Amendment to Promissory Note Clause Examples

Amendment to Promissory Note. The Promissory Note is hereby modified and amended by deleting the last sentence of the first paragraph of the Promissory Note in its entirety, and replacing it with the following: All outstanding principal and interest shall be due and payable on June 3, 2012 (the “Due Date”).

Amendment to Promissory Note. Maker and Holder agree that Section 1 of the Promissory Note is hereby deleted in its entirety and replaced with the following: a) The Maker shall make quarterly principal payments of $100,000 (the “Original Quarterly Payment Amount”), with each payment being made on the last day of each fiscal quarter beginning with the first payment date of March 31, 2017, and continuing on the last business day of each subsequent calendar quarter through December 31, 2021, except for those certain quarterly payments that would otherwise be due on December 31, 2020 and December 31, 2021, which payments will not be required to be made when due (it being understood that such omitted quarterly payments are being deferred to the final payment due date and that such omissions shall not reduce the outstanding principal balance); provided, however, that Maker shall only be required to make quarterly principal payments of $50,000 (the “Modification Quarterly Payment Amount”) for the calendar quarter beginning on January 1, 2018 and for each subsequent calendar quarter as to which Maker provides to Holder a certificate of a duly authorized officer of Maker, on or about the date of such payment, referencing this Section 1(a) and certifying to Holder that, as of the date of such payment, Maker remains subject to a bona fide contractual obligation to make the Modification Quarterly Payment Amount rather than the Original Quarterly Payment Amount in respect of this Note. b) The final payment due on March 31, 2022 shall be a balloon payment representing the remaining principal balance plus all accrued and unpaid interest.”

Amendment to Promissory Note. The Parties hereby agree to the following amendment to the Note: The parties agree that Section 1 of the Note shall read in its entirety:

Amendment to Promissory Note. 2.1 Section 1 of the Promissory Note is hereby amended in its entirety to read as follows:

Amendment to Promissory Note. Effective as of the Closing Date, the Note is hereby amended as follows:

Amendment to Promissory Note. Section 2(a) of the Promissory Note is hereby amended by deleting it in its entirety and inserting the following in lieu thereof: (a) Unless otherwise converted as provided herein, the Adjusted Principal Balance shall be due and payable in full upon written demand by the Lender; provided that the Lender agrees that it shall not demand payment of the Adjusted Principal Balance earlier than the first to occur of: (i) 30 days after the date on which (x) SEMARNAT makes a determination with respect to the current application for the Manifestacion de Impacto Ambiental relating to the Don Diego Project, which determination is other than an approval or (y) the Company or any of its affiliates withdraws such application without the Lender’s prior written consent; (ii) termination by Odyssey Marine Exploration, Inc. of the Stock Purchase Agreement; (iii) the occurrence of an Event of Default; or (iv) March 18, 2017 (the date of such demand being the “Maturity Date”).”

Amendment to Promissory Note. Effective as of the Effective Date, Section 2.1(s) of the Promissory Note is amended and restated to read in its entirety as follows: “(s) at any time after December 3, 2024, the Company’s Market Capitalization is below $250 million for ten (10) consecutive days; or”.

Amendment to Promissory Note. Section 3.1(b) of the Promissory Note is hereby deleted in its entirety and replaced with the following:

Amendment to Promissory Note. The Ranor Term Note is hereby amended as follows: 2.1 The second sentence of the second paragraph on page 1 of the Ranor Term Note is hereby deleted in its entirety and the following is inserted in place thereof and substituted therefor: “Commencing on January 20, 2017, and on the 20th day of each month thereafter, the Borrower shall make monthly payments of principal and interest in the amount of $19,260.46 each, with all outstanding principal and accrued interest due and payable on December 15, 2022.”