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Increasing The Loan Amount For A Commercial Customer - New Note?

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If a commercial loan customer had a letter of credit for $1 million as Note 1 and additional funds were approved, would you be required to draft an entirely new Note 2, or simply due an amendment to Note 1?

Counsel could best answer this question based on your contracts. But with an increase in the loan amount, I'd generally recommend a new note.

First published on 11/04/02

First published on 11/04/2002

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Filed under lending as: 

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