Common use of Demand Notes Clause in Contracts

Demand Notes. The Sellers shall cause each holder of a Demand Note to exercise simultaneously with the Effective Time its right to have the Demand Notes held by such holder repaid in shares of theglobe Common Stock in accordance with the original terms of such Demand Notes, which shall result in the delivery to the holder of each Demand Note of an amount of shares of theglobe Common Stock equal to the product of the number of Demand Note Company Shares deemed allocable to the Demand Notes held by such holder multiplied by the Merger Consideration Per Share. Such delivery shall be in full satisfaction of all amounts owing and all other obligations of the Company and theglobe arising under and with respect to the Demand Notes, and such delivery shall be deemed made at the Closing and the holder of the Demand Notes shall be deemed to be the record holder of such shares for all purposes. The Sellers shall deliver each Demand Note at the Closing, at which each such Demand Note shall be cancelled.