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 Note is hereby modified as follows:
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 If the shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded.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. 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. The Note shall be modified to provide for the repayment of principal on a straight-line basis, together with interest, over a seven (7) year term with the entire balance of principal and interest all due and payable sixty (60) months from and after the date of execution of the Note. Except as modified herein, all of the terms and provisions stated in Section 2.6(d) of the Asset Purchase Agreement are hereby ratified, approved and confirmed.
Modification of the Note. (i) Upon satisfaction of the conditions precedent set forth in Section 3 above before the close of business on August 15, 1997, the Note shall be deemed automatically modified to provide that the regularly scheduled monthly payments which would otherwise be due and payable during the period from April 1, 1996 through and including January 1, 1999 (the "Deferred Payments"), shall be deferred until February 1, 1999. Interest shall continue to accrue on the Existing Indebtedness during the period from March 1, 1996 through December 31, 1998 (the "Deferral Period"). On February 1, 1999, Borrower shall resume making the regularly scheduled monthly payments of principal and interest due under the Note, together with additional payments of principal and interest in an amount sufficient to amortize the total amount of (x) the Deferred Payments, and (y) accrued interest on that portion of the Existing Indebtedness that would have been amortized by the Deferred Payments, commencing on the date when due under the terms of the Original Loan Documents, at the rate set forth in the Note, over a period of 42 consecutive months commencing on February 1, 1999 and ending on July 1, 2002 (the "Additional Payments"). Interest on the Existing Indebtedness will continue to accrue during the Deferral Period, as required under the terms of the Note.
(ii) Notwithstanding subsection 4(A)(i) above or anything contained elsewhere in this Agreement or the other Loan Documents to the contrary, the regularly scheduled payments required to be made under the Note shall resume and the Additional Payments shall commence on the first day of the sixth month succeeding the first quarter in which Borrower's net operating income before federal income taxes plus depreciation (exclusive of capital contributions from Sun and capital expenditures) for such quarter exceeds $500,000; provided, however, that the Additional Payments shall be reduced to the amount necessary to amortize the total of the sums set forth in (x) and (y) in the immediately preceding subsection over a 42 month period commencing the first day of the sixth month succeeding the first quarter in which Borrower's income exceeds the threshold described in this subsection 4(A)(ii).
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.
