Amendment to the Loan Sample Clauses

Amendment to the Loan. The Loan, which has a current outstanding principal balance in the amount of Five Million Seventy-Six Thousand Two Hundred Seventy-Five and 51/100 Dollars ($5,076,275.51), shall be amended so that: (i) the "Interest Rate" is a variable rate which shall be the Prime Rate, as defined herein, plus One-Half of One Percent (.50%) charged by the Lender, computed daily for the actual number of days elapsed over a year of 360 days; (ii) payment of principal, amortized over a twenty (20) year amortization period, shall be due and payable in arrears in equal monthly principal installments of Ten Thousand Sixty-Four and 00/100 Dollars ($10,064.00), together with all accrued but unpaid interest commencing on September 1, 2002, which payments Borrower shall continue to make on the first day of each month thereafter until the Maturity Date; and (iii) the Maturity Date shall be adjusted to August 1, 2003. The amendment to the Notes shall not constitute a repayment or satisfaction of the Indebtedness evidenced by the Notes, which for all purposes hereunder shall remain outstanding from August 14, 1998. Prime Rate is that percentage rate of interest calculated on the basis of a 360 day year which is established and announced by Lender from time to time as its Prime Rate, which is in effect until a new rate is established and announced and which provides a base to which loan rates may be referenced; it is not necessarily the Lender's lowest loan rate. In the event of a change in such Prime Rate, the interest rate hereunder shall be adjusted accordingly, and such adjustment shall become effective on the date such Prime Rate changes.
Sample 1
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Amendment to the Loan. The Loan, which has a current outstanding principal balance in the amount of Eight Million Four Hundred Thirty-Six Thousand Five Hundred Ninety-Eight and 49/100 Dollars ($8,436,598.49), shall be amended so that: (i) the "Interest Rate" is a variable rate which shall be the Prime Rate, as defined herein, plus One-Half of One Percent (.50%) charged by the Lender, computed daily for the actual number of days elapsed over a year of 360 days; (ii) payment of principal, amortized over a twenty (20) year amortization period, shall be due and payable in arrears in equal monthly principal installments of Sixteen Thousand Seven Hundred Twenty-Five and 00/100 Dollars ($16,725.00), together with all accrued but unpaid interest commencing on September 1, 2002, which payments Borrower shall continue to make on the first day of each month thereafter until the Maturity Date; and (iii) the Maturity Date shall be adjusted to August 1, 2003. The amendment to the Notes shall not constitute a repayment or satisfaction of the Indebtedness evidenced by the Notes, which for all purposes hereunder shall remain outstanding from August 14, 1998. Prime Rate is that percentage rate of interest calculated on the basis of a 360 day year which is established and announced by Lender from time to time as its Prime Rate, which is in effect until a new rate is established and announced and which provides a base to which loan rates may be referenced; it is not necessarily the Lender's lowest loan rate. In the event of a change in such Prime Rate, the interest rate hereunder shall be adjusted accordingly, and such adjustment shall become effective on the date such Prime Rate changes.
Sample 1

Related to Amendment to the Loan

  • Amendment to the Loan Agreement Section 3.1 of the Loan Agreement shall be amended and restated as follows:

  • Amendment to the Agreement The Agreement is hereby amended as follows:

  • Amendment to the Credit Agreement Effective as of the date first above written and subject to the execution of this Amendment by the parties hereto and the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

  • Amendment to the Purchase Agreement The Company, the Issuer and the Purchaser hereby agree to amend the Purchase Agreement from and after the Effective Date as follows notwithstanding any contrary provision therein:

  • Amendment to Loan Agreement Subject to satisfaction of the conditions precedent set forth in Section 3 below, the Loan Agreement is hereby amended as follows:

  • Amendment to Loan Documents The Borrower shall not amend any of the Loan Documents except pursuant to the applicable terms thereof and Section 12.5 of this Agreement.

  • Amendments to the Loan Agreement The Loan Agreement is hereby amended as follows:

  • Conditions Precedent to the Loan The obligation of Lender to make the Loan hereunder is subject to the fulfillment by Borrower or waiver by Lender of the following conditions precedent no later than the Closing Date:

  • Amendment to Annex A Annex A to the Original Indenture is amended as follows:

  • Amendment to this Agreement No provision of this Agreement may be changed, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought.

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