AMENDMENT TO MODIFICATION AGREEMENT Clause Samples
The "Amendment to Modification Agreement" clause establishes the process by which changes can be made to an existing modification agreement between parties. Typically, this clause requires that any amendments be made in writing and signed by all parties involved, ensuring that no informal or verbal changes are considered valid. Its core practical function is to maintain clarity and mutual consent regarding any alterations to the terms of the modified agreement, thereby preventing disputes over unauthorized or misunderstood changes.
AMENDMENT TO MODIFICATION AGREEMENT. Upon the Amendment Effective Date:
AMENDMENT TO MODIFICATION AGREEMENT. Upon the Second Amendment Effective Date, the first sentence of Section 5(a) of the Modification Agreement is amended and restated in its entirety as follows:
(a) The Borrower shall obtain: (i) at least $2,050,000 in net cash proceeds from the issuance of Capital Stock (other than Disqualified Capital Stock) or Debt on or prior to February 23, 2018; and (ii) an additional $3,000,000 in net cash proceeds from the issuance of Capital Stock (other than Disqualified Capital Stock) or Debt on or prior to May 31, 2018 (resulting in aggregate net cash proceeds of $5,050,000); provided that all such Debt described in clauses (i) and (ii) shall be subordinated to the Loans under the Credit Agreement on terms satisfactory to the Lender in its sole discretion.”