Modification of Section 2 Sample Clauses
The "Modification of Section 2" clause establishes the parties' agreement to alter or amend the terms originally set out in Section 2 of the contract. This clause typically specifies which provisions of Section 2 are being changed, added, or removed, and may outline the exact language or new terms that will replace the original content. By clearly documenting these modifications, the clause ensures that both parties have a mutual understanding of the updated obligations or rights, thereby preventing disputes and maintaining the contract's relevance to the parties' current intentions.
Modification of Section 2. 6. Section 2.6 of the Agreement is hereby amended and restated in its entirety as follows:
Modification of Section 2. 1(a) of the Credit Agreement. ------------------------------------------------------ Section 2.1(a) of the Credit Agreement is hereby amended and restated in its entirety, as follows:
Modification of Section 2. 2. Section 2.2 of the Agreement is hereby amended and restated in its entirety as follows: Estimated Purchases: INO-T will provide ALHAC at the beginning of each month with a rolling [**] month forecast of its requirements for the Products, such forecast to be considered good faith estimates only, for planning purposes, and not to be considered as guarantees of the volumes or timing of such requirements; provided that the first [**] months of such rolling forecast shall constitute a firm commitment unless modified by the Parties by subsequent written agreement. For the period October 1, 2008 through September 30, 2009, INO-T agrees to purchase not less than [**] cylinders of Products (hereinafter the “Total Cylinders”) and [**] Kits with equivalent quarterly volumes. Total Cylinders and Kits will include Product sold to Datex-Ohmeda and AGA France. On a quarterly basis, INO-T agrees to a true-up mechanism to account for Total Cylinders and Kits not purchased. For the first [**] of the twelve (12) month period, INO-T will agree to purchase the quarterly commitment of [**] Total Cylinders and [**] Kits. For the [**], INO-T can choose to accept either the balance of Total Cylinders and Kits, or pay the remaining balance. Annual volume for subsequent years will be reviewed and agreed upon no later than [**] days prior to the start of the next annual period.
Modification of Section 2. 03. Upon issuance of the Additional Class A(2022-3) Notes, Section 2.03 of the Terms Document shall be amended and restated in its entirety as set forth below:
Modification of Section 2. 1.2. Section 2.1.2 is hereby modified in its entirety to read: "
Modification of Section 2. 5(g). As of the Closing Date, the reference to Section 2.4 contained in Section 2.5(g) shall be deleted and reference to the Promissory Note as being in favor of OTC shall now refer to the Promissory Note as being in favor of Purchaser.
Modification of Section 2. 05 Penalties: The parties hereby agree that the last sentence of Section 2.05 shall be deleted in its entirety and replaced with the following: "In the event that Developer fails to construct the Decorative Site Amenities and Substantially Complete the building identified as "Building A" on Exhibit G attached hereto on or before July 1, 2015, then notwithstanding anything set forth in this Agreement to the contrary [including the August 1, 2015 Performance Milestone set forth on Exhibit H (Amended – 2015)], Developer hereby understands and agrees that the CID Cap set forth in Section 3.04(b) shall be reduced to One Million Nine Hundred Twenty Five Thousand Dollars ($1,925,000). Further, in the event that Developer fails to Substantially Complete the building identified as "Building B" on Exhibit G attached hereto on or before September 1, 2016, then notwithstanding anything set forth in this Agreement to the contrary [including Exhibit H (Amended – 2015)], Developer hereby understands and agrees that, in addition to the City's other remedies set forth in this Agreement, the CID Cap set forth in Section 3.04(b) shall be reduced by an additional Two Hundred Fifty Thousand Dollars ($250,000)."
Modification of Section 2. 3(a) of the Credit Agreement. Section ------------------------------------------------------ 2.3
(a) of the Credit Agreement is hereby amended and restated in its entirety, as follows:
(a) Mandatory Prepayment of Revolving Loan, and Letter of Credit ------------------------------------------------------------ Obligations. If at any time, the outstanding balance of the Revolving ----------- Loan, when aggregated with the amount of outstanding Letter of Credit Obligations and the then outstanding amount of the Swingline Loan, shall exceed the amount of the Maximum Revolving Indebtedness, Borrower shall immediately repay to Agent the outstanding Revolving Loan in the amount of such excess. No prepayment fee shall be payable with respect to any mandatory prepayment under this Section 2.3(a). All mandatory prepayments under this Section 2.3(a) shall be applied by Agent to the Obligations owing to the Revolving Lenders in accordance with their respective Initial Percentages.
Modification of Section 2. 18. Section 2.18 of the Consolidation ---------------------------- Agreement is hereby amended by inserting, immediately after the phrase "as party to the Declaration of Zoning Lot Restrictions, dated January 7, 1981, made by Mortgagor, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, recorded in the Register's Office in Reel 552 at page 737" and before the phrase "(the "Zoning Declaration")", the following: ", as such Declaration of Zoning Lot Restrictions may be modified and amended from time to time subsequent to the date hereof with the consent of Mortgagee and, if required, the City of New York"
Modification of Section 2. 1. Section 2.1 of the Purchase Agreement is hereby amended in its entirety to read as follows: