Extending priority amount Clause Samples

Extending priority amount. (a) If the Money Owing exceeds the amount specified in the previous clause or in the Mortgagee’s opinion is likely to do so, the Mortgagee may, at any time or from time to time, vary the terms of this document by increasing that specified amount by such amount as the Mortgagee considers appropriate. (b) Upon presentation by the Mortgagee, the Mortgagor must sign a notice under section 268 of the Corporations Act in respect of the variation and the variation will take effect upon lodgement of that notice.