Modification of the Note Sample Clauses
The "Modification of the Note" clause defines the process and conditions under which the terms of a promissory note or similar financial instrument can be changed. Typically, this clause specifies that any amendments must be made in writing and agreed upon by all parties involved, ensuring that no unilateral changes can be made. Its core practical function is to maintain clarity and mutual consent regarding any alterations to the note, thereby preventing disputes and ensuring that all parties are aware of and agree to any modifications.
Modification of the Note. The Note and, where applicable, the other Loan Documents are hereby modified as follows:
Modification of the Note. Section 4.1 of the Note is hereby deleted and the following section is substituted therefor:
Modification of the Note. The Maturity Date (as defined in Section 5.(a) of the Note) shall be accelerated; accordingly the stated Maturity Date in the Note of December 31, 2013 is hereby amended to so that the Maturity Date for the Note shall be June 30, 2013.
Modification of the Note. The Note is modified as follows:
(a) Section 4. (a) of the Note is deleted and replaced with the following:
(a) The Holder of this Note is entitled, at its option, at any time after 180 days, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company's common stock (the "Common Stock") with a restrictive legend, at a price ("Conversion Price") for each share of Common Stock equal to $0.09. If the shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company of the Notice of Conversion. Once the Holder has received such shares of Common Stock, the Holder shall surrender this Note to the Company, executed by the Holder evidencing such Holder's intention to convert this Note or a specified portion hereof, and accompanied by proper assignment hereof in blank. Accrued, but unpaid interest shall be subject to conversion. No fractional shares or scrip representing fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share. In the event the Company experiences a DTC “Chill” on its shares, the conversion price shall be decreased to $0.078 instead of $0.09 while that “Chill” is in effect.”
Modification of the Note. The Note is hereby modified as follows:
Modification of the Note. Effective on the Effective Date, the Company shall modify the Note and shall reissue an amended and restated note (the “Amended and Restated Note”) to the Purchaser in the form annexed hereto as Exhibit A.
Modification of the Note. The Note is hereby amended and modified as follows:
(a) The Section entitled “Repayment Terms” is deleted and replaced in its entirety to read as follows:
(i) This Note shall be due and payable in consecutive monthly payments of principal of $11,244.44, plus accrued interest, commencing on March 24, 2010, and continuing on the same day of each month thereafter until fully paid. In any event, all principal and accrued interest shall be due and payable on June 1, 2010.
Modification of the Note. Section 4 of the Note is hereby modified by extending the Maturity Date from February 21, 2013, to May 22, 2013 (the “Extended Maturity Date”). On the Extended Maturity Date, the entire indebtedness evidenced by the Note shall be due and payable in full, subject to further extension as set forth below.
Modification of the Note. (i) PAYMENT SCHEDULE. Upon satisfaction of the conditions precedent set forth in Section 3 above and Section 5 below before the close of business on the Closing Date, the Note shall be deemed automatically modified to provide that the monthly payments shall be hereafter paid in accordance with this Section 4. The term of the Note shall be six years and shall commence on the date of the first payment described below. After the Closing Date, Borrower shall commence making monthly payments of principal and interest due under the Note, each such payment due on the first day of each month, in accordance with the loan amortization table attached hereto as Exhibit A.
Modification of the Note. Borrower, Guarantor and Lender hereby acknowledge and agree that the Note shall be, and is hereby, modified to provide that:
(a) The entire outstanding principal, together with all unpaid interest accrued thereon, shall be due and payable in full on or before February 8, 2016 (the “Maturity Date”);
(b) Interest shall continue to accrue on the outstanding balance of the Note at the annual rate of LIBOR plus 350 basis points per annum; and
(c) Monthly payments of interest only (at the rate aforesaid) shall continue through the Maturity Date. On the Maturity Date, all principal together with all accrued but unpaid interest thereon shall be due and payable in full.