(1) Where receivables arose by agreement between the grantor and the debtor of receivables and the parties modify that agreement, the modification is effective against the secured creditor, and the secured creditor acquires corresponding rights under the modified agreement, if the modification was concluded before notification of the security interest in the receivable.
(2) Where a modification under subsection (1) is concluded after notification of the security interest in the receivable, the modification is ineffective against the secured creditor unless —
(a) the secured creditor consents to it; or
(b) at the time of the agreement, the receivable was not fully earned by performance, and —
(i) the modification is provided for in the agreement giving rise to the receivable, or
(ii) in the context of that agreement, a secured creditor consents to the modification.
(3) Subsections (1) and (2) do not affect a right of the grantor or the secured creditor arising from breach of an agreement between the grantor and the secured creditor.