PAYMENT BY NOTES SURRENDER Clause Samples
The 'Payment by Notes Surrender' clause establishes that payment obligations can be fulfilled by surrendering promissory notes or similar negotiable instruments. In practice, this means that instead of paying cash, a party may deliver notes that represent a promise to pay, and upon surrender of these notes, the payment is considered made. This clause streamlines the settlement process by allowing alternative forms of payment and helps clarify when and how payment obligations are discharged.
PAYMENT BY NOTES SURRENDER. Notwithstanding the payment -------------------------- provisions of subsections 1.1 and 1.2, all or part of the payment due upon exercise of this Warrant in full or in part may be made by the surrender by such holder to the Company of any of the Company's Notes issued pursuant to the Agreement and such Notes so surrendered shall be credited against such payment in an amount equal to the principal amount thereof plus premium (if any) and accrued interest to the date of surrender.