Note Modifications Clause Samples

Note Modifications. A. Amendment No. 1 to the Original Note dated as of July 30, 2015, reducing the principal amount thereof; B. Limited Waiver, Consent and Amendment No. 2 to the Original Note dated as of October 30, 2015, amending the payment terms in Section 4 thereof; C. Amendment No. 3 to the Original Note dated as of September 30, 2016, amending the Payment Terms in Section 4 thereof; D. Amendment No. 4 to the Original Note dated as of October 31, 2016, amending the Payment Terms in Section 4 thereof; and E. Amendment No. 5 to the Original Note dated as of November 16, 2016, amending the Payment Terms in Section 4 and the Events of Default in Section 10 thereof.
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Note Modifications. As of the Effective Date, the outstanding principal balance of the Note is NINE MILLION TWO HUNDRED NINETY-EIGHT THOUSAND ONE HUNDRED EIGHTY-THREE AND 18/100 DOLLARS ($9,298,183.18). No further sums remain to be advanced under the Note. The following amendments are made to the Note: (a) Beginning one (1) month after the Effective Date, the Note shall be payable in monthly installments of principal including interest, all of such installments, except for the last, being in the amount of SEVENTY-FIVE THOUSAND THREE HUNDRED TEN AND 35/100 DOLLARS ($75,310.35) each (or such greater amounts as may be required on account of the adjustment of the interest rate as provided for herein), the first such installment being due and payable one (1) month after the Effective Date, and each subsequent installment shall be due and payable on the same day of each succeeding calendar month thereafter until October 1, 2028, when the then remaining unpaid balance of principal of this Note, plus accrued interest, shall mature and finally become due and payable. (b) Beginning on the Effective Date, the Note shall bear interest, except on past due sums, at a per annum rate equal to the lesser of either (i) the Prime Rate (as defined in the Note) plus TWO AND 25/100 PERCENT (2.25%), floating (which, if based on the Prime Rate in effect on the Effective Date, would result in a per annum interest rate of FIVE AND 50/100 PERCENT (5.50%)), or (ii) the Maximum Rate (as hereinafter defined) permitted by applicable law. All sums which become past due after the Effective Date shall bear interest as provided for in the Note for past due sums. (c) The installments of principal and interest applicable to the Note, as modified hereby, have been calculated based on amortization of principal over a period of one hundred eighty-four (184) months and an interest rate of FIVE AND 50/100 PERCENT (5.50%) per annum. If the interest rate on the Note, as modified hereby, at any time after the effective date hereof exceeds FIVE AND 50/100 PERCENT (5.50%) per annum, the Borrower agrees that the Lender may recalculate the amount of the installment payments due under the Note, as modified hereby, to be sufficient to amortize the then outstanding principal balance of the Note, as modified hereby, over the remainder of its original period of amortization at the new interest rate, as provided for in the Note. (d) After the Effective Date, if the Lender has not received the full amount of any installment paymen...
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Note Modifications. (a) In order to decrease the maximum principal amount of the Note from $60,000,000 to $30,000,000, the reference to $60,000,000 on the first line of the first page of the Note is hereby amended to $30,000,000 and the first full paragraph of the first page of the Note is hereby amended and restated in its entirety as follows: FOR VALUE RECEIVED, ▇▇▇▇ Corporate Income Operating Partnership II, LP, a Delaware limited partnership, (“Borrower”), hereby promises to pay to the order of VEREIT TRS Corp., a Delaware corporation (“Lender”), at the offices of Lender located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, the principal amount of $30,000,000, or, if less, the aggregate unpaid principal amount of the advances hereunder, together with interest on the principal balance outstanding hereunder, from (and including) the date of disbursement until (but not including) the date of payment, at a per diem rate equal to the Stated Interest Rate specified below or, to the extent applicable, the Default Interest Rate specified below, in accordance with the following terms and conditions: (b) In order to extend the maturity date of the Note, Section 5 of the Note is hereby amended and restated in its entirety as follows:
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Note Modifications. Borrower agrees to pay any accrued and unpaid interest on the Note on the first day of each month commencing on April 1, 2001 and continuing on the same day of each successive month thereafter during the Forbearance Period. Borrower agrees to make additional monthly principal payments to Lender of $135,000.00 each month on the Note to be applied as payment on the Acquisition Loans (as defined in the Credit Agreement), beginning on May 15, 2001, and continuing on the 15th day of each month thereafter during the Forbearance Period. In addition, on the 10th day of October, 2001, an additional principal payment in the amount of the greater of $150,000 or the gross proceeds payable under the Second Installment of Purchase Price under that certain Asset Purchase Agreement by and between Horizon Medical Products, Inc. and Vasutech Acquisition Corp. dated March 30, 2001 shall be due and payable. Such payments will be applied in the Lender's sole discretion. In addition, on the 90th day following the last day of each Fiscal Year, beginning with the Fiscal Year ending December 31, 2000, there shall be due and payable and the Borrower shall prepay on the Acquisition Loans an amount equal to 100% of the Excess Cash Flow (as defined in the Credit Agreement), except as modified by the Schedule (hereinafter defined) for such Fiscal Year. Interest will continue to accrue and shall be computed on the outstanding principal balance of the Note from time to time during the Forbearance Period at the Bank of America Prime Rate plus two and one half percent (2.5%) per annum effective upon the Effective Date. Upon a Termination Event (hereinafter defined), interest will accrue at the interest rate then in effect plus six percent (6%). Except as modified above, all other terms and conditions of the Note, Credit Agreement and Loan Documents shall remain unchanged.
