would be adverse to the Holders in any material respect except in the following circumstances:
(1) if the controlling party (as such term is defined in the Intercreditor Agreement) under the Intercreditor Agreement agrees to any amendment or waiver of, or consent under, any provision of the collateral documents governing the First Lien Obligations with respect to which such Controlling Party is the First Lien Claimholder Representative, then such amendment, waiver or consent will automatically apply to the comparable provision in the Security Documents;
(2) to effectuate a release of any part of the Security Interest in the Collateral under this Article Eleven; or
(3) with the written consent of Holders of a majority of the principal amount of the Outstanding Notes or without the consent of any Holder in accordance with Section 901.
(b) Notwithstanding clauses (a)(1), an amendment, waiver or consent granted by the First Lien Collateral Trustee will not similarly modify the Security Documents if it would have the effect of imposing additional duties on the Second Lien Collateral Trustee without its consent or permitting additional Liens on the Collateral that are not permitted under the terms of this Indenture.
Amendment to Security Documents. 75 SECTION 4.16 Material After-Acquired Property............................................ 76 SECTION 4.17
Amendment to Security Documents. The Security Documents are hereby ------------------------------- amended in the following respects:
(a) All references to the "Loan" in the Security Documents shall henceforth refer to the Loan as reduced to the principal amount of $7,900,000.00. Accordingly, all references in the Security Documents to the words and figures "Nine Million Two Hundred Eighty Thousand and No/100 Dollars" and "$9,280,000.00" are hereby deleted, and the words and figures "Seven Million Nine Hundred Thousand and No/100 Dollars" and "$7,900,000.00" are hereby substituted in lieu thereof.
(b) All references to the "Loan Agreement" in the Security Documents shall henceforth refer to the Amended Loan Agreement, as the Amended Loan Agreement might hereafter be amended, extended, restated, or consolidated;
(c) All references to the "Note" in the Security Documents shall henceforth refer to the Amended and Restated Revolving Note dated of even date herewith in the stated principal amount of $7,900,000.00, as the same might hereafter be amended, renewed, extended, increased, consolidated, or restated; and