Note Extension Agreement: Definition, Terms, Example
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What is a Note Extension Agreement?
A note extension agreement is a contract between two parties where they mutually agree to extend the expiration date of the original note agreement. This type of agreement since it allows the parties to make a minor change to the original agreement without needing to craft an entirely separate agreement. It is commonly used between companies and noteholders when the company hasn't appreciated enough to warrant a large return on investment.
The purpose of the note extension agreement is to make it simple and fast to extend the original terms of the contract. It also saves lawyers fees and makes the process painless for all parties involved.
Common Sections in Note Extension Agreements
Below is a list of common sections included in Note Extension Agreements. These sections are linked to the below sample agreement for you to explore.
Note Extension Agreement Sample
Exhibit 10.1
NOTE EXTENSION AGREEMENT
This Note Extension Agreement (this “Agreement”) is dated as of May __, 2017 between Truli Media Group, Inc., a Delaware corporation (the “Company”), and each of the investors identified on the signature pages hereto (including their respective successors and assigns, each, a “Investor,” and collectively, the “Investors”).
WHEREAS, the Company sold to each Investor and each Investor, severally and not jointly, purchased from the Company a convertible promissory note (the “Note”) (the Note and the securities into which each is convertible or exercisable, as applicable, the “Securities”); and
WHEREAS, the Principal Amount outstanding under the Notes was payable in cash on April 8, 2017; and
WHEREAS, the Company desires to extend the Maturity Date of the Notes and each Investor desires, severally and not jointly, to extend such Maturity Date subject to the terms and conditions contained herein.
NOW THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and theInvestors agree as follows:
1. Definitions. All capitalized terms not defined herein shall have the definition contained in the Notes.
2. Extension of Maturity Date. The Principal Amount outstanding plus accrued and unpaid interest under the Notes shall be payable in cash on the earlier of: (i) October 8, 2017 (the “New Maturity Date”) or (ii) the occurrence of an Event of Default.
3. Interest Rate. Each Note will continue to bear interest at the rate of 10% per annum (the “Interest Rate”) until paid in full or converted as provided in such Note.
4. Conversion. The Investor shall have the right to convert the Notes prior to the New Maturity Date.
5. Prepayment. The Company shall not have the right to prepay the Notes.
6. No Other Changes to Notes. All provisions of the Notes not expressly modified or amended by the terms contained herein shall remain in full force and effect.
7. Waiver by Investors. Subject to the terms and conditions of this Agreement, the Investors hereby waive all prior and currently existing Events of Default with respect to the Notes.
8. Counterparts. This Agreement may be executed in counterparts and by facsimile, each of which shall be deemed an original, but all of which, taken together, shall constitute one and the same instrument.
[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK.
SIGNATURE PAGE FOR PURCHASER FOLLOWS]
Company Signature Page
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
| TRULI MEDIA GROUP, INC. | ||
| By: | ||
| Name: | ||
| Title: | ||
| 2 |
Investor Signature Page
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.
| [PURCHASER] | ||
| By: | ||
| Name: | ||
| Title: | ||
3
Reference:
Security Exchange Commission - Edgar Database, EX-10.1 2 f8k050917ex10i_trulimedia.htm FORM OF NOTE EXTENSION AGREEMENT, Viewed September 27, 2022, View Source on SEC.
Who Helps With Note Extension Agreements?
Lawyers with backgrounds working on note extension agreements work with clients to help. Do you need help with a note extension agreement?
Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate note extension agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
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