Cancellation of the Note Clause Samples

Cancellation of the Note. The Marins agree that upon the execution of this Agreement and the delivery to the Marins of the Consideration described above, the Owed Amount will be cancelled and forgiven in its entirety, and the Marins shall have no right to the Owed Amount as of the Effective Date.

Cancellation of the Note. Upon issuance and delivery to Seafield of the shares of Stock provided for in Section 1 immediately above (the "Shares"), the Note shall have been paid in full. Thereupon, Seafield shall ▇▇▇▇ the Note "Canceled - Paid in Full" and shall return it to Response.

Cancellation of the Note. As a condition precedent to the effectiveness of this Agreement, Equitis shall deliver an original copy of the Note to the Company and hereby authorizes and directs the Company to ▇▇▇▇ the Note cancelled and paid in full.

Cancellation of the Note. Immediately upon the execution of this Agreement by the parties and the Closing of the Transaction under the SPA, the Note shall be deemed to be irrevocably cancelled and terminated and all indebtedness and obligations owing under the Note to be forgiven. Immediately thereafter, the Lender shall m▇▇▇ the Note as cancelled and shall surrender the cancelled Note to the Borrower. After giving effect to this Agreement, the Lender confirms that there are no obligations owing to the Lender by the Borrower. The Lender hereby releases the Borrower, effective as of the date hereof, from any claim, cause of action or liability at any time arising prior to the date hereof out of or with respect to the Note and the transactions contemplated thereby.

Cancellation of the Note. Pursuant to Section 21 of the Note, upon completion of the Final Share Conversion and delivery to the Holder of the 13,092,242 shares of the Company common stock to be issued pursuant to the Final Share Conversion, the Note shall be deemed cancelled.

Cancellation of the Note. Upon execution of this Agreement, Baron will immediately tender to the Corporation the cancelled Note and will do all that is necessary to ensure that the Note is cancelled in compliance will all applicable laws, covenants, and restrictions.

Cancellation of the Note. Contemporaneously with the execution of this Agreement, Shareholders’ Representative shall cancel the Note by conspicuously marking each page of the Note with the word “CANCELLED” and deliver the cancelled Note to Maker. Shareholders’ Representative releases Maker of any and all claims, liabilities or obligations under the Note upon receipt of the Settlement Payment, and without the necessity of any further action.

Cancellation of the Note. Upon execution of this Agreement, the Plaintiffs shall cause the Note to be marked "CANCELLED" and returned to VSC, and the Note shall be of no further force or effect.

Cancellation of the Note. Upon receipt of confirmation of a wire transfer, Holder shall forward the original copy of the Note marked “PAID IN FULL” on the top of the Note. In the event Holder is unable to locate the original copy of the Note, of if Holder fails to forward the original copy of the Note, Holder hereby agrees that its receipt of funds representing the Amount Due shall be conclusive evidence of Maker’s full repayment of the Note and Holder’s rights thereunder shall cease.