Common use of Modification of Collateral Clause in Contracts

Modification of Collateral. Debtor shall do nothing to impair the rights of Secured Party in the Collateral. Without the prior written consent of Secured Party, Debtor shall not grant any extension of time for any payment with respect to the Collateral, or compromise, compound, or settle any of the Collateral, or release in whole or in part any person or entity liable for payment with respect to the Collateral, or allow any credit or discount for payment with respect to the Collateral other than normal trade discounts granted in the ordinary course of business, or release any lien, security interest, or assignment securing the Collateral, or otherwise amend or modify any of the Collateral.

Appears in 5 contracts

Samples: Security Agreement (Remote Knowledge Inc), Security Agreement (Remote Knowledge Inc), Loan Agreement (Arabian Shield Development Co)

AutoNDA by SimpleDocs

Modification of Collateral. Debtor shall do nothing to impair the rights of Secured Party Parties in the Collateral. Without the prior written consent of Secured PartyCollateral Agent, Debtor shall not grant any extension of time for any payment with respect to the Collateral, or compromise, compound, or settle any of the Collateral, or release in whole or in part any person or entity liable for payment with respect to the Collateral, or allow any credit or discount for payment with respect to the Collateral other than normal trade discounts granted in the ordinary course of business, or release any lien, security interest, or assignment securing the Collateral, or otherwise amend or modify any of the Collateral.

Appears in 3 contracts

Samples: Security Agreement (Probex Corp), Security Agreement (Probex Corp), Security Agreement (Probex Corp)

Modification of Collateral. Except as contemplated by Section 4.14, Debtor shall do nothing to not impair the rights of Secured Party in the Collateral. Without Collateral and without the prior written consent of Secured Party, Debtor shall not grant any extension of time for any payment with respect to the Collateral, or compromise, compound, or settle any of the Collateral, or release in whole or in part any person or entity liable for payment with respect to the Collateral, or allow any credit or discount for payment with respect to the Collateral other than normal trade discounts granted in the ordinary course of business, or release any lien, security interest, or assignment securing the Collateral, or otherwise amend or modify any of the Collateral.

Appears in 1 contract

Samples: Credit Agreement (Craftmade International Inc)

AutoNDA by SimpleDocs

Modification of Collateral. Debtor shall do nothing to impair the rights of the Secured Party Parties in the Collateral. Without the prior written consent of the Secured PartyParties, Debtor shall not grant any extension of time for any payment with respect to the Collateral, or compromise, compound, or settle any of the Collateral, or release in whole or in part any person or entity liable for payment with respect to the Collateral, or allow any credit or discount for payment with respect to the Collateral Collateral, other than normal trade discounts granted in the ordinary course of business, or release any lien, security interest, or assignment securing the Collateral, or otherwise amend or modify any of the Collateral.

Appears in 1 contract

Samples: Intercreditor and Security Agreement (Probex Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!