Cancellation of Promissory Note. The Promissory Note will be cancelled when no outstanding balance of the Promissory Note exists. No outstanding balance will exist upon occurrence of any of the following:
Cancellation of Promissory Note. Upon Investor’s payment in full of the Purchase Price at the Closing, the Promissory Note shall be cancelled and the original thereof shall be returned to Investor.
Cancellation of Promissory Note. The Parties agree and affirm that as of the Effective Date the Balance shall be forgiven by Lender in its entirety and Borrower shall have no further obligation to Borrower with respect to the Note.
Cancellation of Promissory Note. UBS hereby agrees to cancel all of the Company's obligations to UBS under that certain Promissory Note dated August 2, 1999, in the face amount of $2,050,000, and further agrees that the Company shall have no further obligation to UBS under the Promissory Note whatsoever. The Company acknowledges and agrees that the rights of UBS under that certain Warrant dated August 2, 1999, to purchase up to 282,353 shares of the Company's Series D Non-Voting Preferred Stock issued in connection with the Promissory Note shall remain in full force and effect.
Cancellation of Promissory Note. SCO agrees that all of the obligations of Somanta Incorporated and the Company under the Promissory Note and the Promissory Note itself shall be cancelled upon the consummation of the Initial Closing and the delivery of the Preferred Stock and Warrants in consideration for the surrender and cancellation of the Promissory Note.
Cancellation of Promissory Note. Upon the repayment by the Maker of all of its obligations hereunder to the Holder, including, without limitation, the principal amount of this Promissory Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full.
Cancellation of Promissory Note. On the Closing Date, Xxxx shall cancel any and all right, title and interest he has in that certain unsecured non-interest bearing earn-out note by Quadrax in favor of Xxxx in the aggregate amount of One Million Two Hundred Fifty Thousand Dollars ($1,250,000), dated December 29, 1995, relating to profits in Lion.
Cancellation of Promissory Note. The Company shall have received from Bay City Fund I, LLP ("Bay City") (one of the Investors hereunder) satisfactory evidence of the cancellation of that certain $3,000,000 promissory note from the Company in favor of Bay City, dated February, 1998 (the "Note"), as referenced in Schedule A.
Cancellation of Promissory Note. The Company shall have delivered to the Buyer a duly executed cancellation of the Demand Promissory Note in the principal amount of Rs. 25,00,00,000/-, dated July 11, 2009, issued by the Company to X. Xxxxxxxxxx in connection with the Memorandum of Understanding, dated July 11, 2009, by and between X. Xxxxxxxxx and X. Xxxxxxxxxx, in form and substance reasonably satisfactory to the Buyer.
Cancellation of Promissory Note. Each applicable Holder acknowledges and agrees that, effective as of the applicable Closing Date, the Promissory Note shall be deemed automatically canceled in full and of no further force or effect and shall thereafter represent only the right to receive the Securities.
