Cancellation of Subordinated Notes. The Lenders shall have received satisfactory evidence that the Existing Subordinated Notes shall have been cancelled (or, in the case of the Village Subordinated Notes, repaid).
Cancellation of Subordinated Notes. The Exiting Originator represents and warrants to the other parties hereto that it (a) currently holds the Subordinated Note made by the Buyer to the Exiting Originator (the “Exiting Originator Note”) and (b) has not sold, pledged, assigned, or otherwise transferred the Exiting Originator Note or any interest therein. The Exiting Originator acknowledges and agrees that all the Buyer’s outstanding obligations (including, without limitation, any payment obligations) under the Exiting Originator Note have been finally and fully paid and performed on or prior to the date hereof. The Exiting Originator Note is hereby cancelled and shall have no further force or effect.
Cancellation of Subordinated Notes. Upon receipt from the Lender of the Subordinated Notes in accordance with Section 1.4 hereof, the Company shall cancel each such Subordinated Note immediately. The Company and the Lender agree that upon such cancellation of such Subordinated Notes: (a) the obligations of the Company to pay the principal of, interest on or redemption premium and otherwise in respect of, such Subordinated Notes surrendered by the Lender to the Company shall terminate; (b) the obligations of the Company to pay any interest remaining unpaid in respect of the Subordinated Notes shall terminate, and such interest shall be deemed to have formed a portion of the consideration given for the purchase of the Series B Preferred Stock by the Lender; (c) all obligations of the Lender pursuant to the Subordinated Notes shall terminate; and (d) all obligations of the Company in respect of the cancelled Subordinated Notes shall terminate.
Cancellation of Subordinated Notes. The Exiting Originator represents and warrants to the other parties hereto that it (a) currently holds the Subordinated Note made by the Buyer to the Exiting Originator (the “Exiting Originator Note”) and (b) has not sold, pledged, assigned, or otherwise transferred the Exiting Originator Note or any interest therein. The Exiting Originator acknowledges and agrees that all the Buyer’s outstanding obligations (including, without limitation, any payment obligations) under the Exiting Originator Note have been finally and fully paid and performed on or prior to the Fifth Amendment Effective Date. The Exiting Originator Note is hereby cancelled and shall have no further force or effect.
Cancellation of Subordinated Notes. Section 2.08 of the Base Indenture is hereby amended so that the last sentence of such Section reads: "If the Issuer or the Guarantor shall acquire any of the Subordinated Notes, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Subordinated Notes unless and until the same are delivered to the Trustee for cancellation."
Cancellation of Subordinated Notes. Each Exiting Originator represents and warrants to the other parties hereto that it (a) currently holds the Subordinated Note made by the Buyer to the Exiting Originator (collectively, the “Exiting Originator Notes” and each, an “Exiting Originator Notes”) and (b) has not sold, pledged, assigned, or otherwise transferred its respective Exiting Originator Note or any interest therein. Each Exiting Originator acknowledges and agrees that all the Buyer’s outstanding obligations (including, without limitation, any payment obligations) under its respective Exiting Originator Note have been finally and fully paid and performed on or prior to the Second Amendment Effective Date. The Exiting Originator Notes are hereby cancelled and shall have no further force or effect.
Cancellation of Subordinated Notes. Each Released Originator represents and warrants to the other parties hereto that it (a) currently holds the Subordinated Note made by the Buyer to it (each, a “Released Originator Note”) and (b) has not sold, pledged, assigned, or otherwise transferred its respective Released Originator Note or any interest therein. Each Released Originator acknowledges and agrees that all the Buyer’s outstanding obligations (including, without limitation, any payment obligations) under its respective Released Originator Note have been finally and fully paid and performed on or prior to the date of this Amendment. Each Released Originator Note is hereby cancelled and shall have no further force or effect.
Cancellation of Subordinated Notes. All Subordinated Notes surrendered for payment, redemption, replacement, registration of transfer or exchange if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be canceled by it; and no Subordinated Notes shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Subordinated Notes held by it in accordance with its procedures for the disposition of canceled securities in effect on the date of such cancellation and deliver a certificate of disposition to the Issuer. If the Issuer shall acquire any of the Subordinated Notes, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Subordinated Notes unless and until the same are delivered to the Trustee for cancellation.
Cancellation of Subordinated Notes. Each Exiting Originator represents and warrants to the other parties hereto that it (a) currently holds the Subordinated Note made by the Buyer to such Exiting Originator (an “Exiting Originator Note”) and (b) has not sold, pledged, assigned, or otherwise transferred such Exiting Originator Note or any interest therein. Each Exiting Originator acknowledges and agrees that all the Buyer’s outstanding obligations (including, without limitation, any payment obligations) under the applicable Exiting Originator Note have been finally and fully paid and performed on or prior to the date hereof. Each Exiting Originator Note is hereby cancelled and shall have no further force or effect. The Buyer, the Servicer, the Originators and the Performance Guarantor represent and warrant that (a) the Buyer has never made any borrowings under the Subordinated Note made by the Buyer to Baytree (the “Baytree Note”), (b) the Buyer has no unpaid obligations or liabilities under the Baytree Note, (c) the Baytree Note has been cancelled and discharged and (d) Xxxxxxx has not sold, pledged, assigned, or otherwise transferred the Baytree Note or any interest therein.
Cancellation of Subordinated Notes. Any Subordinated Note paid in accordance with this Agreement, and each Subordinated Note in lieu of which a replacement Subordinated Note or Subordinated Notes are authenticated and delivered in accordance with Section 2.6 or 2.9 hereof, shall be canceled and disposed of in accordance with the Fiscal and Paying Agent’s policy for disposal. The Fiscal and Paying Agent shall upon written request furnish the Bank with certificates of disposal of such Subordinated Note(s).
