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. 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. From and after the Effective Date, the Note is hereby modified as follows:
3.1 The term State Maturity Date, which currently reads “May 31, 2012”, is amended and restated to read “May 31, 2013”.
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” 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 August 31, 2010 to August 31, 2011.
3.2 From and after the Effective Date, the provision in the Note captioned “Principal Payments” is hereby amended as follows: “Principal Payments”. All outstanding principal and interest is due and payable in full on August 31, 2011, which is defined herein as the “Principal Payment Date”.
MODIFICATION OF NOTE. The terms of the Note are hereby modified and amended, effective as of the date hereof, by deleting in its entirety the paragraph entitled "Payment Schedule" set forth on page 1 of the Note 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 arrears, beginning on August 1, 1996, and continuing on the first day of each month thereafter until maturity. On February 27, 1998, 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 Note to February 27, 1998.
MODIFICATION OF NOTE. 3.1 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 July 31, 2010, for value received, Supreme Corporation (the “Borrower”) promises to pay to JPMorgan Chase Bank, N.A., whose address is 000 X. Xxxxxxxx St., Elkhart, IN 46516 (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 so much thereof as may be advanced and outstanding, plus interest on the unpaid balance as provided below.
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. 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 November 1, 2005, all unpaid principal, plus accrued and unpaid interest, shall be due and payable in full."
MODIFICATION OF NOTE. This Note may not be amended or otherwise modified except as provided in writing signed by Obligor and Holder.
MODIFICATION OF NOTE. Read this document carefully. This is your written promise to repay the loan. This Modification of Note reflects the changes to your loan. Loan payments will be due as stated in the second paragraph. This document is pre-dated. DO NOT CHANGE THE DATE OF THIS DOCUMENT. Sign your name(s) EXACTLY as it appears. If there is an error in the spelling of your name, please notify this office. Sign on the back or bottom only, as indicated by the signature line. Return the signed original document to SBA. Make no corrections to this document. Call the SBA office if you find an error. U.S. Small Business Administration 1st Modification of Note (SECURED DISASTER LOANS) Date: April 15, 2022 Loan Amount: $500,000.00 Annual Interest Rate: 3.750% C-01-022488076-0
