The amended and restated credit agreement is a contractual pact between the bank and the borrower. According to this, both the bank and the borrower agree to amend and restate the existing credit agreement and to replace the existing line of credit. The bank also decides to extend a revolving loan to the borrower. The borrower may also repay the outstanding borrowings from time to time, as per the respective terms and conditions depicted in the agreement.
The bank also takes hold of some of the assets of the borrowers, as a security deposit in return of the loan amounts being sanctioned to the borrower. In this context, the bank agrees to the existing mortgage and patent security agreement rules. All the legal matters associated with the amended and restated credit agreement should be authorized by the Bank Cousel. The whole agreement is drafted by the finance attorney and the amended credit agreement should be duly signed by the respective authorities.
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