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First Amended and Restated Loan Agreement

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FIRST MODIFICATION OF AMENDED AND RESTATED TERM LOAN AGREEMENT AND ASSIGNMENT

This First Modification dated as of (the "Effective Date"), is by and among:

, a Delaware corporation ("DTC"), and , an Ontario corporation ("DTI"; collectively, the "Borrower"), the lenders identified on the signature pages hereto as Existing Lenders (the "Existing Lenders"), the Persons identified on the signature pages hereto as New Lenders (the "New Lenders", and together with the Existing Lenders, the "Lenders") and , as Agent for the Lenders.

W I T N E S S E T H:

WHEREAS, the Borrower has entered into an Amended and Restated Term Loan Agreement, dated as of (the "Term Loan Agreement"); and

WHEREAS, the parties to the Term Loan Agreement have agreed to amend the Term Loan Agreement as provided herein;

WHEREAS, the parties to the Term Loan Agreement and the New Lender have agreed that the New Lender shall become a party to the Term Loan Agreement by way of assignment by (the "Assigning Lender") of its Term Loans;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements hereinafter set forth, the parties hereto agree as follows:

SECTION 1. DEFINED TERMS. Capitalized terms used in this First Modification and not otherwise defined herein, shall have the meanings ascribed to them in the Term Loan Agreement.

SECTION 2. AMENDMENT TO DEFINITIONS. Section 1.1 of the Term Loan Agreement is hereby amended as follows:

(a) The following new definition is added in the alphabetically appropriate place:

"Dollars" and "$" shall mean dollars in lawful currency of the United States of America, unless otherwise specifically provided herein.

(b) The definition of "Term Loan" is hereby amended by deleting the word "7,750,000.08" and inserting the word "$7,500,000" in its place.

SECTION 3. AMENDMENTS TO TERM LOAN PROVISIONS. Section 2.1 (Term Loan) of the Term Loan Agreement is hereby amended as follows:

(a) Section 2.1(a) is hereby amended by deleting and inserting in its place.

(b) Section 2.1(b) is hereby amended by deleting and inserting in its place.

(c) Section 2.1(c) is hereby amended by deleting and inserting in its place.

SECTION 4. AMENDMENTS TO PAYMENT PROVISIONS. Section 3 of the Term Loan Agreement is amended as follows:

(a) Section 3.1 (Payments) is hereby amended by deleting the payment address and inserting:

All payments hereunder shall be made without setoff, deduction, counterclaim or withholding of any kind.

(b) Section 3.3 (Principal Payments) is hereby deleted in its entirety and replaced with the following principal payment schedule:

Borrower shall pay monthly installments of Principal in an amount equal to from through .

SECTION 5. AMENDMENTS TO TAX PROVISIONS. Section 12 (Taxes) of the Term Loan Agreement is hereby deleted in its entirety and replaced with the following:

All payments made by the Borrower under this Agreement, any Notes and any documents relating hereto shall be made free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any court, or governmental body, agency or other official, including interest, penalties and liabilities with respect thereto, excluding income taxes of the Lenders or the Agent ("Taxes").

If any such Taxes are required to be withheld from any amounts payable to the Agent or any Lender hereunder or under any Notes or other documents relating thereto, the Borrower shall withhold and remit such Taxes to the relevant authority, increase the amounts payable as necessary, and promptly send the Agent a certified copy of an official receipt showing payment.

SECTION 6. AMENDMENTS TO MISCELLANEOUS PROVISIONS. Section 13 of the Term Loan Agreement is hereby amended as follows:

(a) Section 13.2 (Governing Law; Waiver of Jury Trial) is hereby amended by inserting the following:

(b) A new section 13.3 is inserted following Section 13.2:

13.3 Arbitration.

Notwithstanding the provisions of Section 13.2 to the contrary, any dispute, claim or controversy arising out of, connected with or relating to this Agreement and the other documents executed in connection therewith shall be resolved by binding arbitration.

All arbitration hearings shall be conducted in . A hearing shall begin within days of demand and all hearings shall be concluded within days.

