Surrender of Notes Upon Final Payment Clause Samples
The 'Surrender of Notes Upon Final Payment' clause requires the holder of a promissory note or similar debt instrument to return the original note to the issuer once the final payment has been made. In practice, this means that after the borrower has fully repaid the loan, the lender must physically or electronically surrender the note as evidence that the debt has been satisfied. This process helps prevent future disputes over whether the obligation has been fulfilled and ensures that the borrower is released from any further liability under the note.
Surrender of Notes Upon Final Payment. By acceptance of any Note, the Holder thereof agrees to surrender such Note to the Indenture Trustee promptly, prior to such Noteholder's receipt of the final payment thereon.
Surrender of Notes Upon Final Payment. Section 8.07. Optional Redemption of the Notes.
Surrender of Notes Upon Final Payment. Optional Redemption of the Assets of the Trust Estate ARTICLE IX Supplemental Indentures
Surrender of Notes Upon Final Payment. Section 8.06 Optional Redemption of the Mortgage Loans
Surrender of Notes Upon Final Payment. By acceptance of any ----------------------------------------- Note, the Holder thereof agrees to surrender such Note to the Indenture Trustee promptly, prior to such Noteholder's receipt of the final payment thereon.
Surrender of Notes Upon Final Payment. 45 ARTICLE IX
Surrender of Notes Upon Final Payment. Section 8.06 Optional Redemption of the Mortgage Loans
Section 8.07 The Swap Agreements.
Section 8.08 Rights of Swap Provider.
Surrender of Notes Upon Final Payment. (a) Upon written notice from the Trust, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Trust expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile at least 5 Business Days prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.
(b) Promptly following the date on which all principal of and interest on the Notes has been paid in full and the Notes have been surrendered to the Indenture Trustee, the Indenture Trustee shall, upon written notice from the Master Servicer of the amounts, if any, that the Insurer has paid in respect of any Notes under the Policy or otherwise which has not been reimbursed to it, deliver such surrendered Notes to the Insurer to the extent not previously cancelled or destroyed.
Surrender of Notes Upon Final Payment. Optional Redemption of the Notes Section 8.08 Swap Account Section 8.09 Termination Following TMP Trigger Event
Surrender of Notes Upon Final Payment. 51 ARTICLE IX Supplemental Indentures