Amendment and Restatment Sample Clauses
The Amendment and Restatement clause defines the process by which an existing agreement can be formally modified and reissued in a revised form. Typically, this clause requires that any changes to the original contract be documented in writing and agreed upon by all parties, after which the amended and restated agreement supersedes the prior version. This ensures that all modifications are clearly incorporated into a single, updated document, reducing confusion and providing a definitive reference for the parties' current rights and obligations.
Amendment and Restatment. The Amended and Restated Term B Loan Notes and the provisions of this Agreement relating to the Term B Loans evidenced thereby shall be an amendment, renewal, extension and restatement of the terms and provisions governing the repayment of the indebtedness evidenced by that certain Promissory Note dated August 14, 2012 in the original principal amount of $12,000,000.00 (the “Prior Note”), executed by Peerless, payable to the order of PMFG, which Prior Note has been assigned to each of the Lenders pursuant to that certain Assignment of Note and Deed of Trust (the “Assignment”) dated of even date herewith by PMFG in favor of Administrative Agent to be recorded in the Real Property Records of ▇▇▇▇▇▇ County, Texas (the “Records”). In accordance with such amendment, renewal, extension and restatement, each party hereto acknowledges and agrees that (a) the Obligations (as defined in this Agreement) represent, among other things, the restatement, renewal, amendment, extension and modification of the indebtedness evidenced by the Prior Note; (b) the indebtedness evidenced by the Prior Note shall be renewed by and continued in full force and effect in accordance with the terms and conditions of this Agreement and the Amended and Restated Term B Loan Notes and shall not be extinguished except that the original principal amount of the Prior Note shall hereby be reduced such that the aggregate principal amount of the Amended and Restated Term B Loan Notes shall equal the Term B Loan Commitments of the Lenders; (c) the entering into and performance of their respective obligations under the Loan Documents and the transactions evidenced hereby do not constitute a novation nor shall they be deemed to have terminated, extinguished or discharged the Indebtedness under the Prior Note, all of which Indebtedness shall continue under and be governed by this Agreement and the other Loan Documents, and (d) the Obligations, including the Obligations evidenced pursuant to the Amended and Restated Term B Loan Notes, shall be secured by the liens and security interest of that certain Deed of Trust with Assignment of Rents, Security Agreement and Financing Statement executed by Peerless to ▇▇▇▇▇ ▇▇▇, as trustee, for the benefit of PMFG, dated as of August 14, 2012, and recorded on August 16, 2012 as Document No. 2012-90493 in the Records, as assigned to Administrative Agent (for the benefit of Lenders) by the Assignment, as amended and restated in its entirety by that certain Amended ...