Modifications to Credit Agreement Clause Samples
The "Modifications to Credit Agreement" clause defines the process and requirements for making changes to the terms of an existing credit agreement. Typically, this clause outlines who must consent to amendments—such as the borrower, lender, and sometimes a majority of lenders—and may specify procedures for proposing, approving, and documenting modifications. For example, it might require written approval from all parties for significant changes, while allowing minor administrative updates with less formality. The core function of this clause is to ensure that any alterations to the agreement are made transparently and with proper authorization, thereby preventing unauthorized or unilateral changes and maintaining the integrity of the contractual relationship.
Modifications to Credit Agreement. The Credit Agreement is hereby amended as follows:
Modifications to Credit Agreement. As of the Effective Date (as defined in §4 hereof) the Credit Agreement is modified as follows:
Modifications to Credit Agreement. (a) The following definitions in Section 1.2 of the Credit Agreement are hereby amended and restated in their entirety to read as follows:
Modifications to Credit Agreement. Subject to satisfaction of the conditions contained in Section 2, the parties hereto agree that the Credit Agreement is modified as follows:
(a) The Credit Agreement is amended by adding the definitions of “Fitch”, “Lower Mt. Bethel Lease Financing”, “OFAC”, “Rating Agency”, “Regulation X”, “Sanctioned Entity” and “Sanctioned Person” to Section 1.01 thereof in the appropriate alphabetical location: “‘Fitch’ means Fitch, Inc. and its successors or, absent any such successor, such nationally recognized statistical rating organization as the Borrower and the Administrative Agent may select.”
Modifications to Credit Agreement. All of the terms and provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect except as follows:
(a) The definition of "Loan C" set forth in Annex "A" to the Credit Agreement is deleted and the following is substituted therefor:
Modifications to Credit Agreement. The Credit Agreement is hereby deemed modified to reflect all of the terms and provisions of Sections 3.01 and 3.02 above. Any breach by any Borrower (or other Credit Party) of any of the terms or provisions of Section 3.01 or of Article IV below or any other term or provision of this Agreement shall be deemed an Event of Default for all purposes.
Modifications to Credit Agreement. (c) of the Credit Agreement is hereby deleted in its entirety and the following substituted therefor:
Modifications to Credit Agreement. All of the terms and provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect except as follows:
(a) Section 6.14 of the Credit Agreement is deleted and the following is substituted therefor:
Modifications to Credit Agreement. (a) The definition of “Agreement” shall hereafter mean the Original Credit Agreement, as amended by the First Amendment to Credit Agreement dated December 6, 2011, as further amended by this Second Amendment.
Modifications to Credit Agreement. In addition to the modifications to the DEFINITIONS set forth in SECTION 1 of the Credit Agreement, the Credit Agreement is further modified as follows:
(a) Borrowers and the Agent have agreed pursuant to the provisions of Section 6.1 of the Credit Agreement that the Borrowers have requested and the Agent and the Banks have agreed that the Working Capital Sublimit is reduced from Seven Million and NO/100ths ($7,000,000.00) Dollars to Five Million and NO/100ths ($5,000,000.00) Dollars.
(b) The Facility Fee set forth at Section 5.1 is reduced from Sixty Seven Thousand Five Hundred and NO/100ths ($67,500.00) Dollars to Twelve Thousand Five Hundred and NO/100ths ($12,500.00) Dollars and said reduced amount shall be payable on the date of execution of this document.
(c) A new Section 5.4 is added to the Credit Agreement: