Amendment to Permitted ABS Documents Clause Samples
The "Amendment to Permitted ABS Documents" clause defines the conditions and procedures under which documents related to Asset-Backed Securities (ABS) can be modified. Typically, this clause outlines who has the authority to approve changes, the types of amendments that are allowed, and any required consents from stakeholders such as trustees or noteholders. For example, it may specify that certain amendments require unanimous consent, while others may proceed with majority approval. The core function of this clause is to provide a clear framework for updating ABS documentation, ensuring that changes are managed transparently and with appropriate oversight, thereby reducing the risk of disputes or unauthorized modifications.
Amendment to Permitted ABS Documents. Permit any amendment, modification or other change in the Permitted ABS Documents or any related instrument or agreement, if it results in any covenants, terms or conditions that are more restrictive or burdensome for the Borrowers than those in effect as of the date of this Agreement. Borrowers shall promptly provide written notice of any such amendments to the Agent.
Amendment to Permitted ABS Documents. Permit any amendment, supplement or other modification in the Permitted ABS Documents, if it results in any covenants, terms or conditions that are materially more restrictive or burdensome, taken as a whole, for Borrowers or would otherwise be materially adverse to the interests of the Secured Parties; it being understood that no amendment, supplement, or other modification is adverse if (x) such amendment, supplement, or modification is permitted under the applicable Permitted ABS Intercreditor Agreement or (y) after giving effect to such amendment, supplement or other modification, the transactions under such Permitted ABS Documents as of the date of such amendment, supplement or other modification constitute a Permitted ABS Transaction.