Covenant Amendment Clause Samples
A Covenant Amendment clause defines the process and requirements for modifying the covenants—promises or obligations—set forth in an agreement. Typically, this clause specifies who must consent to any changes, such as requiring written approval from all parties or a specified majority, and may outline the formal steps needed to enact an amendment. Its core function is to provide a clear, agreed-upon mechanism for updating the terms of the agreement, thereby ensuring that any changes are deliberate, documented, and mutually accepted, which helps prevent disputes over unauthorized or informal modifications.
Covenant Amendment. Section 7.3 of the Loan Agreement is hereby amended in its entirety to read as follows:
Covenant Amendment. This covenant may be amended or expanded with such proposals to be presented via a meeting with representative of the Guest Church and the Session of the Host Church. All such proposals shall require mutual approval. All mutually approved amendments will be attached in writing to the original Covenant Agreement. Copies of any Covenant Amendments will be provided to all parties.
Covenant Amendment. (a) Section 6.01 of the Credit Agreement is hereby amended to add the following subsection:
Covenant Amendment. Section 5.6 of the Loan Agreement is hereby amended to add a new subsection (f) to read in its entirety as follows:
Covenant Amendment. Section 5.15(b) of the Credit Agreement is amended to read in its entirety as follows:
Covenant Amendment. Notwithstanding anything to the contrary set forth in Sections 11 (e), 11 (f) and 11 (h) hereof, (i) upon the occurrence of two consecutive Measurement Periods for which the Guarantor's Fixed Charge Coverage Ratio equals or exceeds 3.5:1.0 as shown in the Compliance Certificates delivered in respect of such Measurement Periods, then automatically without any further notice to or by any party, (A) the terms and provisions of Section 11(f) hereof shall immediately have no further force or effect, the Guarantor having no further obligation to comply with the terms thereof and (B) the required Fixed Charge Coverage Ratio for each remaining Measurement Period set forth in Section 11(e) hereof shall immediately be amended to be 3.5:1.0 and (ii) upon the occurrence of any one Measurement Period for which the Guarantor's Fixed Charge Coverage Ratio equals or exceeds 3.5:1.0, as shown in a Compliance Certificate delivered in respect of such Measurement Period, then automatically without any further notice to or by any party, the terms and provisions of Section 11(h) hereof shall immediately have no further force or effect, the Guarantor having no further obligation to comply with the terms thereof.
5. Section 11(h) of the Guaranty is hereby renumbered as Section 11(k) and new Sections 11(h), 11(i) and 11(j) are hereby added to Section 11 of the Guaranty as follows:
Covenant Amendment. The Borrower will furnish to the Administrative Agent by no later than (i) August 31, 2006, a set of financial projections for the Borrower and its Consolidated Subsidiaries for the fiscal year ending in January 2008, which projections shall be in form and substance reasonably satisfactory to the Administrative Agent and (ii) October 31, 2006 the Covenant Amendment duly executed and delivered by the Borrower, the Administrative Agent and the Required Lenders."