Modification Clause Example with 6 Variations from Business Contracts
This page contains Modification clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Modification. 3.1. Modifications to Senior Debt Documents. Senior Lenders may at any time and from time to time without the consent of or notice to the Subordinated Creditor, without incurring liability to the Subordinated Creditor and without impairing or releasing the obligations of the Subordinated Creditor under this Agreement, change the manner or place of payment, increase or reduce the amount of, or extend the time of payment of or renew or alter any of the terms of the Senior Debt, or amend, supplemen...t, restate, amend and restate or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. 3.2. Modifications to Subordinated Debt Documents. Until the Senior Debt has been paid in full, and notwithstanding anything to the contrary contained in the Subordinated Debt Documents, the Subordinated Creditor shall not, without the prior written consent of Agent, amend, modify or supplement the Subordinated Debt Documents.View More
Variations of a "Modification" Clause from Business Contracts
Modification. 3.1. Modifications to Senior Debt Loan Documents. Senior Lenders may at any time and from time to time without the consent of or notice to the Subordinated Creditor, Lenders, without incurring liability to the any Subordinated Creditor Lender and without impairing or releasing the obligations of the each Subordinated Creditor Lender under this Agreement, change the manner or place of payment, increase or reduce the amount of, payment or extend the time of payment of or renew or alter any of the ...terms of the Senior Debt, Loans, or amend, supplement, restate, amend and restate or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. Loans. At any time and from time to time, without notice to any Subordinated Lender, Senior Agent may take such actions in accordance with the terms of the Senior Loan Agreement with respect to the Senior Loans as Senior Agent, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to the Borrower, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Loans and any Collateral securing the Senior Loans, and enforcing or failing to enforce any rights against any Credit Party or any other person. No such action or inaction shall impair or otherwise affect Senior Lenders' rights hereunder. All rights and interests of the Senior Lenders under this Agreement, and all agreements and obligations of the Subordinated Lenders and the Borrower hereunder, shall remain in full force and effect irrespective of: (1) any lack of validity or enforceability of any Senior Loan Documents; (2) any change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Loans, or any amendment or waiver or other modification, whether by course of conduct or otherwise, of the terms of the Senior Loan Documents; (3) any exchange, release or non-perfection of any security interest in any Collateral, or any release, amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Loans or any guarantee thereof; or (4) any other circumstances which otherwise might constitute a defense available to, or a discharge of, the Borrower in respect of the Senior Loans, or of any Subordinated Lender or the Borrower in respect of this Agreement. 3.2. Modifications to Subordinated Debt Loan Documents. Until the Senior Debt has Loans have been paid Paid in full, Full, and notwithstanding anything to the contrary contained in the Subordinated Debt Loan Documents, the Subordinated Creditor Lenders shall not, without the prior written consent of Senior Agent, amend, modify agree to any amendment, modification or supplement to the Subordinated Debt Documents. Loan Documents, other than amendments to the price at, or terms upon which, Subordinated Lenders may convert Subordinated Loans into Conversion Shares. Nothing herein, including the provisions of this Agreement pertaining to subordination of liens on the Collateral, shall be construed to imply Senior Agent's or Senior Lenders' consent to any Subordinated Loan Document which grants a lien upon any of the Collateral (other than the Subordinated Lender Lien). View More
Modification. 3.1. Modifications to (a) The Senior Debt Documents. Senior Lenders Lender may at any time and from time to time without the consent of or notice to the Subordinated Creditor, Initial Sub-debt Holders, without incurring liability to the Subordinated Creditor Initial Sub-debt Holders and without impairing or releasing the obligations of the Subordinated Creditor Initial Sub-debt Holders under this Agreement, change amend, modify or supplement the manner Senior Debt Documents in any manner, includ...ing any such amendment, modification or place supplement the effect of payment, which is to (a) increase or reduce the maximum principal amount of, or extend the time of payment of or renew or alter any of the terms Senior Debt or rate of interest (or cash pay rate of interest) on any of the Senior Debt, (b) change the dates upon which payments of principal or amend, supplement, restate, amend and restate interest on the Senior Debt are due, (c) change or otherwise modify in add any manner event of default or any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating covenant with respect to the Senior Debt. 3.2. Modifications Debt, (d) change any redemption or prepayment provisions of the Senior Debt, (e) alter the subordination provisions with respect to Subordinated the Senior Debt, including, without limitation, subordinating the Senior Debt to any other indebtedness, (f) take or perfect any other Liens or security interests in any assets of the Borrower other than the Senior Mortgage or (g) change or amend any other term of the Senior Debt Documents. (b) Until the Senior Debt has been indefeasibly paid in full, full in cash and all lending commitments