Common use of Surrender of Notes on Prepayment Clause in Contracts

Surrender of Notes on Prepayment. Following any prepayment of any Note pursuant to Section 3.5 or Section 3.6, such Note shall, prior to any transfer thereof, be (a) made available to the Trustee for notation on the prepayment schedule attached to such Note of the amount of principal so prepaid or, (b) at the option of the holder thereof and in lieu of the alternative in the foregoing clause (a) of this sentence, held by the holder of such Note who shall make a notation on such schedule of the amount of principal so prepaid. In case the entire principal amount of any Note is prepaid or paid, such Note shall be surrendered promptly at the agency of the Issuer maintained pursuant to Section 7.9, for cancellation, upon Written Request therefor by the Issuer, and shall not be reissued, and no Note shall be issued in lieu of the prepaid or paid principal amount of any Note.

Appears in 2 contracts

Samples: Trust Indenture and Security Agreement (Noble Drilling Corp), Trust Indenture and Security Agreement (Noble Drilling Corp)

AutoNDA by SimpleDocs

Surrender of Notes on Prepayment. Following any prepayment of any Note pursuant to Section 3.5 or Section 3.6, such Note shall, prior to any transfer thereof, be (a) made available to the Trustee for notation on the prepayment schedule attached to such Note of the amount of principal so prepaid or, (b) at the option of the holder thereof and in lieu of the alternative in the foregoing clause (a) of this sentence, held by the holder of such Note who shall make a notation on such schedule of the amount of principal so prepaid. In case the entire principal amount of any Note is prepaid or paid, such Note shall be surrendered promptly at the agency of the Issuer maintained pursuant to Section 7.98.8, for cancellation, upon Written Request therefor by the Issuer, and shall not be reissued, and no Note shall be issued in lieu of the prepaid or paid principal amount of any Note.

Appears in 1 contract

Samples: Trust Indenture and Security Agreement (R&b Falcon Corp)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!