Satisfaction of Indebtedness Clause Samples
The Satisfaction of Indebtedness clause defines the conditions under which a borrower’s debt obligations are considered fully paid and discharged. Typically, this clause outlines the required payments, acceptable forms of settlement, and any necessary documentation or procedures to confirm that the debt has been satisfied. Its core practical function is to provide clear criteria for both parties, ensuring that once the specified requirements are met, the borrower is released from further liability, thereby preventing future disputes over the status of the debt.
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Satisfaction of Indebtedness. Your securities and other property, in any account in which you have an interest, will be subject to a lien for the discharge of any and all indebtedness or any other obligations. All securities and other property of yours will be held by HTS or your Financial Professional as security for the payment of any such obligations or indebtedness in any account that you may have an interest, subject to applicable law. HTS or your Financial Professional may, at any time and without prior notice to you, use and/or transfer any or all securities and other property in any account(s) in which the Customer has an interest.
Satisfaction of Indebtedness. Until the Indebtedness has been indefeasibly paid and fully satisfied (other than contingent indemnification obligations to the extent no unsatisfied claim has been asserted) and the commitments of Lender under the Credit Facility have been terminated, Lender shall be entitled to retain the security interests in the Collateral granted under the Loan Documents and the ability to exercise all rights and remedies available to Lender under the Loan Documents and applicable laws.
Satisfaction of Indebtedness. Prior to the Effective Time, HRKP shall have caused the payoff of all liabilities owed to third-parties (with the exception of thirty (30) days worth of trade payables, one (1) week of accrued vacation pay per employee, and one (1) week of accrued sick leave per employee, which shall be assumed by SCN) and all indebtedness owed to banks or other financial institutions or lenders or shall have caused the assumption thereof by a new entity organized by the HRKP Stockholders. Notwithstanding any contrary provision contained herein, SCN shall not be deemed to have assumed, nor shall SCN assume: (i) any liability which may be incurred by reason of any breach of or default under such contracts, leases, commitments or obligations which occurred prior to the Closing Date; (ii) any liability for any employee benefits payable to employees of HRKP, including, but not limited to, liabilities arising under any Employee Benefit Plan; (iii) any liability based upon or arising out of a violation of any laws by HRKP, including, without limiting the generality of the foregoing, any such liability which may arise in connection with agreements, contracts, commitments or provision of services by HRKP; nor (iv) any liability based upon or arising out of any tortious or wrongful actions of HRKP or any Physician Owner, or any liability for the payment of any taxes imposed by law on HRKP arising from or by reason of the transactions contemplated by this Agreement. In addition, the HRKP Stockholders shall cause to be filed on behalf of HRKP all final tax returns required by Applicable Law to be filed and shall pay all Taxes owed by HRKP for the tax period ended as of the Effective Time.
Satisfaction of Indebtedness. The City and the Agency agree that Net Available Increment may be used only in accordance with this Agreement, the DDA, including the Financing Plan, and the CCRL.
Satisfaction of Indebtedness. The Client agrees to satisfy any indebtedness without need for demand, and to pay any debit balance remaining when the OSTA is closed, partially or totally.
Satisfaction of Indebtedness. You agree to immediately pay and discharge any indebtedness or liability (including any remaining Amount Outstanding and the Debit Balance) to SoFi HK on demand. You may not close any of your Accounts unless you have paid and discharged all such indebtedness, liability and other obligation to SoFi HK. You will pay for all costs and expenses incurred by SoFi HK in connection with enforcing payment or discharge of any such indebtedness, liability or obligation.
Satisfaction of Indebtedness. I agree to satisfy any indebtedness to MFS and pay any Debit Balance in any of my Trading Accounts on demand. My Trading Account will not be closed until I cause to be delivered to MFS all Securities and/or Other Property that the Trading Account is short and all funds to pay in full for all Securities and/or Other Property that the Trading Account is long. If I have a Debit Balance in my Trading Account and I own an interest in any other Trading Account (including those accounts held by me with Affiliates of MFS), MFS may, to the extent permitted by law, effect a transfer or demand a distribution from such other account to cover any Debit Balance due to MFS, without notice to me, my personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall solely be mine or held jointly with others. I agree that, on MFS's written demand; I will execute all documents necessary to affect a distribution from such other account and to cause such funds to be paid immediately in order to satisfy my indebtedness to MFS. MFS's rights under this paragraph are in addition to and with full reservation of MFS's rights to take any additional action, including legal action, to recover any indebtedness I may owe to MFS. I agree to indemnify and hold MFS and/or its Affiliates harmless from and against any costs or Losses incurred in connection with enforcing its lien or any other remedies available to it. In enforcing its rights hereunder, MFS may act in its discretion without regard to any tax or other consequences that I may face as a result of such actions. I further agree to pay and shall be liable for all reasonable costs and expenses of collection, including but not limited to, attorney's fees, witness fees and travel expenses. In the event MFS incurs expenses other than for the collection of deficits, with respect to any of my Trading Account(s), I agree to pay such expenses.
Satisfaction of Indebtedness. At or prior to the Closing, Seller shall have repaid in full all outstanding indebtedness of Seller to the extent affecting the Purchased Assets and shall cause all Security Interests affecting the Purchased Assets to be extinguished.
Satisfaction of Indebtedness. At the Closing, the Buyer shall satisfy and pay the Seller Indebtedness set forth on the Closing Statement.
Satisfaction of Indebtedness. 16 (o) Conversion into Business Corporation...........................16 (p)