An Amended and Restated Agreement is a contractual document that consolidates and replaces a previously existing agreement and all its subsequent amendments, modifications, or supplements, creating a new, integrated, and updated agreement. The concept is generally reflected in the introductory language (the preamble/recitals) and sometimes in a specific section of the contract, especially when a prior agreement is being replaced. It’s more about how the entire agreement is framed, rather than a standalone boilerplate clause.
Amended and Restated Agreements are particularly important in long-term contracts, complex agreements, or situations where multiple amendments or modifications have been made over time, necessitating consolidation and clarification.
Usually referred to as 'Amend and restate', 'No novation clause' or 'Restated loan agreement'
Why does it matter?
One source of truth: Replaces a messy stack of amendments with one readable document
Transaction efficiency: Saves diligence time for investors, auditors, and acquirers.
Risk control: Well-drafted “no-novation” language preserves liens and avoids inadvertent release of guarantees.
Regulatory & lender comfort: Many lending and fund-governing documents require a restated version once amendments hit a materiality threshold.
Contract types where an A&R version is common (and often mandatory):
Common structures and market practices:
A carefully drafted Amended and Restated agreement includes:
Identification of Prior Agreement Clearly identifying the original agreement being amended and restated is crucial to avoid confusion. Include the name of the original agreement, date of execution, parties involved, and references to any prior amendments.
Example: “This Amended and Restated Agreement is made effective as of [Date], by and between [Party A] and [Party B], and amends and restates in its entirety the [Original Agreement] dated [Original Date].”
Drafting Tip: Ensure all parties and the original execution date match official records so there is a clear chain of documentation.
Incorporation of Prior Terms Specify which provisions from the original agreement carry forward and how they integrate into the amended text. This prevents omissions or unintentional deletions of operative clauses.
Example: “All terms and conditions of the Original Agreement remain in full force and effect, except as expressly modified herein.”
Drafting Tip: Use consistent numbering systems or cross-references to link new content to the original agreement, reducing the risk of contradictory clauses.
New or Amended Terms Clearly set out the new or revised provisions, making it evident how they differ from the original text. This highlights the changes for the parties and helps future readers see the updated obligations.
Example: “Section 2 is hereby deleted in its entirety and replaced with the following…”
Drafting Tip: Mark changes with headings like “Amendment to Section 2” or “Addition of Section 3.1” to draw attention to the revised language.
Superseding Effect State that the amended and restated agreement fully replaces prior versions to avoid parallel obligations or conflicting provisions.
Example: “This Amended and Restated Agreement supersedes and replaces the Original Agreement and any amendments thereto in their entirety.”
Drafting Tip: If certain older clauses still apply (e.g., transitional clauses), explicitly exempt them from being superseded.
Effective Date and Transition Define the date on which the new terms take effect. Clarify any necessary procedures or timelines for parties to implement the changes.
Example: “This Amended and Restated Agreement shall become effective on [Date]. The parties shall continue to perform their obligations under the Original Agreement until the Effective Date.”
Drafting Tip: Align the effective date with external obligations (e.g., regulatory deadlines, operational changes) to ensure a smooth transition without gaps in performance.
Drafter's notes:
Some examples of an Amended and Restated clause language:
Loan Agreement:This Agreement amends and restates, in its entirety, and replaces, the Prior Loan Agreement. This Agreement is not intended to, and does not, novate the Prior Loan Agreement and Borrower reaffirms that the existing security interest created by the Prior Loan Agreement is and remains in full force and effect. In addition, the amendment and restatement of the Prior Loan Agreement pursuant to this Agreement is not intended to amend the existing terms of any other Loan Document delivered in connection with the Prior Loan Agreement nor to terminate any such Loan Document, and no amendment or termination of any such Loan Document shall be deemed to have occurred unless set forth in a separate agreement or other document between Borrower, Agent, and the Lenders.
Credit Agreement: This Amended and Restated Credit Agreement, dated [Effective Date], is entered into by and among [Borrower], [Lenders], and [Agent], and amends and restates in its entirety the Credit Agreement dated [Original Agreement Date], as previously amended by [list of prior amendments].
Loan Agreement: The terms and provisions of this Agreement amend and restate in their entirety the terms and provisions of the Prior Agreement. Provided, however, it is intended that the increase in the amount of the Revolving/Term Loan be treated as an increase of an existing credit facility and not as a new or distinct loan. Accordingly all deeds of trust, mortgages, liens, security interests, assignments and other pledges securing the indebtedness secured by and described in the Prior Agreement are hereby ratified, extended and confirmed as security for the indebtedness evidenced and secured by this Agreement which indebtedness is only an increase of the indebtedness secured by and described in the Prior Agreement.
Shareholders' Agreement: This Amended and Restated Shareholders' Agreement, effective as of [Effective Date], is made by and among the undersigned Shareholders and amends and restates in its entirety the Shareholders' Agreement dated [Original Agreement Date], as amended from time to time.
Software License Agreement: This Amended and Restated Software License Agreement, dated [Effective Date], is entered into by and between [Licensor] and [Licensee], and supersedes and replaces the Software License Agreement dated [Original Agreement Date], as well as all prior amendments, modifications, and supplements thereto.
Jurisdiction specific notes:
U.S.: Very common in financing transactions (e.g. “Second Amended and Restated Credit Agreement”). Legally, an amended and restated agreement is typically interpreted as a continuation of the original, not an entirely new contract, unless stated otherwise. This can matter for things like lien priority or contract numbering.
U.K.: Also used, though sometimes they prefer a “Restatement Agreement.” In both, ensure execution formalities are observed (if original was by deed, the restatement may need to be a deed).
Other: Notably, if there’s a reference in other documents to the original agreement, drafters often include language: “All references to the Original Agreement in any other document shall be deemed to refer to the Agreement as amended and restated hereby.”
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