Modified Loan Sample Clauses
A Modified Loan clause defines the terms and conditions under which an existing loan agreement may be altered or amended. This clause typically outlines the process for making changes to key loan provisions such as interest rates, repayment schedules, or collateral requirements, often requiring mutual consent from both lender and borrower. By establishing a clear framework for modifications, the clause ensures that any adjustments to the loan are documented and agreed upon, thereby reducing the risk of disputes and maintaining the enforceability of the loan agreement.
Modified Loan. At the Effective Date the Investor shall increase the outstanding balance of its loan to the Company under the Old Note from US$7,315,000.00 to US$8,315,000.00 by wire transfer to the account of the Company at its bank in Austin, Texas, an additional US$1,000,000.00, and extend the loan maturity date to June 30, 2013. The combined new principal balance of the loan from the Investor to the Company shall be evidenced by the New Note in substantially the form attached hereto as Annex "A" made a part hereof for all purposes.
Modified Loan. The Agency shall provide the Borrower a Modified Loan in the principal amount of Sixty Four Thousand Two Hundred Sixty One Dollars ($64,261). The Borrower's obligation to repay the Modified Loan shall be evidenced by the Promissory Note.
Modified Loan. At the time of the consummation of the purchase and sale transaction described in Section 1 above, (i) the Company shall pay all accrued interest on the Old Note in stock of Arkanova Energy Corporation (“AEC”) as provided in the Old Note, and (ii) the Investor shall increase the outstanding principal balance of its loan to the Company under the Old Note from Six Million and No/100 United States Dollars (US $6,000,000.00) to Seven Million and No/100 United States Dollars(US $7,000,000.00) by wire transfer to the account of the Company at its bank in Austin, Texas, an additional ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇/▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (US $1,000,000.00), and extend the loan maturity date to September 30, 2012. The combined new principal balance of the loan from the Investor to the Company shall be evidenced by a restated secured promissory note in substantially the form attached hereto as Annex “A” made a part hereof for all purposes.