Payment of Shareholder Loans. Make any payments of principal or interest on any loans or advances to Borrower from Borrower’s shareholders (the “Shareholder Loans”) except, so long as no Event of Default exists hereunder, Borrower may make (a) regularly scheduled payments of interest earned and accrued on the Shareholder Loans after the Effective Date, (b) after Borrower’s receipt of the proceeds of the Initial Advance, payments which in the aggregate do not exceed the lesser of $1,000,000 and the principal amount then owed by Borrower to Xxxx Xxxxxxxxx pursuant to the Shareholder Loans from Xxxx Xxxxxxxxx and (c) after Borrower’s receipt of the proceeds of the Second Advance, payments which in the aggregate do not exceed the lesser of $500,000 and the principal amount then owed by Borrower to Xxxx Xxxxxxxxx pursuant to the Shareholder Loans from Xxxx Xxxxxxxxx.
Payment of Shareholder Loans. If the Company has six (6) months or two (2) quarters of Profitability, then the Buyer agrees to pay the debt of the Company that is labelled under the column “Personal Loans” or “DarkPulse Loans”, which is listed on Schedule 2 of the attached Assignment and Assumption Agreement, which is attached and incorporated into this Agreement as Exhibit A, herein (the “Shareholder Loans”). Payment of the Shareholder Loans shall be made within fifteen (15) days of the Company achieving six (6) months or two (2) quarters of Profitability.
Payment of Shareholder Loans. The Purchaser shall cause Cable Systems to discharge all outstanding shareholder loans to Cable Systems and the Subsidiaries of Cable Systems listed on Schedule 2.3(c) attached hereto.
Payment of Shareholder Loans. At Closing, LSAI shall pay in full, in ---------------------------- immediately available funds, those certain loans made by the NPLI Shareholders to NPLI in the aggregate principal amount of $275,000 (the "Shareholder Loans"), and upon receipt of such payment, the promissory notes evidencing the Shareholder Loans shall be marked and notated "Paid in Full" at Closing.
Payment of Shareholder Loans. At Closing, LSAI shall pay ---------------------------- $275,000 representing the aggregate outstanding principal amount, in immediately available funds, of that (i) certain loan made by Dekirmenjian to NPLI (the "Dekirmenjian Loan") in the outstanding principal amount of $175,000, against delivery of the promissory note evidencing the Dekirmenjian Loan, marked and notated "Paid in Full" and (ii) certain loan made by Xxxxxx to NPLI (the "Xxxxxx Loan") in the outstanding principal amount of $100,000, against delivery of the promissory note evidencing the Xxxxxx Loan, marked and notated "Paid in Full."
Payment of Shareholder Loans. Each of Pypo Shareholders shall have paid off the then outstanding balance of the U.S.$20 million loan made by the Pypo Entities to Capital Ally in March 2008.
Payment of Shareholder Loans. 65 11.14 Payment of Bonus and Profit Sharing Accrual............................................................65
Payment of Shareholder Loans. Stonepath and the Purchaser hereby acknowledge and agree to consent to the continuation of the payment of the Companies' existing loans from the Shareholders to the Companies from the date of this Agreement through the date of Closing. In the period after the Closing Date, Stonepath and the Companies covenant and agree to continue such payments in a manner consistent with that established in the period before the Closing, and further agree that the Companies shall pay such Shareholder loans in full not later than December 31, 2001. Schedule 5.33 sets forth the principal balances and schedule for such payments.
Payment of Shareholder Loans. Stonepath, the Purchaser and the Companies covenant that the Shareholder loans described in Section 5.33 shall be paid in the manner and in accordance with the timeframes set forth therein.
Payment of Shareholder Loans. At Closing, the Buyer will contribute cash equal to the outstanding amount of the Shareholder Loans referenced below. The Company shall pay to Sellers the amounts owed them under the outstanding shareholder loans to the Company. At the date of this Agreement, the amounts owed to the Sellers are as follows: Nick Ferolito $00,000 Russell Brown $00,000
