This overview is a guide to the Banking & Finance content within the Amendments, waivers and consents subtopic, with links to appropriate materials.
During the term of a facility, the borrower's financial position is likely to fluctuate or its business plans change. This may cause the borrower to want to revisit the terms of the finance documents. In some cases the borrower might want a permanent change to the terms of the finance documents. In others, the borrower will only need a temporary variation or a consent to do something prohibited by the finance documents.
At a basic level, any variation from the terms of a facility agreement will need an amendment, waiver or consent by the lender(s).
Waivers and amendments will both need lender consent. This is likely to be a straightforward process on a bilateral facility agreement, but more complex on a syndicated transaction. Syndicated facility agreements based on Loan Market Association (LMA) documentation, envisage variations to any finance document to constitute either an amendment or waiver.
Separately, certain facility agreements are drafted so as to permit
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