Satisfaction of Note. Once the Preferred Shares and the Warrants are issued to the Holder, the Note shall be satisfied in full and there shall be no further obligations of JKXJ related to the Note.
Satisfaction of Note. If the Pledgor has not reacquired possession of the certificates as provided in Section 8 above, upon the Pledgor's satisfaction of the Note, the Company shall deliver the certificates and Stock Powers to the Pledgor.
Satisfaction of Note. Holder acknowledges, that upon receipt of payment of the sum of $50,000 from Borrower, full payment of the indebtedness and satisfaction of the Note has occurred. Holder further consents to Borrower being able to rely on the satisfaction set forth herein.
Satisfaction of Note. SM hereby declares that except as hereafter described, all obligations of LLC and ECD under the UPA including the obligation to pay the accrued interest described in the recitals above, are fully satisfied, paid in full and compromised and settled, and of no further force and effect.
Satisfaction of Note. In consideration for the repurchase of the Shares and as a material inducement for the Seller to enter into this Agreement, upon Closing Seller shall use the proceeds from the Purchase Price to repay the principal and interest obligations accrued through Closing under the Promissory Note and, to the extent necessary, Seller shall pay to the Company any remaining principal and interest after application of such proceeds, or, if applicable, Seller may retain the excess of such proceeds. Upon Closing and payment of all of Seller’s obligations under the Promissory Note pursuant to this Section 9.2, the Promissory Note shall be deemed satisfied and thereafter Seller shall have no further obligations thereunder.
Satisfaction of Note. The Note is fully satisfied. BIG BAD LENDER agrees the Does are not obligated to make any additional payments to BIG BAD LENDER, its successors, assigns, former and present directors, members, agents, servicers, principals, attorneys, shareholders, predecessors, subsidiaries, affiliates or parents pursuant to the Note.
Satisfaction of Note. Once the Preferred Shares and the Warrants are issued to the Holder, $1,250,000 of the Note shall be satisfied (the "Satisfied Portion").
Satisfaction of Note. Immediately upon the consummation of the transactions contemplated hereby, and without any further action required by any of the parties hereto, the Note shall be deemed to be fully satisfied and paid in full by Uhlenhop, and discharged by the Company, and such Note shall have no further force or effect.
Satisfaction of Note. If the conditions set forth in paragraph 3 above are fully and timely satisfied, then the Bank will cause its Trustee to issue a Full Deed of Reconveyance. The Full Deed of Reconveyance will be forwarded (via Airborne Express) within 14 days to Mr. Xxxxxx XxXxxxx to the above address for recording in the County in which the subject property is located. Additionally, we will include the original (or certified copy) Note stamped "Satisfied". The Co-Borrowers' obligations under the Note shall thereafter be deemed satisfied. 5.
Satisfaction of Note. (a) In the event that the Exercise Date occurs prior to the Maturity Date (the “Exercise Date”), all outstanding Principal and any accrued and unpaid interest owing thereon shall automatically convert, in whole, without any further action on the part of the Corporation or the Holder into the Conversion Shares. Forthwith following the Exercise Date, the Corporation shall deliver a certificate representing the Conversion Shares to the Holder or to such other person or entity as the Holder may in writing direct. If the Conversion Shares are to be issued in the name of a person other than the Holder, the Holder shall provide the Corporation with such name in a manner reasonably satisfactory to the Corporation.
(b) In the event that the Exercise Date does not occur prior to the Maturity Date, all outstanding Principal and any accrued and unpaid interest owing thereon shall become immediately due and payable without further notice or demand. In such event, in addition to the payment of such Principal and interest due hereunder, the Corporation shall pay to the Holder an amount equal to (if such amount is greater than zero): (a) the product of the number of Conversion Shares that would have been issued to Holder if the Exercise Date had occurred on the date immediately prior to the Maturity Date multiplied by the Fair Market Value of a share of Common Stock on the day immediately prior to the Maturity Date minus (b) the total Principal and interest due hereunder pursuant to the first sentence of this Section 2.1(b). For purposes of the Note, “Fair Market Value” means the United States dollar equivalent of the per share price of the Common Stock equal to the volume weighted average price of the Common Stock reported on the TSX or on the principal exchange or over the counter market on which such shares are trading, if any, or as reported on any composite index which includes such principal exchange, for the five (5) trading days immediately prior to the date the subject shares of Common Stock are to be determined or any adjustment thereto are to be made. The rate to be used for the conversion of Canadian dollars to United States dollars shall be the Bank of Canada noon rates on the dates on which such conversion is to be calculated. If shares of Common Stock are not listed or admitted to trading on any exchange, over-the-counter market or any similar organization as of the determination date, the Fair Market Value shall be determined by the Board of Directors of t...
