The Amended Note Clause Samples
The Amended Note clause defines the terms and conditions under which an existing promissory note is modified or updated. Typically, this clause outlines the specific changes being made to the original note, such as adjustments to the principal amount, interest rate, maturity date, or repayment schedule. For example, if the parties agree to extend the repayment period or alter the interest rate, these modifications would be detailed in the Amended Note. The core function of this clause is to ensure that all parties have a clear, legally binding record of any changes to the original debt agreement, thereby preventing misunderstandings or disputes regarding the updated terms.
The Amended Note. The parties acknowledge and agree that the Amended Note is being issued in substitution for the Note. For the avoidance of doubt, the Amended Note shall be dated as of the date of the Amendment Closing, and interest shall accrue upon the principal amount of the Amended Note in accordance with the terms of the Agreement and the Amended Note from and after the date of the Amended Note and shall continue to accrue in accordance with such terms from and after the date hereof.
The Amended Note. The Amended Note shall be amended to reflect the interest rate floor of 6.5% per annum, such amendment to be affected by an Allonge (the “Allonge”), between Borrower and ANB, to be attached to the Amended Note and to be substantially in the form of Exhibit A attached hereto and made a part hereof.
The Amended Note. The Amended Note shall be amended to reflect a face amount of $20,000,000, such amendment to be affected by an Allonge (the “Allonge”), between Borrower and ANB, to be attached to the Amended Note and to be substantially in the form of Exhibit A attached hereto and made a part hereof.
The Amended Note. At the time of the Conversion, the Borrower shall execute and deliver to Bank: (a) an Amended Note in the principal amount of the then entire outstanding principal balance of the Loans at the time of the Conversion, and (b) a