This Loan Amendment Agreement is a simple form of agreement allowing changes to be made to an original loan agreement. These changes can be anything from simple administrative or information changes to more substantive changes such as increasing the amount of loan or extending the term of the loan.
Amendments are often required if a borrower is in breach of its obligations under the loan or is expecting to be in breach and notifies the lender as such. Such notification may result in both parties seeking to amend one or more term of the loan. If there are a large number of changes, from a purely practical perspective it may be preferable to draw up a completely new agreement.
Amendments must be made in accordance with any relevant provisions of the original loan agreement. Our amendment agreement dovetails with the relevant provision of our Long Form Loan Agreement .
This agreement assumes that there is no security in place.
This Loan Amendment Agreement contains the following clauses:
• Definitions & Interpretation
• Governing Law and Jurisdiction
NOTE: This document is not intended to be regulated by the Consumer Credit Act 1974 which requires that businesses that lend money to consumers must be licensed to do so by the OFT.
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