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Modifications
Modifications contract clause examples

Modifications of Aegis Note Documents. Until both # all of the -District Debt has been Paid in Full and # the aggregate principal amount outstanding under the A&R -District Unsecured Notes is less than $3,631,578, neither Aegis nor any Obligor shall, without the prior written consent of the -District Creditors, agree to any amendment, modification or supplement to any Aegis Note Document, except that Aegis and the Obligors shall be permitted to amend or modify the Aegis Note Documents in accordance with the provisions of the Aegis Note Documents in effect as of the Effective Date to # extend the maturity date or the date of payment of any amount due by or any other Obligor thereunder, # decrease the rate of interest applicable to any of the Aegis Debt, # waive any Obligor’s noncompliance with any term or provision thereof, and/or # amend any Aegis Note Document (including without limitation the A&R Aegis Note) so long as such amendment is not more onerous or restrictive on any Obligor the than provisions contained in such Aegis Note Document as in effect on the date of this Agreement, in each case without the prior written consent of the -District Creditors; provided, that notwithstanding anything set forth in this [Section 11(b)(ii)] to the contrary, no action under the [foregoing clauses (3) and (4) of this Section 11(b)(ii)])] shall be permitted to be taken by Aegis or any Obligor without the prior written consent of the -District Creditors to the extent such action would # prohibit any Obligor from making any payment with respect to the Pari Passu Debt which is permitted under the terms of this Agreement or otherwise contravene any provision of this Agreement or # be reasonably likely to result in any material harm to any interest of any -District [[Organization F:Organization]] to be paid from the proceeds of the Collateral under this Agreement or any interest of any -District [[Organization F:Organization]] in the -District Debt owing to it by any Obligor under any -District Note Document. Aegis shall provide written notice to the -District Creditors of any action taken pursuant to any of the [foregoing clauses (1) through (4) of this Section 11(b)(ii)] promptly, and in any event within three (3) Business Days thereof, including a reasonably detailed description of any such action taken and copies of any and all documentation amending, modifying or supplementing any Aegis Note Document executed by Aegis and/or any Obligor.

Modifications of -District Note Documents. Until all of the Aegis Debt has been Paid in Full, neither any -District [[Organization F:Organization]] nor any Obligor shall, without the prior written consent of Aegis, agree to any amendment, modification or supplement to any -District Note Document, except that the -District Creditors and the Obligors shall be permitted to amend or modify the -District Note Documents in accordance with the provisions of the -District Note Documents in effect as of the Effective Date to # extend the maturity date or the date of payment of any amount due by or any other Obligor thereunder, # decrease the rate of interest applicable to any of the -District Debt, # waive any Obligor’s noncompliance with any term or provision thereof, and/or # amend any -District-District Agreement (including without limitation any A&R -District Note) so long as such amendment is not more onerous or restrictive on any Obligor than provisions contained in such -District Note Document as in effect on the date of this Agreement, in each case without the prior written consent of Aegis; provided, that notwithstanding anything set forth in this [Section 11(b)(i)] to the contrary, no action under the [foregoing clauses (3) and (4) of this Section 11(b)(i)])] shall be permitted to be taken by any -District [[Organization F:Organization]] or any Obligor without the prior written consent of Aegis to the extent such action would # prohibit any Obligor from making any payment with respect to the Pari Passu Debt which is permitted under the terms of this Agreement or otherwise contravene any provision of this Agreement or # be reasonably likely to result in any material harm to any interest of Aegis to be paid from the proceeds of the Collateral under this Agreement or any interest of Aegis in the Aegis Debt owing to it by any Obligor under any Aegis Note Document. The -District Creditors shall provide written notice to Aegis of any action taken pursuant to any of the [foregoing clauses (1) through (4) of this Section 11(b)(i)] promptly, and in any event within three (3) Business Days thereof, including a reasonably detailed description of any such action taken and copies of any and all documentation amending, modifying or supplementing any -District Note Document executed by any -District [[Organization F:Organization]] and/or any Obligor.

