Common use of Debt Conversion Clause in Contracts

Debt Conversion. All indebtedness of Company, Equachem, LLC, Equalan LLC and Biozone Laboratories, Inc. to Seller shall be forgiven at closing, provided $250,000 of such indebtedness owing to Xxx Xxxxxx, on an audited basis, shall be repaid by the Buyer to Xxx Xxxxxx at closing and the balance converted into Company common stock on the basis of 1 share for each $1.00 of debt converted, which shall be adjusted upon the completion of the Company audit.

Debt Conversion. All indebtedness of Company, EquachemBetaZone, LLC, Equalan Equachem LLC and Biozone Laboratories, Inc. to Seller shall be forgiven at closing, provided $250,000 of such indebtedness owing to Xxx Dxx Xxxxxx, on an audited basis, shall be repaid by the Buyer to Xxx Dxx Xxxxxx at closing and the balance converted into Company common stock on the basis of 1 share for each $1.00 of debt converted, which shall be adjusted upon the completion of the Company auditaudit .

Debt Conversion. All indebtedness of Company, EquachemBetaZone, LLC, Equalan LLC and Biozone LaboratoriesEquachem, Inc. LLC to Seller shall be forgiven at closing, provided $250,000 of such indebtedness owing to Xxx Xxxxxx, on an audited basis, shall be repaid by the Buyer to Xxx Xxxxxx at closing and the balance converted into Company common stock on the basis of 1 share for each $1.00 of debt converted, which shall be adjusted upon the completion of the Company audit.

Debt Conversion. All indebtedness of Company, EquachemBetaZone, LLC, Equalan LLC and Biozone LaboratoriesEquachem, Inc. LLC to Seller shall be forgiven at closing, provided up to $250,000 of such indebtedness owing to Xxx Xxxxxx, on an audited basis, shall be repaid by the Buyer to Xxx Xxxxxx at closing and the balance converted into Company common stock on the basis of 1 share for each $1.00 of debt converted, which shall be adjusted upon the completion of the Company audit.