MODIFICATION OF NOTE Clause Samples
The "Modification of Note" clause establishes the conditions under which the terms of a promissory note can be changed or amended. Typically, this clause requires that any modifications be made in writing and agreed upon by all parties involved, ensuring that changes such as adjustments to payment schedules, interest rates, or maturity dates are formally documented. Its core practical function is to prevent misunderstandings or disputes by ensuring that any alterations to the original agreement are clearly authorized and recorded.
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MODIFICATION OF NOTE. 3.1 From and after the Effective Date, the provision in the Note captioned "Promise to Pay" is hereby amended as follows: The date on which the entire balance of unpaid principal plus accrued interest shall be due and payable immediately is hereby changed from March 31, 2010 to March 31, 2012.
3.2 Each of the Related Documents is modified to provide that it shall be a default or an event of default thereunder if the Borrower shall fail to comply with any of the covenants of the Borrower herein or if any representation or warranty by the Borrower herein or by any guarantor in any Related Documents is materially incomplete, incorrect, or misleading as of the date hereof. As used in this agreement, the "Related Documents" shall include the Note and all applications for letters of credit, loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, or any other instrument or document executed in connection with the Note or in connection with any other obligations of the Borrower to the Bank.
3.3 Each reference in the Related Documents to any of the Related Documents shall be a reference to such document as modified by this agreement.
MODIFICATION OF NOTE. 3.1 From and after the Effective Date, the provision in the Note captioned “Promise to Pay” and “Principal Payments” are hereby amended by deleting the date” January 31, 2010” contained therein and replacing it with July 31, 2010.
3.2 Each of the Related Documents is modified to provide that it shall be a default or an event of default thereunder if the Borrower shall fail to comply with any of the covenants of the Borrower herein or if any representation or warranty by the Borrower herein or by any guarantor in any Related Documents is materially incomplete, incorrect, or misleading as of the date hereof. As used in this agreement, the “Related Documents” shall include the Note and all applications for letters of credit, loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, or any other instrument or document executed in connection with the Note or in connection with any other obligations of the Borrower to the Bank.
3.3 Each reference in the Related Documents to any of the Related Documents shall be a reference to such document as modified by this agreement.
MODIFICATION OF NOTE. The Note is hereby modified, to reflect the following: The section of the Note designated as “Payment Schedule” which reads as follows: PAYMENT SCHEDULE: Maker shall make payments to Bank on the Note as follows:
(a) beginning on April 30, 2010, and continuing on the 30th day of each month thereafter (or the last day of the month in the month of February) up through and including June 30, 2010, Maker shall make monthly payments of all accrued but unpaid interest on this Note as of said payment date;
(b) beginning on July 30, 2010, and continuing on the 30th day of each month thereafter (or the last day of the month in the month of February) until the Maturity Date, Maker shall make monthly payments of all accrued but unpaid interest on this Note as of said payment date PLUS monthly principal payments in the amount of $111,112.00 each, unless and until the outstanding principal balance of this Note is paid in full;
(c) in addition to the payment described hereinabove, Maker shall apply to payment of the principal balance of this Note fifty percent (50%) of all net proceeds in excess of $1,000,000.00 and up to $2,000,000.00 from the sale of equity securities in Maker’s parent company, Libra Alliance Corporation, unless and until the outstanding principal balance of this Note is paid in full. For purposes of clarity, if the proceeds from said sale of equity securities is less than $1,000,000.00, Maker shall make no payment under this Section (c); if the proceeds from said sale of equity securities is more than $1,000,000.00, Maker shall apply as a payment to principal 50% of the proceeds received in excess of $1,000,000.00 up to a maximum payment under this Section (c) of $500,000.00;
(d) any late payment charges or other costs, expenses, or charges due under this Note or any other document executed in connection herewith shall be due and payable immediately upon notice to Maker from Bank (except that Maker’s obligation to pay any late payment charge hereunder shall not be dependent upon or require notice from Bank); and
(e) the remaining principal balance of this Note, if any, together with all interest and other sums due hereunder shall be due and payable on the Maturity Date. All payments will be made to Bank at its address described above and shall be collected in funds in lawful currency of the United States of America. All payments and prepayments on this Note shall be applied first to expenses or charges due hereunder, and then to the payment of accrued...
MODIFICATION OF NOTE. Effective as of the date hereof, the paragraph on page 2 of the Note starting with the words "Interest only at said rates..." is hereby amended by deleting the second sentence of such paragraph and replacing such sentence with the following substitute sentence: "On January 31, 2005, all unpaid principal, plus accrued and unpaid interest, shall be due and payable in full."
