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.
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