Change brand in the Bank Loan Agreement

Aug 6th, 2022
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How to change brand in the Bank Loan Agreement

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by Practical Law Finance. This is a standard form of amendment agreement for use where a borrower and its lenders have agreed to modify their loan agreement by adding, changing or removing provisions and defined terms.
Change in Terms means any change in material terms of an enrolled loan, including changes to the name(s) of the borrower or co-borrowers, the total loan amount, the maturity date, or the interest rate.
A contract amendment allows the parties to make a mutually agreed-upon change to an existing contract. An amendment can add to an existing contract, delete from it, or change parts of it. The original contract remains in place, only with some terms altered by way of the amendment.
A loan amendment is a legally bound modification to the terms and conditions of an already-existing loan agreement. If a lender or a borrower needs changes made to the original loan agreement, they will use a loan amendment to outline the terms and conditions of those modifications.
Also known as change of control. A provision in an agreement giving a party certain rights (such as consent, payment or termination) in connection with a change in ownership or management of the other party to the agreement.
A modification agreement is meant for all changes to the loan which represent a new agreement between the parties different from the initial agreement. Typically, this will be used for material terms such as the maturity date, interest rate, an increase or decrease in the loan amount, or an adjustment to holdbacks.
A credit agreement amendment is a modification or deletion to an existing credit agreement between a borrower and capital provider. Credit agreement amendments are a type of contract amendment that are common in debt capital.
Addendums are attachments to original contracts that alter the original terms and conditions of the contract. Addendums can be used to alter standard contracts, make adjustments if situations have changed since the original contract was signed, or if the original signers come to a different arrangement.

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