Cancellation of Note Sample Clauses
The 'Cancellation of Note' clause defines the conditions and procedures under which a promissory note or similar financial instrument can be rendered void and no longer enforceable. Typically, this clause outlines the specific events—such as full repayment of the principal and interest, or mutual agreement between the parties—that trigger cancellation. It may also describe the administrative steps required, such as returning the original note to the issuer or providing written confirmation of cancellation. The core function of this clause is to formally document the discharge of the borrower's obligations, ensuring both parties have clarity and legal certainty that the debt has been satisfied and the note is no longer valid.
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Cancellation of Note. Upon the repayment by the Company of all of its obligations hereunder to the Lender, including, without limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full. Except as otherwise required by law or by the provisions of this Note, payments received by the Lender hereunder shall be applied first against expenses and indemnities, next against interest accrued on this Note, and next in reduction of the outstanding principal balance of this Note.
Cancellation of Note. Upon the repayment by the Company of all of its obligations hereunder to the Holder, including, without limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full. Except as otherwise required by law or by the provisions of this Note, payments received by the Holder hereunder shall be applied first against expenses and indemnities, next against interest accrued on this Note, and next in reduction of the outstanding principal balance of this Note.
Cancellation of Note. Upon the conversion of this Note pursuant to this Section 2(a), this Note shall be canceled and of no further force or effect and, Holder’s only remedy shall be to receive a certificate representing the Conversion Shares.
Cancellation of Note. Upon payment in full of the outstanding principal balance of this Note and accrued and unpaid interest thereon, this Note will be automatically cancelled and the Company’s payment obligations hereunder will be extinguished.
Cancellation of Note. Upon payment in full of all principal and interest payable hereunder, this Note shall be surrendered to Obligor for cancellation.
Cancellation of Note. Upon the conversion of the Principal Amount of this Note and the accrued interest thereon, this Note shall be cancelled.
Cancellation of Note. Simultaneous with the issuance of the Shares, the Note shall be deemed canceled and Delta shall have no further obligation to pay to Holder the original principal amount of the Note or any interest accrued thereon. Holder shall surrender the Note to Delta at its principal executive office within 10 days after the date of this Agreement, after which Delta shall issue to Holder certificates representing the Shares. DELTA INTERNATIONAL MINING AND EXPLORATION, INC. By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ------------------------------- --------------------------- ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Chief Financial Officer AGREEMENT This AGREEMENT is made by and between DELTA INTERNATIONAL MINING AND EXPLORATION, INC., a Nevada corporation ("Delta") and ▇▇▇▇▇ ▇▇▇▇▇▇▇, an individual ("Holder") as of October 14, 2002.
Cancellation of Note. Upon the delivery of the Nova Shares, Palaut and Nova shall make a reasonable effort to locate the Note. If located, Palaut agrees to deliver the Note to Nova marked "Cancelled".
Cancellation of Note. If the Distribution and Marketing Agreement between Salton and K-Mart Corporation dated January 27, 1997, as it may be amended or renewed, is cancelled by K-Mart prior to June 30, 2004, the principal balance of this note shall be reduced as of the date of such cancellation in accordance with the amortization schedule attached hereto as Schedule I, and, upon such reduction, accrued interest, interest already paid, and interest accruing after such reduction prior to the maturity of this note shall be recalculated on the reduced principal balance. To the extent that, on account of such reduction, interest has been overpaid, such overpayment shall be offset, first, against the next accruing amounts of interest not yet paid, and then against the reduced principal balance, but Windmere shall not be obligated otherwise to return accrued interest or principal already paid.
Cancellation of Note. L-3's obligations of payment under this Note may be cancelled pursuant to the provisions of Section 1.1(b) of the Agreement, which provisions are incorporated herein by reference in their entirety.