Cancellation of Note. Upon the repayment by the Company of all of its obligations hereunder to the Lender, including, without limitation, the principal amount of this Note, plus accrued but unpaid interest, the indebtedness evidenced hereby shall be deemed canceled and paid in full. Except as otherwise required by law or by the provisions of this Note, payments received by the Lender hereunder shall be applied first against expenses and indemnities, next against interest accrued on this Note, and next in reduction of the outstanding principal balance of this Note.
Cancellation of Note. Upon payment in full of the principal balance of this Note and any charges, costs and accrued interest thereon, this Note will be automatically cancelled and Maker’s payment obligations hereunder will be extinguished.
Cancellation of Note. Upon the conversion of the Principal Amount of this Note and the accrued interest thereon, this Note shall be cancelled.
Cancellation of Note. Simultaneous with the issuance of the Shares, the Note shall be deemed canceled and Delta shall have no further obligation to pay to Holder the original principal amount of the Note or any interest accrued thereon. Holder shall surrender the Note to Delta at its principal executive office within 10 days after the date of this Agreement, after which Delta shall issue to Holder certificates representing the Shares. DELTA INTERNATIONAL MINING AND EXPLORATION, INC. By: /s/ Xxxxxx X. Xxxxxxx /s/ Xxxxx Xxxxxx ------------------------------- --------------------------- Xxxxxx X. Xxxxxxx Xxxxx Xxxxxx Chief Financial Officer AGREEMENT This AGREEMENT is made by and between DELTA INTERNATIONAL MINING AND EXPLORATION, INC., a Nevada corporation ("Delta") and XXXXXXX XXXXX, an individual ("Holder") as of October 15, 2002.
Cancellation of Note. If the Distribution and Marketing Agreement between Salton and K-Mart Corporation dated January 27, 1997, as it may be amended or renewed, is cancelled by K-Mart prior to June 30, 2004, the principal balance of this note shall be reduced as of the date of such cancellation in accordance with the amortization schedule attached hereto as Schedule I, and, upon such reduction, accrued interest, interest already paid, and interest accruing after such reduction prior to the maturity of this note shall be recalculated on the reduced principal balance. To the extent that, on account of such reduction, interest has been overpaid, such overpayment shall be offset, first, against the next accruing amounts of interest not yet paid, and then against the reduced principal balance, but Windmere shall not be obligated otherwise to return accrued interest or principal already paid.
Cancellation of Note. Upon the delivery of the Nova Shares, Palaut and Nova shall make a reasonable effort to locate the Note. If located, Palaut agrees to deliver the Note to Nova marked "Cancelled".
Cancellation of Note. 18 6.7. Issuance of Stock............................................18 ARTICLE 7. Conditions Precedent to Obligations of Buyer to Close....18
Cancellation of Note. Concurrently with the execution of this Agreement, the Secured Limited Recourse Promissory Note shall be marked "paid and cancelled" and delivered to Xxxxxx and Xxxxxx shall have no further obligation with respect thereto.
Cancellation of Note. Effective immediately following the receipt by the Investor of (i) the Investor Additional Installment Amount, (ii) the Common Shares delivered in respect of the Investor Accelerated Amount and (iii) the Investor Accelerated Payment Option Warrants, all of the outstanding Principal and accrued but unpaid Interest under the Note shall be deemed paid in full and the Note shall automatically be deemed cancelled.
Cancellation of Note. Effective upon the Repurchase Date, the Note is hereby cancelled, voided and of no further force or effect.
