Jump to Section
What is a Loan 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.
Loan amendments are permanent changes and can include items such as the loan's interest rate, changing the length of terms, and the repayment schedule. In addition, a loan amendment clearly outlines the new expectations of the loan agreement for both the borrower and the lender.
Common Sections in Loan Amendments
Below is a list of common sections included in Loan Amendments. These sections are linked to the below sample agreement for you to explore.
Loan Amendment Sample
Exhibit 10.1
Amendment to Loan Agreement
This Amendment to Loan Agreement (the “Amendment”) is made and entered into between inContact, Inc. (“Borrower”) and Zions First National Bank (“Lender”).
Recitals
1. Borrower and Lender have entered into a Loan Agreement dated July 16, 2009 (the “Loan Agreement”).
2. Borrower and Lender desire to modify and amend the Loan Agreement as provided herein.
Amendment
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower hereby agree and amend and modify the Loan Agreement as follows:
1. Definitions. Except as otherwise provided herein, terms defined in the Loan Agreement shall have the same meaning when used herein. Terms defined in the singular shall have the same meaning when used in the plural and vice versa.
2. Amendments. The Loan Documents are hereby modified and amended as follows:
(a) Section 1.1 Definitions of the Loan Agreement is amended as follows:
(i) Delete the definition of “Adjusted EBITDA.”
(ii) Delete the definition of “R&D Costs.”
(b) Section 6.14(a) Minimum Adjusted EBITDA of the Loan Agreement is deleted and replaced in its entirety with the following:
a. Minimum EBITDA. Borrower shall maintain a minimum EBITDA, measured as of the last day of each quarter, as follows:
Period Ending |
Amount | ||
Effective Date through December 31, 2010 |
$ | 1,000,000.00 | |
March 31, 2011 and thereafter |
$ | 1,500,000.00 |
3. References. Each reference in the Loan Documents to any of the Loan Documents shall be deemed to be a reference to such documents as modified hereby.
4. Borrower Covenants. Borrower covenants with Lender as follows:
(a) Borrower shall execute, deliver, and provide to Lender such additional agreements, documents, and instruments as reasonably required by Lender to effectuate the intent of this Amendment.
(b) Borrower hereby fully, finally, and forever releases and discharges Lender and its successors, assigns, directors, employees, agents, and representatives from any and all actions, causes of action, claims, debts, demands, liabilities, obligations, and suits of whatever kind or nature, in law or equity, that Borrower has or in the future may have, whether known or unknown, arising from or relating to the Loan, the Loan Documents, or the actions or omissions of Lender in respect to the Loan or the Loan Documents arising from events, acts or omissions occurring prior to the date hereof.
5. Payment of Expenses and Attorneys Fees. Borrower shall pay all reasonable expenses of Lender relating to the negotiation, drafting of documents, and documentation of this Amendment, including, without limitation, all reasonable attorneys fees and legal expenses. Lender is authorized and directed to disburse a sufficient amount of the Loan proceeds to pay these expenses in full.
6. Agreement Remains in Full Force and Effect. The Loan Documents are ratified and affirmed by Borrower and shall remain in full force and effect as modified hereby. Any property rights or rights to or interests in property granted as security in the Loan Documents shall remain as security for the Loan and the obligations of Borrower in the Loan Documents.
7. Integrated Agreement; Amendment. This Amendment, together with the Loan Agreement and the Loan Documents, constitutes the entire agreement between Lender and Borrower concerning the subject matter hereof, and may not be altered or amended except by written agreement signed by Lender. PURSUANT TO UTAH CODE SECTION 25-5-4, BORROWER IS NOTIFIED THAT THESE AGREEMENTS ARE A FINAL EXPRESSION OF THE AGREEMENT BETWEEN LENDER AND BORROWER AND THESE AGREEMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY ALLEGED ORAL AGREEMENT.
All other prior and contemporaneous agreements, arrangements, and understandings between the parties hereto as to the subject matter hereof are, except as otherwise expressly provided herein, rescinded.
This Amendment and the Loan Agreement shall be read and interpreted together as one agreement.
- 2 -
Date: February 22, 2010.
Lender: | ||
Zions First National Bank | ||
By: | /s/ Thomas C. Etzel | |
Name: | Thomas C. Etzel | |
Title: | Senior Vice President | |
Borrower: | ||
inContact, Inc. | ||
By: | /s/ Paul Jarman | |
Name: | Paul Jarman | |
Title: | CEO |
- 3 -
Reference:
Security Exchange Commission - Edgar Database, EX-10.1 2 dex101.htm AMENDMENT TO LOAN AGREEMENT, Viewed October 19, 2021, View Source on SEC.
Who Helps With Loan Amendments?
Lawyers with backgrounds working on loan amendments work with clients to help. Do you need help with a loan amendment?
Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate loan amendments. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.
Meet some of our Loan Amendment Lawyers
September 6, 2023
Kim G.
Attorney and mediator with extensive experience in negotiating, drafting, and managing contracts in the private, public, and nonprofit sectors.
