Satisfaction of Note Clause Samples
The 'Satisfaction of Note' clause defines the conditions under which a promissory note or similar debt instrument is considered fully paid and discharged. Typically, this clause outlines the requirements for payment in full, including any accrued interest or fees, and may specify the method and timing of such payment. Once these conditions are met, the borrower's obligations under the note are terminated, and the lender can no longer pursue further claims related to the note. This clause ensures clarity for both parties regarding when the debt is officially settled and helps prevent future disputes over outstanding obligations.
POPULAR SAMPLE Copied 26 times
Satisfaction of Note. SM hereby declares that except as hereafter described, all obligations of LLC and ECD under the UPA including the obligation to pay the accrued interest described in the recitals above, are fully satisfied, paid in full and compromised and settled, and of no further force and effect.
Satisfaction of Note. In consideration for the repurchase of the Shares and as a material inducement for the Seller to enter into this Agreement, upon Closing Seller shall use the proceeds from the Purchase Price to repay the principal and interest obligations accrued through Closing under the Promissory Note and, to the extent necessary, Seller shall pay to the Company any remaining principal and interest after application of such proceeds, or, if applicable, Seller may retain the excess of such proceeds. Upon Closing and payment of all of Seller’s obligations under the Promissory Note pursuant to this Section 9.2, the Promissory Note shall be deemed satisfied and thereafter Seller shall have no further obligations thereunder.
Satisfaction of Note. Once the Preferred Shares and the Warrants are issued to the Holder, the Note shall be satisfied in full and there shall be no further obligations of JKXJ related to the Note.
Satisfaction of Note. Holder acknowledges, that upon receipt of payment of the sum of $50,000 from Borrower, full payment of the indebtedness and satisfaction of the Note has occurred. Holder further consents to Borrower being able to rely on the satisfaction set forth herein.
Satisfaction of Note. Once the Preferred Shares and the Warrants are issued to the Holder, $1,250,000 of the Note shall be satisfied (the "Satisfied Portion").
Satisfaction of Note. Executive acknowledges that (i) that certain Amended and Restated Revolving Credit Note, dated September 21, 2001, as amended on July 29, 2002 (the "Note"), is in full force and effect and, further, that Executive desires to satisfy the Note, and (ii) the principal and interest due on the Note as of the Separation Date is $2,564,880.27. The Company and Executive hereby agree that the sum of $2,564,880.27 will be withheld by the Company from the net amount payable to Executive pursuant to Section 2(a) above and applied to the Note in full satisfaction thereof.
Satisfaction of Note. At the time of the sale and purchase of the Purchased Assets, the Buyer shall take the steps necessary to enable Seller to discharge $1.525 million of the Seller’s obligation under the Seller’s long-term note to Indianapolis Life Insurance Company dated February 15, 1991 (the “Indianapolis Note”), or such other amount as the Seller may then be obligated to pay in order to obtain a complete discharge of that note.
Satisfaction of Note. Upon the Closing, that certain “Note” under the LNE Employment Agreement shall mature, and LNE shall thereupon pay to the Azoff Trust the amount of Eight Million Two Hundred Thirty-Six Thousand and Twenty Dollars ($8,236,020), less any applicable withholding or other taxes, in full satisfaction of any and all amounts due to the Azoff Trust thereunder.
Satisfaction of Note. Ambex Technologies, Inc. shall have marked the Note "Paid in Full" and delivered the original of same to Buyer together with a release of all rights it may have in any assets of the Company by virtue of that certain Security Agreement dated October 7, 1997.
Satisfaction of Note. If the Pledgor has not reacquired possession of the certificates as provided in Section 8 above, upon the Pledgor's satisfaction of the Note, the Company shall deliver the certificates and Stock Powers to the Pledgor.