Return of Original Note Clause Samples
The "Return of Original Note" clause requires the borrower or relevant party to return the original promissory note to the lender or noteholder, typically upon full repayment of the underlying debt. In practice, this means that once the borrower has satisfied all payment obligations, the physical note—often a legal document evidencing the loan—must be surrendered to the lender, who may then mark it as paid or cancelled. This clause ensures that there is clear evidence the debt has been settled and prevents the note from being wrongfully enforced or negotiated in the future.
Return of Original Note. On the Amendment Effective Date, Bionics shall deliver to the Company the original Note for cancellation.
Return of Original Note. The Company shall, upon receipt of the Replacement Note, return the Original Note to the Issuer for cancellation.
Return of Original Note. The Original Note shall be returned to Borrowers by Agent marked to indicate that it has been amended and replaced.
Return of Original Note. Lender agrees that, concurrently with the closing of the transaction contemplated by this Agreement, or reasonably promptly thereafter, Lender shall return the original Note to Borrower.
Return of Original Note. RAB shall deliver the Original Note to the Company no later than three (3) Business Days following the Closing.