SECTION 7. RATIFICATION: EFFECT ON REVOLVING CREDIT AGREEMENT. The terms and conditions of the Loan Agreements and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed in all respects.

SECTION 8. REPRESENTATIONS AND WARRANTIES. The Borrower represents and agrees that it has no defenses, set-offs, or counterclaims of any kind with respect to the Obligations and that this First Modification has been duly authorized and executed.

SECTION 9. LOAN AGREEMENT REPRESENTATIONS AND WARRANTIES. The Borrower hereby certifies that the representations and warranties contained in the Loan Agreements, as amended herein, continue to be true and correct and that no Event of Default has occurred.

SECTION 10. CONDITIONS PRECEDENT TO EFFECTIVENESS OF MODIFICATION. It shall be a condition precedent to effectiveness that the Borrower shall have complied with each of the following:

(a) Executed Documents.

The Agent shall have received executed originals of this First Modification, Term Notes, and recorded modifications of the Mortgages.

(b) Certificates of Secretaries of the Borrower and Guarantors.

Certificates certifying resolutions and incumbency shall be delivered by the Secretary or Assistant Secretary of each entity.

(c) Certificates of Borrower and Guarantors.

Certificates signed by the Chief Executive Officer and Secretary of such entity shall be delivered.

(d) Opinion of Counsel to the Borrower and Guarantors.

The opinion of counsel dated the Effective Date shall be received.

(e) Modification of Revolving Credit Agreement.

All conditions to the Third Modification of Amended and Restated Revolving Credit Agreement and Assignment shall have been fulfilled.

SECTION 11. ASSIGNMENT AND ASSUMPTION. The Assigning Lender hereby sells and assigns, without recourse, to the New Lender, and the New Lender hereby purchases and assumes, without recourse, from the Assigning Lender, such interests in the Term Loans as shall be necessary to give effect to the reallocations.

SECTION 12. MODIFICATION TO FOREIGN EXCHANGE AGREEMENT. All references to the Term Loan Agreement shall refer to the Term Loan Agreement as modified herein, and the reference to shall be changed to .

SECTION 13. FEES. The Borrower agrees to pay to the Agent a fee in an amount equal to .

SECTION 14. PAYMENT OF EXPENSES. Borrower agrees to pay all fees and expenses of separate legal counsel for the Agent and the Lenders in connection with this First Modification.

SECTION 15. COUNTERPARTS. This First Modification may be executed in any number of counterparts which, when taken together, shall constitute one original.

SECTION 16. GOVERNING LAW; SEVERABILITY. This First Modification shall be governed by the law of the State of Florida.

SECTION 17. WAIVER OF TRIAL BY JURY. Each of the Borrower, the Agent and the Lenders hereby knowingly, voluntarily, irrevocably and intentionally waives the right it may have to a trial by jury in respect to any action, proceeding, counterclaim or other litigation based hereon.

SECTION 18. TITLES. The section titles contained in this First Modification are without substantive meaning or content and are not part of this First Modification.

IN WITNESS WHEREOF, the parties hereto have caused this First Modification to be executed as of the date first above written.

BORROWER:

DIXON TICONDEROGA COMPANY, a Delaware corporation

By:

Title:

DIXON TICONDEROGA INC., an Ontario corporation

By:

Title:

AGENT:

FIRST UNION COMMERCIAL CORPORATION, a North Carolina corporation, as Agent

By:

Title:

EXISTING LENDERS:

FIRST UNION COMMERCIAL CORPORATION, a North Carolina corporation, as a Lender

By:

Title:

BANKBOSTON, N.A., a national banking association

By:

Title:

NEW LENDER:

LASALLE BANK NATIONAL ASSOCIATION

By:

Title:

CONSENT

This Consent dated is delivered in connection with the First Modification. Each of the undersigned hereby confirms and agrees that the Guaranty previously executed by it is, and shall continue to be, in full force and effect.

DIXON EUROPE, LIMITED

By:

Title:

GRUPO DIXON, S.A. de C.V.

By:

Title:

VINCI de MEXICO, S.A. de C.V.

