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Collateral Substitution Agreement

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This document sets forth a collateral substitution agreement between a borrower and a lender. This agreement can be used to substitute and release collateral previously pledged by way of a note and/or security agreement by providing for the terms of a previous note to be modified, and the collateral that is securing the note be changed for the substituted collateral. These agreements can be used in a variety of contexts, but are often seen when circumstances have changed for a party, and the key terms of a loan need to be modified.

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