under the Senior Debt Documents have terminated, and notwithstanding anything to the contrary contained in the Subordinated Debt Documents, the Subordinated Creditor Initial Sub-debt Holders shall not, without the prior written consent of Agent, amend, modify the Senior Lender, agree to any amendment, modification or supplement to the Subordinated Debt Documents. Documents the effect of which is to (a) increase the maximum principal amount of the Subordinated Debt or rate of interest (or cash pay rate of interest) on any of the Subordinated Debt, (b) change the dates upon which payments of principal or interest on the Subordinated Debt are due, (c) change or add any event of default or any covenant with respect to the Subordinated Debt, (d) change any redemption or prepayment provisions of the Subordinated Debt, (e) alter the subordination provisions with respect to the Subordinated Debt, including, without limitation, subordinating the Subordinated Debt to any other indebtedness, (f) take or perfect any other Liens or security interests in any assets of the Borrower other than the Subordinated Mortgage and the Subordinated Security Agreement or (g) change or amend any other term of 11 the Subordinated Debt Documents if such change or amendment would result in an Event of Default under the Senior Debt Documents, increase the obligations of the Borrower or confer additional material rights on the Initial Sub-debt Holders or any other holder of the Subordinated Debt in a manner adverse to the Borrower, or the Senior Lender. 11 Further Assurances. Each Party to this Agreement promptly will execute and deliver such further instruments and agreements and do such further acts and things as may be reasonably requested by any other Party hereto in writing that may be necessary or desirable to effect fully the purposes of this Agreement. View More
Modification. 3.1. 3.1 Modifications to Senior Debt Documents. Senior Lenders may may, with the consent of the Company, at any time and from time to time without the consent of or notice to the Subordinated Creditor, without incurring liability to the Subordinated Creditor and without impairing or releasing the obligations of the Subordinated Creditor under this Agreement, change the manner or place of payment, increase or reduce the amount of, payment or extend the time of payment of or renew or alter any of... the terms of the Senior Debt, or amend, supplement, restate, amend and restate or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. 3.2. Debt; provided, that, 13 without the prior written consent of Subordinated Creditor, Senior Lenders shall not (a) increase the aggregate principal amount of revolving or term loans that constitute the Senior Debt in excess of the limitation on such aggregate principal amount set forth in the definition of Senior Debt, (b) increase the rate of interest on any of the Senior Debt by more than 3.00%; provided, for avoidance of doubt, an increase in the rate of interest shall not be deemed to have occurred as a result of (A) fluctuations in any underlying rate indices and (B) the imposition of a default rate of interest at the rate set forth in and as permitted the Senior Credit Agreement as in effect on the date hereof, (c) amend or otherwise modify the definition of "Maturity Acceleration Event" in the Senior Credit Agreement, (d) amend or otherwise modify clause (i) of the definition of "Maturity Date" in the Senior Credit Agreement, (e) amend or otherwise modify clause (ii) of the first sentence of Section 7 of the Senior Credit Agreement in any manner that would render the covenants therein to be less restrictive on the Loan Parties, or (f) amend or otherwise modify any successor provisions to any of the foregoing or take any action that would be inconsistent with this Agreement. 3.2 Modifications to Subordinated Debt Documents. Until the Discharge of the Senior Debt has been paid in full, occurred, and notwithstanding anything to the contrary contained in the Subordinated Debt Documents, the Subordinated Creditor shall not, without the prior written consent of Agent, amend, modify agree to any amendment, modification or supplement to the Subordinated Debt Documents the effect of which is to (a) increase the maximum principal amount of the Subordinated Debt (other than in connection with the addition of Subordinated PIK Payments), (b) increase the rate of interest on any of the Subordinated Debt; provided, for avoidance of doubt, an increase in the rate of interest shall not be deemed to have occurred as a result of (A) fluctuations in any underlying rate indices and (B) the imposition of a default rate of interest at the rate set forth and as permitted in the Subordinated Credit Agreement as in effect on the date hereof, (c) change the dates upon which payments of principal or interest on the Subordinated Debt are due to an earlier date or in the case of interest, more frequent dates, (d) except as provided below, change or add any event of default or any covenant with respect to the Subordinated Debt, (e) change any redemption or prepayment provisions of the Subordinated Debt (other than extensions of the dates of any such redemptions or prepayments or waiver of any such redemption or prepayment request), (f) alter the subordination provisions with respect to the Subordinated Debt, (g) take any liens or security interests in any assets of any Loan Party to secure the Subordinated Debt, or (h) change or amend any other term of the Subordinated Debt Documents if such change or amendment would result in a Senior Default, or confer additional material rights on the Subordinated Creditor or any other holder of the Subordinated Debt in a manner adverse to any Loan Party or Senior Lenders; provided, however, that the Subordinated Creditor shall be permitted to amend or modify the Subordinated Debt Documents to modify or add covenants, defaults or other provisions, to the extent the corresponding provisions of the Senior Debt Documents have been amended or modified with cushions consistent with the cushions included in comparable covenants, defaults and other provisions in the Senior Debt Documents. View More
