Modification of Second Lien Loan Documents Sample Clauses
The "Modification of Second Lien Loan Documents" clause governs how changes can be made to the agreements and terms associated with second lien loans. Typically, this clause outlines the process for amending, waiving, or supplementing the second lien loan documents, often requiring the consent of certain parties such as the first lien lender or a majority of second lien holders. For example, it may specify that no material changes to interest rates, repayment terms, or collateral rights can be made without prior approval from specified stakeholders. The core function of this clause is to protect the interests of all parties involved by ensuring that significant modifications to the second lien loan documents cannot be made unilaterally, thereby maintaining the agreed-upon risk and priority structure.
Modification of Second Lien Loan Documents. The Loan Parties shall not amend, supplement or otherwise modify in any manner any of the terms or provisions contained in, or applicable to, any Second Lien Loan Documents, unless (a) a fee of no more than 50 basis points is payable to the lenders under the Second Lien Loan Documents, (b) such amendment, supplement or modification is permitted by the Intercreditor Agreement, and (c) the sole purpose of any such amendment, supplement or other modification is one or more of the following: (i) to extend the date or reduce the amount of any required repayment, prepayment or redemption of the principal of the loans under the Second Lien Loan Documents, (ii) to reduce the rate or extend the date for payment of the interest, premium (if any) or fees payable on the Second Lien Loan Documents or (iii) to make the covenants, events of default or remedies in the Second Lien Loan Documents less restrictive on the Borrower, provided that this Section 8.17 shall not apply to any amendments, supplements or modifications that are required by the terms of the Second Lien Loan Documents.
Modification of Second Lien Loan Documents. Amend, supplement or otherwise modify in any manner any of the terms or provisions contained in, or applicable to, any Second Lien Documents, unless (a) no fee is payable to the lenders under the Second Lien Loan Documents and (b) the sole purpose of any such amendment, supplement or other modification is one or more of the following: (i) to extend the date or reduce the amount of any required repayment, prepayment or redemption of the principal of the loans under the Second Lien Loan Documents, (ii) to reduce the rate or extend the date for payment of the interest, premium (if any) or fees payable on the Second Lien Loan, as applicable, or (iii) to make the covenants, events of default or remedies in the Second Lien Loan Documents less restrictive on the Borrower or its Subsidiaries.
Modification of Second Lien Loan Documents. The Borrower shall not, nor shall it permit any Subsidiary of the Borrower to, (a) alter, rescind, terminate, amend, supplement, waive or otherwise modify any provision of any Second Lien Loan Document (except as permitted by the Intercreditor Agreement) or (b) permit any breach or default to exist under any Second Lien Loan Document or take or fail to take any action thereunder, if to do so would have a Material Adverse Effect. CREDIT AGREEMENT KNOLOGY, INC.
Modification of Second Lien Loan Documents. Amend, supplement or otherwise modify in any manner any of the terms or provisions contained in, or applicable to, any Second Lien Loan Documents, to the extent any such amendment, modification or change is not permitted under the terms of the Intercreditor Agreement.