Modification of Obligations Sample Clauses
The Modification of Obligations clause defines the process by which the terms, duties, or responsibilities under an agreement can be changed after the contract has been executed. Typically, this clause requires that any amendments or alterations to the original obligations be made in writing and agreed upon by all parties involved, ensuring that informal or unilateral changes are not permitted. Its core practical function is to maintain clarity and mutual consent regarding any changes to the contract, thereby preventing disputes over unauthorized or misunderstood modifications.
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Modification of Obligations. Company’s liability hereunder shall not be reduced, limited, impaired, discharged or terminated if Secured Party at any time, without notice to or demand of Company (unless specifically required by the Transaction Documents):
(a) renews, extends, accelerates, or otherwise changes the time, place, manner or terms, or otherwise modifies any of the Obligations (including any payment terms);
(b) extends or waives the time for Company’s performance of, or compliance with, any term, covenant or agreement on its part to be performed or observed under the Transaction Documents, or waives such performance or compliance or consents to a failure of, or departure from, such performance or compliance;
(c) settles, compromises, releases or discharges, or accepts or refuses any offer of performance with respect to, or substitutions for, any of the Obligations or any agreement relating thereto and/or subordinates the payment of the same to the payment of any other obligations;
(d) requests and accepts other guaranties of any of the Obligations and takes and holds security for the payment hereof or any of the Obligations;
(e) releases, surrenders, exchanges, substitutes, compromises, settles, rescinds, waives, alters, subordinates or modifies, with or without consideration, any security for payment of any of the Obligations, any other guaranties of any of the Obligations, or any other obligation of any third party with respect to any of the Obligations;
(f) to the extent permitted by law, enforces and applies any security, if any, now or hereafter held by or for the benefit of Secured Party in respect hereof or any of the Obligations and directs the order or manner of sale thereof, or exercises any other right or remedy that Secured Party may have against any such security, in each case as Secured Party in its discretion may determine, including foreclosure on any collateral pursuant to one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable; or
(g) exercises any other rights available to it under any of the Transaction Documents, at law or in equity.
Modification of Obligations. The undersigned expressly agrees to remain bound under this guaranty not-withstanding any of the following acts by the Company.
(1) the extension of time of performance to, the granting of any other indulgence to, or any other modification of any obligation of, the Customer.
(2) the acceptance, alteration or release of any security, whether provided by the Customer or any other person.
Modification of Obligations. Purchaser may, without any notice to Company, extend, compromise, renew, release, change, modify, adjust or alter, by operation of law or otherwise, any of the obligations of the Mortgagors or other persons obligated under a Mortgage Loan without releasing or otherwise affecting the obligations of Company under this Agreement, or with respect to such Mortgage Loan, except to the extent Purchaser’s extension, compromise, release, change, modification, adjustment, or alteration affects Company’s ability to collect the Mortgage Loan or realize on the security of the Mortgage, but then only to the extent such action has such effect.
Modification of Obligations. CCHC hereby consents that, without the necessity of any reservation of rights against CCHC and without notice to or further assent by CCHC, any demand for payment of the Obligations made by the Administrative Agent, the Issuing Lender or the Lenders may be rescinded by the Administrative Agent, the Issuing Lender or the Lenders and the Obligations continued, and the Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent, the Issuing Lender or the Lenders and that this Agreement, any Notes and the other Loan Documents, including, without limitation, any Letter of Credit Application, any collateral security document or other guarantee or document in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent, the Issuing Lender or the Lenders may deem advisable from time to time, and, to the extent permitted by applicable law, any collateral security or guarantee or right of offset at any time held by the Administrative Agent, the Issuing Lender or the Lenders for the payment of the Obligations may be sold, exchanged, waived, surrendered or released, all without the necessity of any reservation of rights against CCHC and without notice to or further assent by CCHC which will remain bound hereunder notwithstanding any such renewal, extension, modification, acceleration, compromise, amendment, supplement, termination, sale, exchange, waiver, surrender or release. The Administrative Agent, the Issuing Lender and the Lenders shall not have any obligation to protect, secure, perfect or insure any collateral security document or property subject thereto at any time held as security for the Obligations. When making any demand hereunder against CCHC, the Administrative Agent, the Issuing Lender or the Lenders may, but shall be under no obligation to, make a similar demand on any other party or any other guarantor, and any failure by the Administrative Agent, the Issuing Lender or the Lenders to make any such demand or to collect any payments from the Borrower or any such other guarantor shall not relieve CCHC of its obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or imp...
