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Today is January 1, 2009 (the beginning of year 4). We seek a loan modification.

Today is January 1, 2009 (the beginning of year 4). We seek a loan modification.
On this day, our creditor extends to us an additional $500,000, and the term of the loan is extended three years so that all principal is due on December 31, 2013. The coupon rate for the new arrangement is still 8.0%.

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