Common use of Issuance of New Note Clause in Contracts

Issuance of New Note. The unconverted principal and any unconverted accrued and unpaid interest shall represent an automatic adjustment to this Amended and Restated Note without causing the need to issue a further amended and restated note. Although not required to be requested by the Holder, upon any partial conversion of this Amended and Restated Note, a new note (“New Note”) containing the same date and provisions of this Amended and Restated Note shall, at the request of the Holder, be issued by the Borrower to the Holder for the principal balance of the New Note and interest which shall not have been converted or paid. Subject to the provisions of Article III, the Borrower will pay no costs, fees or any other consideration to the Holder for the production and issuance of a New Note.