(1) Subject to subsection (3), the debtor of receivables may agree with the grantor in a written document signed by the debtor of receivables not to raise against the secured creditor the defences and rights of set-off that it may raise under section 83.
(2) An agreement under subsection (1) may be modified by an agreement in writing signed by the debtor of receivables and the effectiveness of that modification against the secured creditor is determined under section 85.
(3) The debtor of receivables may not waive a defence arising from a fraudulent act on the part of the secured creditor or based on the incapacity of the debtor of receivables.