Termination of Note; Issuance of New Note Clause Samples

Termination of Note; Issuance of New Note. At Closing, the Altair Parties shall execute and deliver to Lender, and Lender shall execute and deliver to the Altair Parties, the Secured Term Note in the form attached hereto as Exhibit B (the "New Note"). Upon execution and delivery of the New Note by the parties thereto and Lender's receipt of the $2,500,000 transfer described in Section 1(A)(ii), (i) the Note, including all principal, interest, exchange rights, penalties, fees and any other amounts owed by any Altair Party to Lender with respect to the Note, shall be deemed to have been paid in full, and (ii) the Note shall immediately and automatically terminate and the Altair Parties shall have no further obligations thereunder. At Closing, Lender shall deliver to the Altair Parties the original Note marked "Cancelled," provided that Lender's failure to deliver such cancelled Note shall not affect or negate the termination of such Note as set forth in the preceding sentence.
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Related to Termination of Note; Issuance of New Note

  • Issuance of New Note Upon any partial conversion of this Note, a new Note containing the same date and provisions of this Note shall, at the request of the Holder, be issued by the Borrower to the Holder for the principal balance of this Note and interest which shall not have been converted or paid. The Borrower will pay no costs, fees or any other consideration to the Holder for the production and issuance of a new Note.

  • Issuance of Note Subject to all of the terms and conditions hereof, the Company agrees to issue and sell to the Investor, and the Investor agrees to purchase from the Company, a Note in the principal amount set forth opposite such Investor’s name on the signature page hereto.

  • Issuance of New Notes Whenever the Company is required to issue a new Note pursuant to the terms hereof, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal remaining outstanding (or in the case of a new Note being issued pursuant to Section (4)(a) or Section (4)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Note(s) issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of such new Note), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this Note, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

  • Issuance of New Certificate to Pledgee In the event certificates have been issued, a pledgee of shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a shareholder, and entitled to vote thereon.

  • Issuance of Notes The Owner Trustee is hereby authorized and directed on behalf of the Trust to execute, issue and deliver the Notes pursuant to the Indenture.