By:

Title:

VINCI MANUFACTURA, S.A. de C.V.

By:

Title:

COMERCIALIZADORA DIXON, S.A. de C.V.

By:

Title:

SERVIDIX, S.A. de C.V.

By:

Title:

DIXON INDUSTRIAL MEXICO, S.A. de C.V.

By:

Title:

DIXON TICONDEROGA de MEXICO, S.A. de C.V.

By:

Title:

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What the First Amended and Restated Loan Agreement Is

A First Amended and Restated Loan Agreement modifies and consolidates an earlier loan agreement by incorporating agreed amendments and restating terms in a single updated contract. It replaces the original agreement and any prior amendments, clarifies obligations, updates payment schedules, interest rates, covenants, collateral descriptions, and default remedies, and confirms continuing security interests. Parties commonly use this document when circumstances change materially (for example, refinancing, extending maturity, or revising covenants) and they prefer a single authoritative contract rather than a sequence of separate amendments.

Why Parties Use a First Amended and Restated Loan Agreement

A consolidated agreement reduces ambiguity by combining prior terms and amendments into one instrument, clarifying rights and obligations.

Why Parties Use a First Amended and Restated Loan Agreement

Typical Parties and Teams Involved

Lenders, borrowers, counsel, and loan servicers commonly prepare or review this agreement before execution.

  • Banks and credit unions handling commercial or syndicated facilities and requiring updated collateral and covenant terms.
  • Corporate borrowers restructuring debt, modifying maturity dates, or consolidating prior amendments into a single agreement.
  • Outside counsel and in-house legal teams who draft, approve, and certify amendments and restatements for enforceability.

Coordination among underwriting, legal, and operations teams reduces execution delays and downstream servicing issues.

Who Signs and Approves the Restatement

Lender Representative

Senior credit officer or authorized signatory for the lending institution. Responsible for credit approval, verifying collateral descriptions, and confirming authorized execution under bank delegations and internal approval matrices.

Borrower Signatory

Company officer or authorized agent (CEO, CFO, or designated officer) with corporate authority to bind the borrower. Must confirm board or member approvals if required by corporate governance documents.

Step-by-Step: Completing the Restated Agreement

Follow these steps in order to prepare, review, and execute a legally enforceable restated loan agreement.

  • 01
    Assemble Documents: Collect original agreement and all prior amendments for consolidation.
  • 02
    Negotiate Terms: Confirm new covenants, maturity, and collateral language with counsel.
  • 03
    Draft Restatement: Incorporate prior terms and mark replaced provisions clearly.
  • 04
    Execute and Deliver: Obtain authorized signatures and distribute executed originals to parties.

Typical Execution and Delivery Sequence

A clear signing and delivery workflow prevents execution gaps and ensures each party receives the final executed instrument.

  • Upload Document: Place the final restated agreement in the signing platform for setup.
  • Assign Signers: Add each party's signer details and signing order.
  • Authenticate Signers: Choose authentication method such as email link, SMS code, or stronger ID verification.
  • Record Distribution: Send executed copies and retain audit trail for each party and the loan file.

Key Elements Every Professional Restatement Should Include

Ensure the document clearly addresses identity, effective date, consolidated terms, collateral, defaults, and remedies to minimize later disputes and support servicing.

Identification

Full legal names and organizational identifiers for borrower, lender, servicer, and guarantors with entity type and jurisdiction to avoid ambiguity.

Recitals

Concise recital of prior agreements and intent to restate and consolidate all earlier amendments into one operative document.

Consolidated Terms

Interest, principal, repayment schedule, prepayment rights, and fee provisions restated in full to replace prior separate amendments.

Collateral and Security

Updated descriptions of collateral, perfection steps, UCC-1 filing references, mortgage exhibits, and lien priorities where applicable.

Covenants and Defaults

Affirmative and negative covenants, reporting obligations, and clear default definitions with cure periods and acceleration triggers.

Representations and Warranties

Current factual and legal assertions by borrower and guarantors, including no material adverse change clauses and parent guarantees if required.

Practical Tips for Accurate Completion

Apply consistent drafting practices and maintain a clear audit trail to reduce execution risk and support enforceability.

