Amendment to the Note. The Note is hereby amended as follows:
Amendment to the Note. Subject to the satisfaction of each condition precedent set forth in Section 2, and in reliance on the representations, warranties, covenants and agreements contained in this Agreement, the Note shall be amended effective as of the Amendment Effective Date as follows:
Amendment to the Note a. Section 5 of the Note is deleted and replaced in its entirety with the following:
Amendment to the Note. The definition of “Maturity Date” in Section 1.1 of the Note is hereby deleted in its entirety and replaced with the following:
Amendment to the Note. In consideration of the mutual promises herein, the Note shall be amended so that all outstanding principal of this Note ($375,000) and interest that has heretofore accrued or hereafter accrues, on such Note shall become due and payable in a single balloon payment on the 26th day of September 2013, nothwithstanding anything else provided in the Note.
Amendment to the Note. The Note is hereby amended and restated in the form attached hereto as Exhibit B.
Amendment to the Note. The Note is hereby amended and restated in its entirety in the form attached as Annex A hereto.
Amendment to the Note. (a) Subsection 6.15 of the Note Purchase Agreement is amended by deleting the paragraph in its entirety and substituting in lieu therefor the following: The Company shall maintain the financial covenants specified in Schedule 6.15.
Amendment to the Note. (a) Section 5 of the Note is hereby amended by adding a new Section 5(d) as follows:
Amendment to the Note. The Note is hereby amended to provide that the maturity date shall be ON DEMAND. However, Bank agrxxx that in the absence of the occurrence of an Event of Default, Bank will not demand payment before June 30, 2001. Note is further amended to provide that Borrower shall make mandatory payments in the amount of Four Hundred Thousand Dollars ($400,000.00) on February 15, 2001 (the "First Mandatory Payment"), One Hundred Thousand Dollars ($100,000.00) on April 15, 2001 (the "Second Mandatory Payment"), One Hundred Thousand Dollars ($100,000.00) on May 15, 2001 (the "Third Mandatory Payment")and One Hundred Thousand Dollars ($100,000.00) on June 15, 2001 (the "Fourth Mandatory Payment"). Borrower shall also make mandatory weekly payments in the amount of Ten Thousand Dollars ($10,000.00), commencing on February 9, 2001 and continuing on the Friday of each week thereafter to be applied to sums due under the Note in the sole discretion of the Bank (the "Mandatory Weekly Payments"). In addition, Borrowers shall make a $5,000.00 payment on each of March 2, 2001 and March 30, 2001, which shall be in addition to the Mandatory Weekly Payments for these dates. At Closing Borrower will pay Bank the sum of Sixteen Thousand One Hundred Seventy Five Dollars ($16,175.00), reflecting past due payments for the month of January, 2001. Notwithstanding the foregoing, Borrower shall make an additional payment each month to ensure that the total payment for the month is equal to the greater of (a) total monthly interest payments payable under the Note for any month plus the required payment of Borrower under paragraph 5(d) of the Amendment to pay to Bank Fifty Percent (50%) of its cash flow, or (b) the total of the Mandatory Weekly Payments for that month. Notwithstanding the foregoing, Borrower shall be deemed to have complied with the provisions of Section 5 hereof relating to the First, Second, Third, and Fourth Mandatory Payment, provided Borrower delivers to Bank an aggregate of cash and stock subscription agreements satisfactory to Bank providing for identifiable and dedicated accounts for payment of obligations under said subscription agreements for each amount required, and provided all subscription agreements are funded within two weeks of the date set forth herein for such payments.
