Loan Modification Clause Samples
A Loan Modification clause outlines the terms and conditions under which the original terms of a loan agreement may be changed. This clause typically specifies the process for requesting modifications, such as changes to the interest rate, repayment schedule, or loan maturity date, and may require mutual consent from both lender and borrower. Its core practical function is to provide a structured mechanism for adapting the loan agreement to changing circumstances, thereby offering flexibility and helping prevent defaults or disputes.
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Loan Modification. On or before Closing, an agreement ----------------- from each Lender to modification of the Existing Loan Documents it holds to reflect change in ownership (e.g., financial reporting requirements, transfer restrictions, deletion of any personal covenants specific to Lichtin Properties, Inc. and other matters developed by the Partnership from review of the Existing Loan Documents).
Loan Modification. Upon and subject to the terms and conditions of this Agreement, the Loan Amount is hereby increased by up to $22,000,000 such that the Loan Amount shall be Twenty-six Million Dollars ($26,000,000) or such lesser amount actually disbursed pursuant to Section 3 hereof. In furtherance thereof:
Loan Modification. All loan modifications must meet the following general criteria to be approved.
Loan Modification. Upon the written request of Lender made prior to Securitization, Lender shall have the right to modify the terms of the Loan Agreement to provide that the Maturity Date shall mean the date defined hereunder as the "Anticipated Repayment Date," which modification shall be deemed effective on the date set forth in the Lender's request. Borrowers agree to execute and deliver such modification documents as reasonably requested by Lender to effect the modification. Lender shall be under no obligation to request the modifications set forth above and the election of Lender to make such modifications shall be made in Lender's sole discretion.
Loan Modification. By its execution of this Amendment, the Borrowers hereby authorize the Administrative Agent to consider this Amendment its application for loan modification on the terms and conditions set forth herein.
Loan Modification. Borrowers and Lender acknowledge and agree that the Loan and the security therefore are subject to modification pursuant to and in accordance with the terms of the Cooperation Agreement.
Loan Modification. Any material change or modification of the terms of the Loan including but not limited to, the borrowed amount, interest rate, term or amortization schedule, excepting such modifications as may be specifically provided for in the Loan documents, and permitted without further approval or consent of the Insured.
Loan Modification. Lender and Borrower agree to modify the Loan Agreement by deleting Section 7.2 (Capital Expenditures) of the Loan Agreement in its entirety and replacing it with the following:
Loan Modification. The execution by Buyer as borrower and American Recovery Property OP, LP as guarantor of documents modifying that certain loan (the “Loan”) held by U.S. Bank National Association, as Successor Trustee to Bank of America, National Association, as Trustee, as Successor by Merger to LaSalle Bank National Association, as Trustee, for the Registered Holders of Bear ▇▇▇▇▇▇▇ Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2004-TOP16 secured by the Project, in form and content acceptable to Buyer.
Loan Modification. The Note and other Loan Documents are hereby amended as follows: