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Modification of Promissory Notes Sample Clauses

Modification of Promissory Notes. The $500,000 Mortgage Promissory Note in the form attached to the Asset Purchase Agreement and the $2,000,000 Promissory Note in the form attached to the Asset Purchase Agreement (collectively the "Long Term Notes"), both as contemplated by the terms of the Asset Purchase Agreement and the Xxxxxxx Money Contract are hereby modified to provide that the first payment due under the Long Term Notes shall be due on April 1, 1998 and, thereafter, shall be due pursuant to the terms and conditions as contemplated in the Asset Purchase Agreement and Xxxxxxx Money Contract. The interest accrued on the Long Term Notes from the date of Closing (as set forth herein) until April 1, 1998, shall be added to the principal amount of the Long Term Notes and will be amortized over the term of the Long Term Notes.
Modification of Promissory Notes. The existing Secured Note is comprised of three notes, Domestic, German and Foreign. The Domestic Secured Note and the Lamb U.K. Restructure Note will be modified and restated into a new Domestic Secured Note, dated the Transfer Date, in the principal amount of $6,454,000 and with a new payment schedule (the “New Domestic Secured Note”). The principal payment schedule under the German Secured Note and the Foreign Secured Note shall be amended, so that aggregate principal payments under the New Domestic Secured Note, the German Secured Note and the Foreign Secured Note shall be payable on the following schedule: (i) $1,454,000 (in the aggregate) shall be payable on the 24-month anniversary of the Transfer Date, (ii) $2,000,000 (in the aggregate) shall be payable on the 30-month anniversary of the Transfer Date, (iii) $2,000,000 (in the aggregate) shall be payable on the 36-month anniversary of the Transfer Date, (iv) $2,500,000 (in the aggregate) shall be payable on the 42-month anniversary of the Transfer Date, (v) $2,000,000 (in the aggregate) shall be payable on the 48-month anniversary of the Transfer Date, and (vi) $2,500,000 (in the aggregate) shall be payable on the 54-month anniversary of the Transfer Date. The New Domestic Secured Note shall bear interest at the rate of LIBOR + 3%, payable quarterly.
Modification of Promissory NotesPrior to the Termination Date (as defined below), the Subordinated Lenders shall not without the prior written consent of the Administrative Agent: i. Agree to any amendment, modification or supplement to the Subordinated Credit Facility, the Notes or any other Subordinated Note Document; receive guaranties with respect to the Subordinated Credit Facility, the Notes or any other Subordinated Note Document, or otherwise cause any person in addition to the Parent to assume obligations with respect to the Subordinated Credit Facility, the Notes or any other Subordinated Note Document; or accept or receive any liens, security interests, deposits or collateral to secure payment thereof; or ii. Sell, assign, pledge, dispose of or otherwise transfer all or any portion of any Subordinated Claim, including the indebtedness evidenced by the Notes, unless prior to the consummation of any such action any transferee thereof agrees in writing to be bound by the provisions hereof applicable to the Subordinated Lenders and to the continued effectiveness of all of the rights of the Secured Parties under this Agreement. Notwithstanding the failure of any such transferee to so agree, this Agreement shall survive any such sale, assignment, pledge, disposition or other transfer, and the terms of this Agreement shall be binding upon any such transferee.
Modification of Promissory Notes. The Surety consents and agrees that the Beneficiaries may at any time, or from time to time, in their sole and absolute discretion and without wholly or partially affecting, impairing or discharging the obligation of the Surety under this Agreement, (a) renew, extend or change the time of payment, and/or the manner, place or terms of payment of all or any part of the Promissory Notes or otherwise amend, supplement or modify the Promissory Notes, and (b) exchange, release, substitute and/or surrender all or any of the collateral, or any part(s) thereof, by whomsoever deposited, that is now or may hereafter be held by the Beneficiaries as security for payment of the Promissory Notes (or either of them), and (c) compromise, release, substitute, exercise, enforce or fail or refuse to exercise any claims, rights or remedies of any kind that the Beneficiaries may have at any time against NAC, whether under the Promissory Notes or otherwise; all in such manner and upon such terms as the Beneficiaries may deem proper, and without notice to or further assent from the Surety, it being hereby agreed that the Surety shall be and remain bound by this Agreement, irrespective of the existence, value or condition of any of such collateral, and notwithstanding any such change, exchange, settlement, compromise, surrender, release, substitution, renewal or extension, and notwithstanding also that the obligations of NAC under the Promissory Notes may, at any time exceed the aggregate principal amounts of thereof.
Modification of Promissory Notes. Each Promissory Note provides, among other things, that Parent shall pay four quarterly installments commencing on May 15, 2004 to the holder thereof (the “First Installment”) and that the maturity date of each Promissory Note is the earlier of (i) fourteen (14) days following the closing date of the Kforce Acquisition and (ii) February 15, 2005 (the “Maturity Date”). Each Promissory Note is hereby modified such that the date the First Installment is due and the Maturity Date shall be the closing date of the Kforce Acquisition, provided that such closing occurs on or prior to the Outside Date. In the event that the Kforce Acquisition fails to close on or prior to the Outside Date, (i) the First Installment under each Promissory Note shall be due and payable to its respective holder on the business day following the Outside Date, together with interest accruing from February 15, 2004 through the date the First Installment is unconditionally paid and performed in full at the rate of 10% per annum, and (ii) the Maturity Date shall revert back to the maturity date set forth in the Promissory Notes prior to the modification hereby. If the First Installment under either Promissory Note, together with such interest, is not unconditionally paid and performed in full on the earlier of (i) the business day following the Outside Date and (ii) the closing date of the Kforce Acquisition, and if payment in full under either Promissory Note is not unconditionally paid and performed on the Maturity Date, the holder of such Promissory Note shall be entitled to all remedies available under such Promissory Note and applicable law and the NonCompetition and Nonsolicitation Agreement and all non-competition and non-solicitation provisions contained in Xxxxxxx XxxxxEmployment Agreement and Xxxxxxx Xxxxxxxx’x Employment Agreement shall immediately terminate and be of no further force and effect. The modification of the payment date of the First Installment shall not affect the payment dates of any other installments due under each Promissory Note.

Related to Modification of Promissory Notes

  • Modifications to Loan Agreement 1. The Loan Agreement shall be amended by deleting the following definition appearing in Section 13.1 thereof:

  • Amendment of Loan Agreement The Loan Agreement is hereby modified and amended as follows:

  • Modification and Waivers The Indenture permits, with certain exceptions as therein provided (including, but not limited to the exceptions set forth in Section 15.11(i)), the amendment of the Indenture and the modification of the rights and obligations of the Issuer and the rights of the holders of the Notes under the Indenture at any time by the Issuer with the consent of the holders of not less than 66 2/3% in aggregate principal amount of the series of Notes of which this Note is a part then outstanding and all other Securities (as defined in the Indenture) then outstanding under the Indenture and affected by such amendment and modification. The Indenture also contains provisions permitting the holders of a majority in aggregate principal amount of the series of Notes of which this Note is a part then outstanding and all other Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The determination of whether particular Securities are “outstanding” will be made in accordance with the Indenture. Any action by the holder of this Note shall bind all future holders of this Note, and of any Note issued in exchange or substitution hereof or in place hereof, in respect of anything done or permitted by the Issuer or by the Trustee in pursuance of such action. New Notes authenticated and delivered after the execution of any agreement modifying, amending or supplementing this Note may bear a notation in a form approved by the Issuer as to any matter provided for in such modification, amendment or supplement to the Indenture or the Notes. New Notes so modified as to conform, in the opinion of the Issuer, to any provisions contained in any such modification, amendment or supplement may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for this Note.

  • Modification of Loan Documents At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply: (a) Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. (b) Lender may extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Loan Agreement or any other Loan Document, whether presently existing or entered into after the date of this Guaranty, or waive such performance or compliance. (c) Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan Document. (d) Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including an increase in the principal amount. (e) Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness.

  • 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 and Waiver No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.

  • Amendments to Servicing Agreements, Modification of Standard Provisions (a) Subject to the prior written consent of the Trustee pursuant to Section 3.07(b), the Master Servicer from time to time may, to the extent permitted by the applicable Servicing Agreement, make such modifications and amendments to such Servicing Agreement as the Master Servicer deems necessary or appropriate to confirm or carry out more fully the intent and purpose of such Servicing Agreement and the duties, responsibilities and obligations to be performed by the Servicer thereunder. Such modifications may only be made if they are consistent with the REMIC Provisions, as evidenced by an Opinion of Counsel. Prior to the issuance of any modification or amendment, the Master Servicer shall deliver to the Trustee such Opinion of Counsel and an Officer's Certificate setting forth (i) the provision that is to be modified or amended, (ii) the modification or amendment that the Master Servicer desires to issue and (iii) the reason or reasons for such proposed amendment or modification. (b) The Trustee shall consent to any amendment or supplement to a Servicing Agreement proposed by the Master Servicer pursuant to Section 3.07(a), which consent and amendment shall not require the consent of any Certificateholder if it is (i) for the purpose of curing any mistake or ambiguity or to further effect or protect the rights of the Certificateholders or (ii) for any other purpose, provided such amendment or supplement for such other purpose cannot reasonably be expected to adversely affect Certificateholders. The lack of reasonable expectation of an adverse effect on Certificateholders may be established through the delivery to the Trustee of (i) an Opinion of Counsel to such effect or (ii) written notification from each Rating Agency to the effect that such amendment or supplement will not result in reduction of the current rating assigned by that Rating Agency to the Certificates. Notwithstanding the two immediately preceding sentences, the Trustee may, in its discretion, decline to enter into or consent to any such supplement or amendment if its own rights, duties or immunities shall be adversely affected. (i) Notwithstanding anything to the contrary in this Section 3.07, the Master Servicer from time to time may, without the consent of any Certificateholder or the Trustee, enter into an amendment (A) to an Other Servicing Agreement for the purpose of (i) eliminating or reducing Month End Interest and (ii) providing for the remittance of Full Unscheduled Principal Receipts by the applicable Servicer to the Master Servicer not later than the 24th day of each month (or if such day is not a Business Day, on the previous Business Day) or (B) to the WFHM Servicing Agreement for the purpose of changing the applicable Remittance Date to the 18th day of each month (or if such day is not a Business Day, on the previous Business Day). (ii) The Master Servicer may direct WFHM to enter into an amendment to the WFHM Servicing Agreement for the purposes described in Sections 3.07(c)(i)(B) and 10.01(b)(iii).

  • Amendment, Modification and Supplement Upon amendment, modification and supplement of this Contract shall be subject to the written agreement executed by each party.

  • Modifications to Loan Documents Except as otherwise provided in Section 9.02(b) or 9.02(c) with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required Lenders (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents; provided that, without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release all or substantially all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing for collateral security, agree to additional obligations being secured by all or substantially all of such collateral security, or alter the relative priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to all or substantially all of the Collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized, to release any Lien covering property that is the subject of either a disposition of property permitted hereunder or a disposition to which the Required Lenders have consented.

  • Modification of Agreement This Agreement may be modified, amended, suspended or terminated, and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.