Second loan modification agreement is a legal arrangement between a creditor and its debtor which is enacted to rework the debts and iron out issues arising out after the first loan modification exercise. Loan modification is the name given to an exercise in which the terms and conditions of a loan are renegotiated to facilitate the smooth discharge of liabilities of the debtor and to ensure that the creditor gets back his funds without having to bear the trouble of a legal process.
Normally the two parties try to sort all issues in first modification exercise but in some cases the need to undergo a second modification may arise. In that scenario a second loan modification agreement is prepared and it should consist of all the modified terms and conditions clearly along with the further rights of creditor and debtor such as any provision for further modification exercise.
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