Loan Adjustments Sample Clauses
The Loan Adjustments clause defines the terms and conditions under which the terms of a loan, such as interest rates, repayment schedules, or principal amounts, may be modified during the life of the agreement. This clause typically outlines the circumstances that can trigger an adjustment, such as changes in market interest rates, borrower financial status, or regulatory requirements, and specifies the process for notifying parties and implementing changes. Its core practical function is to provide flexibility for both lender and borrower to respond to changing conditions, thereby reducing financial risk and ensuring the loan remains manageable and compliant over time.
Loan Adjustments. In accordance with Section 2.15(h) of the Credit Agreement, upon the incurrence of the Incremental Tranche B Revolver Increase, (x) each RL Lender immediately prior to such incurrence will automatically and without further act be deemed to have assigned to each Incremental Revolving Lender, and each such Incremental Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such RL Lender’s participations hereunder in outstanding Letters of Credit and Swingline Loans such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the aggregate outstanding (i) participations hereunder in Letters of Credit and (ii) participations hereunder in Swingline Loans held by each RL Lender (including each such Incremental Revolving Lender) will equal the percentage of the aggregate Revolving Loan Commitments of all RL Lenders represented by such RL Lender’s Revolving Loan Commitment and (y) if, on the Third Amendment Effective Date, there are any Revolving Loans outstanding, such Revolving Loans shall on or prior to the effectiveness of the Incremental Tranche B Revolver Increase be prepaid from the proceeds of Revolving Loans made under the Credit Agreement (reflecting such increase in Revolving Loan Commitments pursuant to the Incremental Tranche B Revolver Increase), which prepayment shall be accompanied by accrued interest on the Revolving Loans being prepaid and any costs incurred by any Lender pursuant to such prepayment in accordance with Section 2.11 of the Credit Agreement.
Loan Adjustments. If the loan is an adjustable rate, it is agreed by Owner that RMI is authorized and required to make loan adjustments in compliance with this Agreement. Until the principal and interest of each loan sold hereunder is paid in full, RMI warrants that it shall make loan adjustments in compliance with the loan contract and applicable regulatory lending requirements, and which reflect the movements of the applicable loan adjustment index, combination or indices or moving average of index values, formula or schedule. The applicable loan adjustments shall be implemented in accordance with applicable lending regulations and loan contract. RMI shall execute and deliver all appropriate notices required by the applicable lending regulations and loan contract regarding such loan adjustments including but not by way of limitation: timely notification to the Owner, or to the Owner's successors or assigns, of all applicable data and information regarding such adjustments, and new schedules of Owner's pro rata share of collections of principal and interest. If the Loan Debtor on any loan hereunder is in default at the time such notices are executed and delivered to such Loan Debtor, RMI shall timely execute and deliver to such Loan Debtor notice that all contractual rights under the applicable loan contract in regard to such default are reserved even though the loan in adjusted.
Loan Adjustments. In the event of any difference between either (i) the Direct Loan Balance as of the Closing Date and Nine Million Eight Hundred Ninety Four Thousand One Hundred Fifteen Dollars ($9,894,115) or (ii) the Co-Lender Loan Balance as of the Closing Date and Seventeen Million Three Hundred Eighty Three Thousand Five Hundred Eleven Dollars ($17,383,511), the Purchase Price shall be adjusted (the "Loan Adjustments") in the following manner :
(a) In the event the Direct Loan Balance is more than Nine Million Eight Hundred Ninety Four Thousand One Hundred Fifteen Dollars ($9,894,115), the Purchase Price shall be increased by the amount of such excess; and
(b) In the event the Direct Loan Balance is less than Nine Million Eight Hundred Ninety Four Thousand One Hundred Fifteen Dollars ($9,894,115), the Purchase Price shall be decreased by the amount of such deficiency;
(c) In the event the Co-Lender Loan Balance is more than Seventeen Million Three Hundred Eighty Three Thousand Five Hundred Eleven Dollars ($17,383,511), the Purchase Price shall be increased by the amount of such excess; and
(d) In the event the Co-Lender Loan Balance is less than Seventeen Million Three Hundred Eighty Three Thousand Five Hundred Eleven Dollars ($17,383,511), the Purchase Price shall be decreased by the amount of such deficiency.