Modification of Obligations. Each of the Guarantor and the Company hereby consents that, without the necessity of any reservation of rights against it and without notice to or further assent by it, any demand for payment of any of the Obligations or the Subsidiary Obligations made by any Agent or any Lender may be rescinded by such Agent or such Lender and any of the Obligations or the Subsidiary Obligations continued, and the Obligations and the Subsidiary Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by such Agent or such Lender and this Agreement (other than the obligations specifically incurred by the Guarantor or the Company under this Article), any collateral security document or other guarantee or document in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as such Agent or such Lender may deem advisable from time to time, and any collateral security or guarantee or right of offset at any time held by any Agent or any Lender for the payment of the Obligations or the Subsidiary Obligations may be sold, exchanged, waived, surrendered or released, all without the necessity of any reservations of rights against the Guarantor or the Company and without notice to or further assent by the Guarantor or the Company (in respect of its guarantee hereunder), each of which will remain bound hereunder notwithstanding any such renewal, extension, supplement, termination, sale, exchange, waiver, surrender or release. No Agent or Lender shall have any obligation to protect, secure, perfect or insure any collateral security document or property subject thereto at any time held as security for the Obligations or the Subsidiary
Modification of Obligations. Purchaser may, without any notice to Company or the Servicer, extend, compromise, renew, release, change, modify, adjust or alter, by operation of law or otherwise, any of the obligations of the Mortgagors or other persons obligated under a Mortgage Loan without releasing or otherwise affecting the obligations of Company and the Servicer under this Agreement, or with respect to such Mortgage Loan, except to the extent Purchaser’s extension, compromise, release, change, modification, adjustment, or alteration affects the Company’s or the Servicer’s ability to collect the Mortgage Loan or realize on the security of the Mortgage, but then only to the extent such action has such effect.
Modification of Obligations. The Guarantor hereby consents and agrees that without further notice to or assent from it, the amount of the Obligations, the time of payment of any or all the Obligations may be changed, any other term or condition relating to any or all the Obligations may be changed, the Borrower (or any other Person primarily or secondarily liable for the Obligations, including the Guarantor hereunder) may be discharged from any or all the Obligations, any composition or settlement relating thereto may be consummated and accepted, and that the Guarantor will remain bound upon this Guaranty notwithstanding any or all of the foregoing.
Modification of Obligations. If Lender shall at any time --------------------------- or from time to time, with or without the consent of, or notice to, the Guarantor:
(a) change or extend the manner, place or terms of payment of, or renew or alter all or any portion of, the Obligations;
(b) take any action under or in respect of the Loan Documents in the exercise of any remedy, power or privilege contained therein or available to it at law, equity or otherwise, or waive or refrain from exercising any such remedies, powers or privileges;
(c) amend or modify, in any manner whatsoever, any Loan Document;
(d) extend or waive the time for the Guarantor's or any other Person's performance of, or compliance with, any term, covenant or agreement on the Guarantor's or any other Person's part to be performed or observed under the Loan Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance;
(e) take and hold security or collateral for the payment of the Obligations, or sell, exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which ▇▇▇▇▇▇ has been granted a Lien, to secure any indebtedness of the Guarantor or any Borrower to Lender;
(f) release or limit the liability of anyone who may be liable in any manner for the payment of any amounts owed by the Guarantor or any Borrower to Lender;
(g) modify or terminate the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors of the Guarantor or any Borrower are subordinated to the claims of Lender; and/or
(h) apply any sums by whomever paid or however realized to any amounts owing by the Guarantor or any Borrower to Lender in such manner as Lender shall determine in its discretion; then Lender shall not incur any liability to the Guarantor pursuant hereto as a result thereof and no such action shall impair or otherwise affect or release the obligations of the Guarantor under this Guaranty.
Modification of Obligations. Lender may, without any notice to Broker, extend, compromise, renew, release, modify, adjust or alter, by operation of law or otherwise, any of the obligations of an Applicant or other persons obligated under a mortgage loan without releasing or otherwise affecting the obligations of Broker with respect to such mortgage loan or otherwise under this Agreement.
Modification of Obligations. 36 8.4 Waiver ....................................... 36 8.5 Reinstatement .............................. 37 8.6