Termination of Notes. It is agreed and acknowledged that immediately prior to the Effective Time (as defined in the Merger Agreement), and without any action on the part of the Company or the Note Holder, the Notes shall be terminated and canceled in full and rendered null and void. All past, current, or future obligations of the Parties under the Notes shall be extinguished, except as otherwise expressly set forth in this Agreement. The Note Holder will return the original Notes for cancellation by the Company on the Effective Date. The Note Holder acknowledges and agrees that as of the Effective Date, it shall have no surviving right, title or interest in or to the Notes, any shares issuable upon the conversion thereof.
Termination of Notes. Upon issuance of the GPCM Common Shares described in Section 3 and the Warrant, the Bxxxxxxxx Note and the BNI Note shall each be terminated as of the Effective Date.
Termination of Notes. Upon completion of the transactions in this Agreement the Notes will be canceled and will be of no further force or effect.
Termination of Notes. On signing of and fulfillment of the obligations under the Termination Agreement of the Working Interest Purchase and Sale the Note Holders will Terminate and Discharge the Company of its payment and obligations under the 8% Convertible notes (hereinafter called "Notes") in the aggregate principal amount of US$ 1,000,000 which were to be dated February 1, 2009 to mature on as follows: US$ 250,000 on April 30, 2009 $ 250,000 on May 30, 2009 $ 250,000 on June30, 2009 $ 250,000 on July 30, 2009 And to bear interest on the unpaid principal thereof at the rate of 8% per annum until maturity, payable on and with each $ 250,000 segment on the maturity dates states above and after maturity deficient balances are to bear interest at the rate of 16% per annum until paid.
Termination of Notes. It is hereby agreed and acknowledged that as of the Effective Time and subject to the receipt of the Note Consideration by Holder, each of the Notes shall be terminated in full and rendered null and void, and all past, current, or future obligations of the parties under each Note shall be extinguished, except as otherwise expressly set forth in this Agreement. Holder acknowledges and agrees that as of the Effective Time and subject to the receipt of the Note Consideration by Holder, it shall have no surviving right, title or interest in or to the Notes, any shares purchasable thereunder or any other option, warrant, right or interest to acquire any equity of the Company on conversion of the Notes.
