Satisfaction of Debt. (a) On the Satisfaction Date (as defined below), the Company shall transfer to Xxxxxxxx the following:
(i) cash in an amount equal to 40% of the accrued interest (through the Satisfaction Date) on the Xxxxxxxx Indebtedness; and
(ii) securities (as more particularly described below in paragraph (c) of this Section 1) of the Company having a value equal to the equal to the sum of (x) the principal amount of the Xxxxxxxx Indebtedness and (y) 60% of the accrued interest (through the Satisfaction Date) on the Xxxxxxxx Indebtedness.
(b) On the Satisfaction Date, the Company shall transfer to Osser the following:
(i) cash in an amount equal to 40% of the sum of the (x) deferred compensation portion of the Osser Indebtedness (as set forth on Schedule A-1) and (y) accrued interest (through the Satisfaction Date) on the Osser Indebtedness; and
(ii) securities (as more particularly described below in paragraph (c) of this Section 1) of the Company having a value equal to the equal to the sum of (x) the principal amount of the Osser Indebtedness and (y) 60% of the accrued interest (through the Satisfaction Date) on the Osser Indebtedness and (z) 60% of the deferred compensation portion of the Osser Indebtedness.
(c) The securities of the Company to be issued to Xxxxxxxx and Xxxxx pursuant to paragraphs (a)(ii) and (b)(ii), respectively, of this Section 1 shall be identical in all material respects to the securities sold by the Company in the Public Offering. For purposes of calculating the value of such securities, they shall be deemed to have a value equal to the public offering price as set forth in the final prospectus, filed under Rule 424(b) promulgated by the SEC under the Securities Act of 1933, as amended (the "Act") in connection with the Public Offering (the "Final Prospectus").
(d) The Satisfaction Date shall be the date that is the later of (i) the effective date of the Public Offering (i.e., the date of the Final Prospectus) and (ii) January 2, 2004.
Satisfaction of Debt. (a) On the Satisfaction Date (as defined below), the Company shall issue to MZRL securities (as more particularly described below in paragraph (c) of this Section 1) of the Company having a value equal to $200,000.
(b) The securities of the Company to be issued to MZRL pursuant to paragraphs (a) of this Section 1 shall be identical in all material respects to the securities sold by the Company in the Public Offering. For purposes of calculating the value of such securities, they shall be deemed to have a value equal to the public offering price as set forth in the final prospectus, filed under Rule 424(b) promulgated by the SEC under the Securities Act of 1933, as amended (the "Act") in connection with the Public Offering (the "Final Prospectus").
(c) The Satisfaction Date shall be 10 days after the closing of the Public Offering.
Satisfaction of Debt. Upon receipt by the Investor of the shares of Common Stock and Warrants specified in paragraph 2 above, the Debt shall be deemed to be satisfied and paid in full. By execution of this Agreement, the Investor agrees to execute such additional documents and take such additional steps as the Company deems reasonably necessary and appropriate to acknowledge the full and complete satisfaction of the Debt.
Satisfaction of Debt. Purchaser acknowledges and agrees that upon the Purchaser’s use of the Escrow Funds to purchase the Shares pursuant to this Agreement, that the Debt will have been completely satisfied by the Company and will be extinguished in its entirety.
Satisfaction of Debt. At or prior to Closing, Seller shall take, or cause NCNG to take, such actions as are necessary to satisfy or extinguish all intercompany debt obligations between NCNG, as borrower, and any of Seller or Seller's Affiliates.
Satisfaction of Debt. At or immediately prior to Closing, Seller shall take, or cause VNG to take, such actions as are necessary to (i) satisfy or extinguish all intercompany debt obligations between VNG, as borrower, and any of Seller or its Affiliates, as lender, (ii) terminate as to VNG the Supplemental Agreement, and (iii) satisfy or extinguish all intercompany payables and receivables between VNG and any of Seller or its Affiliates.
Satisfaction of Debt. Parent shall have issued shares of Parent Common Stock to satisfy email's obligations pursuant to the advance to email of $500,000 by Michxxx Xxxxxx.
Satisfaction of Debt. Immediately prior to the Closing, Grace shall cause the Transferred Companies to satisfy and discharge all short-term borrowings and long-term debt, unless otherwise consented to in writing by Buyer.
Satisfaction of Debt. The Parties agree that the Buyer shall, simultaneous with the Closing, and as a condition thereto, satisfy any and all outstanding debt listed on Schedule 1.8 attached hereto (the "Debt") without any credit or reduction in the Purchase Price payable to the Seller under this Agreement or the Asset Purchase Agreement.
Satisfaction of Debt. The Buyer shall have satisfied all of the Debt pursuant to Section 1.12. SECTION 7.
