Satisfaction of Promissory Note Clause Samples
The "Satisfaction of Promissory Note" clause defines the conditions under which a promissory note is considered fully paid and the borrower's obligations are discharged. Typically, this clause specifies that once the borrower has made all required payments, including principal and any accrued interest, the lender must acknowledge that the debt is satisfied. In practice, this may involve the lender providing a written statement or returning the original note marked as paid. The core function of this clause is to provide clear criteria for when the borrower's debt is extinguished, thereby preventing future disputes over repayment.
POPULAR SAMPLE Copied 5 times
Satisfaction of Promissory Note. Each of the parties hereto acknowledges that the Investor has received from the Company $110,176.10 as full and final payment for all principal amounts and accrued interest due and outstanding under the Promissory Note. The Investor represents to the Company that it holds good and marketable title to the Promissory Note and that it is not subject to any mortgage, pledge, lien, assignment for security, conditional sale, or other title retention agreement, lease, encumbrance, charge, security interest, or other interest or claim of any kind or character.
Satisfaction of Promissory Note. 2.1 As of the Effective Date, the Executive shall transfer the 600,000 Shares (which the parties agree have a fair market value as of the Effective Date of $1.15 per Share) with a total value of $690,000, and the Company shall cancel the Promissory Note. The Company shall accept the transfer of Shares in full satisfaction of all obligations of Executive under the Promissory Note.
2.2 As of the Effective Date and upon transfer of the Shares to the Company in accordance with Section 3 hereof, the Promissory Note shall be cancelled and shall terminate, and the Company shall deliver to Executive an original copy of the Promissory Note, duly marked as cancelled and free and clear of all liens.
Satisfaction of Promissory Note. For valuable consideration, the receipt and sufficiency of which is hereby acknowledged by it, subject to the Closing under the Purchase Agreement, Sagemark Companies hereby deems the Promissory Note fully paid and all obligations arising from such note will be fully discharged and satisfied on the date of such Closing.
Satisfaction of Promissory Note. In consideration for the agreements set forth herein, the Promissory Note is hereby satisfied and discharged and all claims or other obligations related thereto are released pursuant to Section 5.
Satisfaction of Promissory Note. MEDSTRETCH shall provide Company with written proof that the unsecured promissory note of $24,984 (including interest of 8%) with a shareholder of MEDSTRETCH has been satisfied in full and duly discharged, in full.