Can the terms of a security agreement be amended?

In select cases, secured parties and debtors may need to change specific provisions of a security agreement. Some, however, prefer to draft an amended and restated version of the document—particularly if extensive updates are warranted or if a single change impacts numerous provisions. Terms for future modification may be included in the original security agreement. Often, debtors and creditors prefer to draft an 'amended and restated' agreement rather than attach amendments to the existing agreement.

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