Use Clean Copy for Signatures
Provide a final, unmarked version for signatures. Avoid attaching redlined versions as the executed document unless both parties affirm it is the intended final text.
Confirm Authority to Sign
Obtain corporate resolutions or authorizing documents when an officer signs on behalf of an entity to verify binding authority.
Record Security Interests Promptly
If the restatement modifies collateral, record or amend UCC-1 or mortgage filings immediately to preserve priority.
Retain Execution Evidence
Keep signed originals or certified electronic copies with audit trail, IP, and timestamp for dispute resolution and regulatory review.

Common Dates and Deadlines to Track

Track effective, funding, notice, cure, and maturity dates to avoid unintended defaults or missed obligations.

Effective Date:

Date governing when restated terms commence.

Funding Date:

Date funds are disbursed under the restated facility.

Notice Deadlines:

Timeframes for default notices and cure rights.

Cure Period:

Specified days borrower has to remedy defaults.

Maturity Date:

Final repayment due date for the loan.

Common Preparation Pitfalls to Avoid

  • Failing to consolidate all prior amendments, leaving conflicting provisions that create interpretation disputes and enforcement delays.
  • Using inconsistent party names or outdated addresses, which can frustrate service, recording, or perfection of security interests.
  • Neglecting to update collateral descriptions or UCC filings, risking unsecured status or loss of priority on enforcement.
  • Omitting evidence of authority to sign, such as corporate resolutions, which can lead to challenges to the document's validity.

Legal and Financial Risks of an Incorrect Restatement

Default Acceleration: May trigger immediate repayment obligations and late fees.
Loss of Priority: Unperfected security interests risk being subordinated to other creditors.
Rescission Risk: Courts may unwind defective agreements in extreme cases.
Regulatory Exposure: Noncompliance with disclosure laws can prompt fines.
Tax Consequences: Material modifications can cause tax recognition events.
Litigation Costs: Errors increase the likelihood and cost of disputes.

Digital Workflow Settings for Online Completion

Configure a clear online workflow so each signer receives the correct fields and the platform records a full audit trail.

Field Configuration
Upload Document Use final PDF or Word DOCX as source file
Add Signers Enter names, emails, and signer roles
Authentication Choose email, SMS, or stronger ID verification
Routing Order Set signer sequence and conditional routing

Platform and Integration Considerations

Select a signing platform that supports secure audit trails, PKI-compatible signed PDFs, and integration with loan servicing systems.

  • File Formats: PDF, Word DOCX, and fillable form support
  • Integrations: Connectors for CRM and ERP systems like Salesforce and NetSuite
  • Security: AES-256 at rest and TLS 1.2/1.3 in transit

Confirm platform compliance requirements such as ESIGN/UETA support and any industry-specific standards before electronic execution.

Amendment Versus Restatement: Quick Comparison

Compare a standalone amendment with a full restatement to choose the best approach based on operational clarity and enforceability.

Criteria Amendment Restatement
Number of Documents one amendment added single consolidated contract
Clarity may leave prior text in force eliminates prior text conflicts
Operational Ease quicker for small changes better for major restructures
Preferred Use minor adjustments comprehensive term revisions

Real-World Examples of Electronic Execution

Organizations across industries use electronic signing platforms to execute restated loan agreements and maintain compliance with audit trails.

Optica Ventures LLC

Optica consolidated multiple lender amendments into a single restatement to simplify servicing and investor reporting.

  • The interface is simple and easy-to-use for our team.
  • The company reported faster counterparty execution and fewer servicing inquiries after centralizing loan documents into a single, electronically signed instrument.

Martin Properties

A commercial borrower used electronic signatures to obtain lender consents and finalize a restatement across multiple jurisdictions.

  • I can process and execute all of these documents online with 100% compliance.
  • The property firm avoided travel delays, reduced turnaround times, and maintained a complete audit trail for future refinancing due diligence.

FAQs: Execution and Common Issues

Answers to frequently asked questions about executing, validating, and storing a First Amended and Restated Loan Agreement.


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