Restriction on Future Indebtedness with Aegis. Without the prior written consent of the -District Creditors (provided, however, that the consent of the -District Creditors will not be required at any time when all of the following two (2) conditions are met: # the A&R -District Notes have been Paid in Full in their entirety and # the aggregate principal amount outstanding under the A&R -District Unsecured Notes is less than $3,631,578), # no Obligor will issue to Aegis nor any Affiliate thereof, any additional indebtedness beyond the aggregate amount of Aegis Debt outstanding as of the Effective Date (provided, for the avoidance of doubt, the principal amount of the A&R Aegis Note shall in no event be permitted to exceed $2,763,291 in the aggregate at any time and further provided, for the avoidance of doubt, that any fees, interest, or other obligations that become due or payable pursuant to the terms of any Aegis Note Document as in effect on the Effective Date shall not be deemed an issuance of “additional indebtedness” for purposes of this [Section 11(a)(ii)]), # no Obligor will grant any additional Lien as security for the Aegis Debt or any other indebtedness owing by any Obligor to Aegis or any Affiliate thereof beyond those Liens granted as of the date of this Agreement pursuant to the Aegis Note Documents as in effect on the Effective Date, and # neither Aegis nor any Affiliate thereof will accept any such issuance of additional indebtedness by any Obligor or the grant of any such additional Lien or enter into any agreement to effect the same. Aegis and each of the Obligors agree and acknowledge that any issuance by any Obligor of any indebtedness to Aegis or any Affiliate thereof and/or any grant by any Obligor of any Lien to Aegis or any Affiliate thereof in violation of the terms of this [Section 11(a)(ii)] shall be void ab initio and have no force or effect.

Permitted Aegis Payments. Until all of the -District Debt has been Paid in Full, no Obligor shall, directly or indirectly, make any payment on account of the Aegis Debt, and neither Aegis nor any Affiliate thereof shall be permitted to receive from any Obligor, directly or indirectly, any payment on account of the Aegis Debt other than # regularly scheduled payments of interest and principal, in each case as and when due and payable on a non-accelerated basis in accordance with the terms of the A&R Aegis Note as in effect on the Effective Date, # payments of principal, interest, and any unpaid fees or other obligations owing by any Obligor to Aegis under the A&R Aegis Note as in effect on the Effective Date on the non-accelerated maturity date of the A&R Aegis Note as in effect on the Effective Date, and # any Permitted Mandatory Prepayment of the Aegis Debt provided such Permitted Mandatory Prepayment is made in accordance with the provisions of Section 3(a)(iii) and Section 2(a)(iii)) (collectively, “Permitted Aegis Payments”, and each individually, a “Permitted Aegis Payment”), unless and until, with respect to any payment described in any of the [foregoing clauses (1), (2) and (3) of this Section 3(a)(ii)])])], any Event of Default has occurred and is continuing at the time of such payment or such payment would result in an Event of Default, whereupon the provisions of Section 2(a)(i) shall apply and the Pari Passu Debt shall be paid to Aegis and the -District Creditors in the manner set forth in such Section.

Permitted Aegis Payments. Until all of the -District Debt and all of the 2024 Debt has been Paid in Full, no Obligor shall, directly or indirectly, make any payment on account of the Aegis Debt, and neither Aegis nor any Affiliate thereof shall be permitted to receive from any Obligor, directly or indirectly, any payment on account of the Aegis Debt other than # regularly scheduled payments of interest and principal, in each case as and when due and payable on a non-accelerated basis in accordance with the terms of the A&R Aegis Note as in effect on the Effective Date, # payments of principal, interest, and any unpaid fees or other obligations owing by any Obligor to Aegis under the A&R Aegis Note as in effect on the Effective Date on the non-accelerated maturity date of the A&R Aegis Note as in effect on the Effective Date, and # any Permitted Mandatory Prepayment of the Aegis Debt provided such Permitted Mandatory Prepayment is made in accordance with the provisions of Section 3(a)(iv) and [Section 2(a)(iii)]) (collectively, “Permitted Aegis Payments”, and each individually, a “Permitted Aegis Payment”), unless and until, with respect to any payment described in any of the [foregoing clauses (1), (2) and (3) of this Section 3(a)(ii)])])], any Event of Default has occurred and is continuing at the time of such payment or such payment would result in an Event of Default, whereupon the provisions of Section 2(a)(i) shall apply and the Pari Passu Debt shall be paid to Pari Passu Creditors in the manner set forth in such Section.

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