No Collection. Notwithstanding any provision of Section 3 of this Note, the License Agreement or otherwise, no suit may be brought to collect this Note or for payment of the License Fee; instead, Noteholder shall only be able, and its exclusive remedy for any default under this Note or the failure to pay the License Fee shall be to apply the entire amount due hereunder to payment for the Common Stock of the Issuer pursuant to the terms of that certain Warrant Agreement of even date herewith by and between the Issuer and the Noteholder.
Appears in 2 contracts
Sources: License Agreement (Cumetrix Data Systems Corp), License Agreement (Glasgal Communications Inc)