Amendment to Section 2.06(a) Clause Samples
The "Amendment to Section 2.06(a)" clause serves to modify the original terms outlined in Section 2.06(a) of an agreement. This amendment may involve changing deadlines, adjusting payment terms, or clarifying obligations previously set forth in that section. By formally updating the relevant section, the clause ensures that all parties are operating under the most current and mutually agreed-upon terms, thereby reducing confusion and maintaining contractual clarity.
Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement is deleted and replaced with the following:
Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement is hereby amended to add the following sentence immediately after the first sentence therein: “Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Material Subsidiary, the Borrowers shall be obligated to reimburse the applicable Issuing Bank hereunder for any and all drawings under such Letter of Credit; provided that the obligation of the Borrowers to reimburse the applicable Issuing Bank for any and all drawings under any Letter of Credit that was issued in support of any obligations of, or is for the account of a Material Subsidiary that is a Foreign Subsidiary, shall only apply to a Borrower that is a Foreign Loan Party. Each Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Material Subsidiary inures to the benefit of such Borrower, and that such Borrower’s business derives substantial benefits from the business of such Material Subsidiary.”
Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement is hereby amended by deleting “described in Section 7.01(a)”.
Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement is hereby amended by adding a new sentence immediately following the last sentence in such section as follows: To the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in) a rate that is less than zero, such rate shall be deemed zero for purposes of this Agreement.