Existing Note and New Notes Clause Samples
The 'Existing Note and New Notes' clause defines the relationship between a previously issued promissory note (the Existing Note) and any new notes that may be issued under an agreement. Typically, this clause clarifies whether the new notes replace, supplement, or are in addition to the existing note, and may specify the terms under which the existing note is cancelled, amended, or remains in effect. Its core practical function is to prevent confusion or disputes regarding the status of outstanding debt instruments when new notes are issued, ensuring all parties understand their rights and obligations.
Existing Note and New Notes. Pursuant to Section 12.15 of the Financing Agreement, Borrower shall deliver to the Assignee[s] and the Assignor duly authorized and executed new Notes for [each of] the Assignee[s] and the Assignor, in each case in principal amounts reflecting their Loans and/or LC Commitment as set forth in the “Resulting Interest” column in Schedule I, and, promptly after the delivery by Borrower of such new Notes and the occurrence of the Effective Date, the Assignor shall deliver to Borrower the superseded Note of the Assignor marked “cancelled and replaced.”
Existing Note and New Notes. Pursuant to Section 10.7 of the Credit Agreement, if required by the Assignee[s] or Assignor, as applicable, Borrower shall deliver to the Assignee[s] and the Assignor duly authorized and executed new Notes for [each of] the Assignee[s] and, if applicable, the Assignor, in each case in principal amounts reflecting their Loans and Commitments as set forth in the “Resulting Interest” column in Schedule I (attached hereto), and, concurrent with the delivery by Borrower of such new Notes and the occurrence of the Effective Date, the Assignor shall deliver to Borrower the superseded Note of the Assignor marked “cancelled” or “cancelled and replaced,” as applicable.