CIRTRAN Sample Clauses

CIRTRAN will pay ABS, in full satisfaction of the Adversary Judgment and the Attorneys’ Fees Judgment, a total principal amount of One Million Eight Hundred Ten Thousand Dollars ($1,810,000.00) (the “Settlement Amount”) ($1,835,000 less the $25,000 paid at closing), subject to adjustment as provided in Section 4(c) below. CIRTRAN, CirTran Beverage, CirTran Products, and CirTran Media shall only be jointly and severally liable to pay ABS the first $150,840 of the Settlement Amount in resolution of the pending OSC re: contempt for the transfer $150,840 in violation of the Court’s order; only CIRTRAN shall be liable to pay ABS the amounts in excess of $150,840. The Settlement Amount shall be payable as follows: (i) CIRTRAN and, to the extent of the initial $150,840, CirTran Beverage, CirTran Products, and CirTran Media shall pay ABS $7,500 per month for 46 consecutive months, commencing on March 29, 2012, and continuing on the last day of each month until January 30, 2016, except that in December 2012 CirTran shall pay $15,000 rather than $7,500, and (ii) thereafter, the entire unpaid balance of the Settlement Amount, as finally determined as provided below, shall be due and payable on January 30, 2016. If any payment date falls on a weekend or legal holiday in the State of California, the payment will be due on the next succeeding business day.
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CIRTRAN. CirTran Corporation, a Nevada corporation By: /s/ Xxxxx Xxxxxxxx -------------------------------- Name: Xxxxx Xxxxxxxx Title: CEO CirTran Online Corporation, a Utah corporation By: /s/ Xxxxx Xxxxxxxx -------------------------------- Name: Xxxxx Xxxxxxxx Title: CEO EXHIBIT A COC Products

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