COVENANTS OF CTS AND THE STOCKHOLDERS AFTER CLOSING. 10.1 Release From Guarantees; Repayment of Certain Obligations. CTS shall use its best efforts to have the STOCKHOLDERS released from any and all guarantees on any indebtedness that they personally guaranteed and from any and all pledges of assets that they pledged to secure such indebtedness for the benefit of the COMPANY, with all such guarantees on indebtedness being assumed by CTS, if necessary to achieve such releases. In the event that CTS cannot obtain such releases from the lenders of any such guaranteed indebtedness on or prior to 180 days subsequent to the Closing Date, CTS shall pay off or otherwise refinance or retire such indebtedness.
Appears in 4 contracts
Samples: Agreement and Plan of Organization (Condor Technology GRP), Agreement and Plan of Organization (Condor Technology GRP), Agreement and Plan of Organization (Condor Technology GRP)