MODIFICATION OF NOTE. Notwithstanding any of the provisions of the Credit Agreement and the Note, the Note is hereby amended as follows:
a. Paragraph #2 of the Note is hereby amended and restated to read as follows: The outstanding principal balance of this Convertible Note shall bear interest at a variable rate determined by Agent to be 365 basis points above the LIBOR Rate in effect from time to time, as set forth in and as adjusted in accordance with the terms and conditions of the Credit Agreement. Notwithstanding the foregoing, the rate of interest under this Convertible Note may be adjusted by Agent pursuant to the provisions of the Credit Agreement (including, without limitation, Section 2.11 thereof) and this Convertible Note. On the Conversion Date, a portion not to exceed 50% of the outstanding principal balance of all Advances made under this Convertible Note may at Borrower's option be converted to a fixed rate of interest at a rate acceptable to Agent in its sole reasonable discretion pursuant to the terms and conditions of the Credit Agreement.
b. Paragraph #3 of the Note is hereby amended and restated to read as follows: The "LIBOR Rate" (London Interbank Offered Rate) means the One Month London Interbank Offered Rate ("One Month LIBOR"), rounded upward to the nearest ten thousandth of one percent, reported on the tenth day of the month preceding each Interest Period by the Wall Street Journal in its daily listing of money rates, defined therein as the average of interbank offered rates for dollar deposits in the London market. If a One Month LIBOR rate is not reported on the tenth day of a month, the One Month LIBOR rate reported on the first business day preceding the tenth day of the month will be used. If this index is no longer available, Agent will select a new index which is based upon comparable information.
c. Paragraph #4 of the Note is hereby amended and restated to read as follows: The LIBOR Rate shall initially be determined as of the date hereof and shall thereafter be adjusted in accordance with the terms and conditions of the Credit Agreement. Interest on the outstanding principal balance of this Note shall be computed on the basis of a year of three hundred sixty-five (365) days, but charged for actual days principal is outstanding.
d. Paragraph #8 of the Note is hereby amended and restated to read as follows: Subject to the terms and conditions of the Credit Agreement, following the Conversion Date, the portion of the Term Loan that has not been...
MODIFICATION OF NOTE. 3.1 From and after the Effective Date, the provision in the Note captioned "Promise to Pay" is hereby amended by extending the date on which the entire balance of unpaid principal plus accrued interest shall be due and payable immediately from January 5, 2026 to February 5, 2027.
3.2 From and after the Effective Date, the provision in the Note captioned “Principal Payments” is hereby amended and restated to read as follows:
MODIFICATION OF NOTE. The terms of the Note are hereby modified and amended, effective as May 31, 1999, by deleting the principal and interest payment schedule set forth in the Note in the paragraph titled "Payment Schedule" and replacing it with the following: "PAYMENT SCHEDULE. Principal and interest shall be due and payable as follows. Interest only on the outstanding principal amount shall be due and payable monthly, in 2 arrears, beginning on April 1, 1998, and continuing on the first day of each month thereafter until maturity. On September 30, 1999, all unpaid principal, plus accrued and unpaid interest, shall be due and payable in full." The purpose of this modification is to extend the maturity date of the Loan to September 30, 1999.
MODIFICATION OF NOTE. 2.1 From and after the Effective Date, the provision in the Note captioned “Promise to Pay” is hereby amended and restated to read as follows: Promise to Pay. On or before April 1, 2008, for value received, ▇▇▇▇▇▇ Interactive Inc. (the “Borrower”) promises to pay to JPMorgan Chase Bank, N.A., whose address is ▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (the “Bank”) or order, in lawful money of the United States of America, the sum of Twenty Five Million and 00/100 Dollars ($25,000,000.00) or such lesser sum as is indicated on Bank records, plus interest as provided below.
2.2 Each of the Related Documents is modified to provide that it shall be a default or an event of default thereunder if the Borrower shall fail to comply with any of the covenants of the Borrower herein or if any representation or warranty by the Borrower herein or by any guarantor in any Related Documents is materially incomplete, incorrect, or misleading as of the date hereof. As used in this agreement, the “Related Documents” shall include the Note and all loan agreements, credit agreements, reimbursement agreements, security agreements, mortgages, deeds of trust, pledge agreements, assignments, guaranties, or any other instrument or document executed in connection with the Note or in connection with any other obligations of the Borrower to the Bank.
2.3 Each reference in the Related Documents to any of the Related Documents shall be a reference to such document as modified herein.
MODIFICATION OF NOTE. The Note is amended as specified in Exhibit D-2.
MODIFICATION OF NOTE. This Note may not be amended or otherwise modified except as provided in writing signed by Obligor and Holder.