Security Agreement Modification Sample Clauses
A Security Agreement Modification clause outlines the process and requirements for making changes to an existing security agreement between parties. Typically, this clause specifies that any amendments must be made in writing and agreed upon by all involved parties, ensuring that modifications are formally documented and enforceable. Its core function is to provide a clear and structured method for updating the terms of the security agreement, thereby preventing misunderstandings or disputes over unauthorized or informal changes.
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Security Agreement Modification. Subject to there being no Event of Default (as defined in the Loan Documents), Lender hereby agrees to exclude from its liens under Section 2 of the Security Agreement assets of PrimeSource to the extent necessary for PrimeSource to meet its HUD net worth requirements. Contemporaneously with the execution of this Amendment, Borrower shall execute and deliver to Lender that Security Agreement modification in form reasonably acceptable to Lender and Borrower incorporating the foregoing amendment (the “Security Agreement Modification”).
Security Agreement Modification. The Security Agreement shall be modified as follows:
(a) NIR agrees that it will subordinate its security interest in the Receivables to Rockland Financial as part of a Factoring Agreement.