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Note Modifications. Borrower agrees to pay any accrued and unpaid interest on the Note on the first day of each month commencing on April 1, 2001 and continuing on the same day of each successive month thereafter during the Forbearance Period. Borrower agrees to make additional monthly principal payments to Lender of $135,000.00 each month on the Note to be applied as payment on the Acquisition Loans (as defined in the Credit Agreement), beginning on May 15, 2001, and continuing on the 15th day of each month thereafter during the Forbearance Period. Such payments will be applied in the Lender's sole discretion. In addition, on the 90th day following the last day of each Fiscal Year, beginning with the Fiscal Year ending December 31, 2000, there shall be due and payable and the Borrower shall prepay on the Acquisition Loans an amount equal to 100% of the Excess Cash Flow (as defined in the Credit Agreement), except as modified by the Schedule (hereinafter defined) for such Fiscal Year. Interest will continue to accrue and shall be computed on the outstanding principal balance of the Note from time to time during the Forbearance Period at the Bank of America Prime Rate plus two and one half percent (2.5%) per annum effective upon the Effective Date. Upon a Termination Event (hereinafter defined), interest will accrue at the interest rate then in effect plus six percent (6%). Except as modified above, all other terms and conditions of the Note, Credit Agreement and Loan Documents shall remain unchanged.
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Note Modifications. Effective upon Lender’s receipt of the First Payment and the Legal Fees, the Note is hereby modified and amended as follows:
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Note Modifications. (a) In order to increase the maximum principal amount of the Note from $10,000,000 to $60,000,000, the reference to $10,000,000.00 on the first line of the first page of the Note is hereby amended to $60,000,000.00 and the first full paragraph of the first page of the Note is hereby amended and restated in its entirety as follows: FOR VALUE RECEIVED, ▇▇▇▇ Corporate Income Operating Partnership II, LP, a Delaware limited partnership (“Borrower”), hereby promises to pay to the order of Series C, LLC, an Arizona limited liability company (“Lender”), at the offices of Lender located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, the principal amount of $60,000,000, together with interest on the principal balance outstanding hereunder, from (and including) the date of disbursement until (but not including” the date of payment, at a per diem rate equal to the Stated Interest Rate specified below or, the extent applicable, the Default Interest Rate specified below, in accordance with the following terms and conditions: (b) The Note is hereby further modified to add the following legend at the top of the first page thereof: The indebtedness evidenced by this instrument is subordinated to the prior payment in full of the Lender Debt (as defined in the Subordination Agreement hereinafter referred to) pursuant to, and to the extent provided in, the Subordination Agreement dated as of January 13, 2014 by the maker hereof and payee named herein in favor of ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank, N.A., as administrative agent.
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Note Modifications 
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Related to Note Modifications

  • Cost Modifications The parties may agree to a reduction in the cost of the Contract at any time during which the Contract is in effect. Without intending to impose a limitation on the nature of the reduction, the reduction may be to hourly, staffing or unit costs, the total cost of the Contract or the reduction may take such other form as the State deems to be necessary or appropriate.

  • Amendments; Modifications This Agreement may not be amended or modified except in a writing duly executed by authorized representatives of both Parties.

  • Waiver; Modification Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. This Agreement shall not be modified in any respect except by a writing executed by each party hereto.

  • Acceptable Modifications This Guaranty shall be binding upon the Guarantor and upon its successors and assigns and shall inure to the benefit of and be enforceable by the Guaranteed Party and their successors and assigns; provided, however, that the Guarantor may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Guaranteed Party, which consent may not be unreasonably withheld or delayed. The assignment rights of the Guaranteed Party will be in accordance with any applicable terms of the Agreement.

  • Amendments; Waivers; Modifications This Security Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 9.1 of the Credit Agreement.