The eleventh amendment and waiver to loan agreement is a legal contract that establishes an amended relationship between the loan borrower and the bank. The eleventh amendment amends and modifies the loan agreement with the following modified terms:
Due to the loan borrowing organization’s inability to satisfy the terms of loan agreement and their financial instability, certain restrictive covenants are waivered off.
Loan borrowing organization’s line of credit is increased by certain percentage by modifying the terms of loan agreement that are subject to base borrowing calculations
Due to aforementioned benefits extended to the borrower, the lending institution enhances the rate of interest by a small percentage on the due loan amount
The eleventh amendment and waiver to loan agreement requires the borrowing company to appoint a financial consultant who shall work with the management of the organization to analyse the cash and operations management, and work on performance improvement plans.
Eleventh Amendment and Waiver to Loan Agreement
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