Modification. 3.1. 3.1 Modifications to Senior Debt Documents. Senior Lenders Agent may at any time and from time to time without the consent of or notice to the any Subordinated Creditor, without incurring liability to the any Subordinated Creditor and without impairing or releasing the obligations of the any Subordinated Creditor under this Agreement, change the manner or place of payment, increase or reduce the amount of, payment or extend the time of payment of or renew 6 or alter any of the terms of the ...Senior Debt, or amend, supplement, restate, amend and restate or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. 3.2. 3.2 Modifications to Subordinated Debt Documents. Until the Senior Debt has been paid Paid in full, Full, and notwithstanding anything to the contrary contained in the Subordinated Debt Documents, the no Subordinated Creditor shall not, shall, without the prior written consent of Senior Agent, amend, modify agree to any amendment, modification or supplement the to any Subordinated Debt Documents. Document which modifies the principal amount or maturity date of any Subordinated Debt or which is adverse in any manner to the interests of Senior Agent or any other Senior Lender. At any time and from time to time, without notice to any Subordinated Creditor, Senior Agent may take such actions in accordance with the terms of the Senior Credit Agreement with respect to the Senior Debt as Senior Agent, in its sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount, extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any Collateral securing the Senior Debt, and enforcing or failing to enforce any rights against any Credit Party or any other person. No such action or inaction shall impair or otherwise affect Senior Agent's rights hereunder. All rights and interests of Senior Agent under this Agreement, and all agreements and obligations of Subordinated Creditors and Borrower hereunder, shall remain in full force and effect irrespective of: (1) any lack of validity or enforceability of any Senior Debt Documents; (2) any change in the time, manner or place of payment of, or in any other term of, all or any of the Senior Debt, or any amendment or waiver or other modification, whether by course of conduct or otherwise, of the terms of the Senior Credit Agreement or any other Senior Debt Document; (3) any exchange, release or non-perfection of any security interest in any Collateral, or any release, amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Debt or any guarantee thereof; or (4) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the Senior Debt, or of any Subordinated Creditor or any Credit Party in respect of this Agreement. View More
Modification. 3.1. 3.1 Modifications to Senior Debt Documents. Senior Lenders Agent and the other Senior Lender Parties may at any time and from time to time without the consent of or notice to the Subordinated Creditor, without incurring liability to the Subordinated Creditor and without impairing or releasing the obligations of the Subordinated Creditor under this Agreement, change the manner or place of payment, increase or reduce the amount of, payment or extend the time of payment of or renew or alter an...y of the terms of the Senior Debt, or amend, supplement, restate, amend and restate or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing or securing or at otherwise relating to the Senior Debt. 3.2. Debt in accordance with the terms set forth in the Senior Debt Documents; provided that without the prior written consent of the Subordinated Creditor, the Senior Debt Documents shall not be amended so as to: (a) contravene the provisions of this Agreement; or (b) modify any provision of the Senior Debt Documents to further restrict the Borrower or any Company from making any payments under the Subordinated Debt Documents in addition to those in existence on the date hereof. 3.2 Modifications to Subordinated Debt Documents. Until the Senior Debt has been indefeasibly paid in full, full in cash and all lending commitments under the Senior Debt Documents have terminated, and notwithstanding anything to the contrary contained in the Subordinated Debt Documents, the Subordinated Creditor shall not, without the prior written consent of Senior Agent, amend, modify agree to any amendment, modification or supplement to the Subordinated Debt Documents. View More
Modification. 3.1. Modifications to Senior Debt Documents. Senior Agent and the Senior Lenders may at any time and from time to time without the consent of or notice to the Subordinated Creditor, without incurring liability to the Subordinated Creditor and without impairing or releasing the obligations of the Subordinated Creditor under this Agreement, change the manner or place of payment, increase or reduce the amount of, payment or extend the time of payment of or renew or alter any of the terms or increas...e the amount of any or all of the Senior Debt, or amend, supplement, restate, amend and restate or otherwise modify in any manner any agreement, note, guaranty or other instrument evidencing or securing or otherwise relating to the Senior Debt. Debt Document. 3.2. Modifications to Subordinated Debt Documents. Debt. Until all of the Senior Debt has been paid Paid in full, Full, and notwithstanding anything to the contrary contained in the Subordinated Debt Documents, the Subordinated Creditor shall not, without the prior written consent of the Senior Agent, amend, modify agree to any amendment, modification or supplement the to any Subordinated Debt Documents. Document. View More
