Promissory Note Modification Sample Clauses
A Promissory Note Modification clause outlines the terms and procedures for making changes to the original promissory note agreement between the lender and borrower. This clause typically specifies how amendments must be documented, such as requiring written consent from both parties, and may detail which aspects of the note—like payment schedules, interest rates, or maturity dates—can be modified. Its core function is to provide a clear, agreed-upon process for altering the terms of the loan, thereby reducing misunderstandings and ensuring that any changes are legally enforceable.
Promissory Note Modification. On December 3, 1998 (the "New Closing Date") the Company will execute and deliver to the Investor a new promissory note in the form of Exhibit A hereto (the "New Promissory Note") in exchange for the delivery by the Investor to the Company of the Promissory Note marked canceled. Principal and interest on the New Promissory Note shall be payable as provided therein.
Promissory Note Modification. AND EXTENSION AGREEMENT