September 6, 2023
Michael C.
40+ years handling litigation matters for employers and employees, defense and prosecution of personal injury matters, CalOsha defense, prepare employment contracts, non-compete clauses, established drug policies and franchise agreements. represented banks in commercial litigation , asset retrieval matters. conducted audits of insurance company claims on behalf of employers, defended contractors in toxic tort cases, handled appeals to the insurance commissioner on workers compensation rate classification matters
September 6, 2023
Christian D.
Christian Davila received his Juris Doctorate from St. Mary’s University and becoming a member of the State Bar of Texas in 2013. Before law school, he studied at Texas A&M International University (TAMIU), and participated in multiple programs across various fields of study, including the University of Texas Medical Branch-School of Medicine’s “Early Medical School Acceptance Program,” and the Hispanic Association of Colleges & Universities’ “National Internship Program” at the Library of Congress in Washington, D.C. Christian’s legal experience includes criminal law (both prosecution and defense), family law, transactional law, business litigation, real estate litigation, and general civil litigation. Christian was previously in-house counsel for a multi-million dollar apartment construction and management company, handling all property acquisition, document drafting, negotiations, and litigation. Christian is a former member of the American Association for Justice (formerly the Association of Trial Lawyers of America), and he has been distinguished by the National Trial Lawyers as one of their TOP 40 Civil Plaintiff attorneys in Texas UNDER 40 years old. He likes weightlifting, reading comicbooks, and being silly with his kids in his spare time.
September 6, 2023
Kahlee S.
I opened Hestia Legal when I was 6 months pregnant with the focus on educating and assisting families in my community. While the majority of my practice revolves around Estate Planning, I have a history of experience with contract and general business agreement drafting, discovery drafting, and general litigation document drafting.
September 6, 2023
Nadir C.
I am a licensed attorney in Illinois, I am currently a Regulatory Compliance Analyst.
September 11, 2023
Torrey L.
Torrey Livenick, Esq. is a fourth generation Colorado lawyer. Although she was born in California and raised in Nevada, she spent every summer in Colorado and knew she planned to make Denver her home. After graduating from Bryn Mawr College with a degree in Classical Culture and Society, she returned to Las Vegas to work as a paralegal. Once she spent five years building her skills and confirming her interest, she attended Emory University School of Law. Torrey’s interests include trivia (she even was a contestant on Jeopardy! during her law school days), video games, playing with her cats, and the arts. She is active in pro bono organizations including Metro Volunteer Lawyers.
September 6, 2023
Peter H.
Haber Law Firm, APC, is a transactional business law firm with a focus on small/mid-market business purchases and sales, outside general counsel, and start-up assistance for businesses in their early stages. Peter Haber started Haber Law Firm, APC after several years as a legal executive at Popcornopolis, a gourmet popcorn brand sold at groceries and stadiums nationwide. In this role, Peter served as the company’s sole in-house legal advisor as it related to all functions of the company’s operations, including dispute resolution, compliance, and employment law, to name a few. With his help and guidance, the company relocated its entire corporate and manufacturing operation, developed a new factory and warehouse, and was successfully acquired by private equity. Prior to this, Peter was a litigator and business attorney with distinguished Los Angeles litigation boutiques. Such matters included the representation of numerous businesses in litigation and in the resolution of pre-litigation disputes as well as the representation of professionals in liability defense matters, including hospitals, physicians, and brokers.
Find the best lawyer for your project
Browse Lawyers NowHow It Works
Financial lawyers by top cities
- Austin Financial Lawyers
- Boston Financial Lawyers
- Chicago Financial Lawyers
- Dallas Financial Lawyers
- Denver Financial Lawyers
- Houston Financial Lawyers
- Los Angeles Financial Lawyers
- New York Financial Lawyers
- Phoenix Financial Lawyers
- San Diego Financial Lawyers
- Tampa Financial Lawyers
Loan Amendment lawyers by city
- Austin Loan Amendment Lawyers
- Boston Loan Amendment Lawyers
- Chicago Loan Amendment Lawyers
- Dallas Loan Amendment Lawyers
- Denver Loan Amendment Lawyers
- Houston Loan Amendment Lawyers
- Los Angeles Loan Amendment Lawyers
- New York Loan Amendment Lawyers
- Phoenix Loan Amendment Lawyers
- San Diego Loan Amendment Lawyers
- Tampa Loan Amendment Lawyers
related contracts
- Accredited Investor Questionnaire
- Adverse Action Notice
- Bridge Loan
- Bridge Loan Contract
- Collateral Assignment
- Commercial Loan
- Convertible Bonds
- Convertible Note
- Convertible Preferred Stock
- Cumulative Preferred Stock
other helpful articles
- How much does it cost to draft a contract?
- Do Contract Lawyers Use Templates?
- How do Contract Lawyers charge?
- Business Contract Lawyers: How Can They Help?
- What to look for when hiring a lawyer
Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.
View Trustpilot ReviewContracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.
View Trustpilot ReviewI never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.
View Trustpilot ReviewI got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.
View Trustpilot Review