Shareholder Indebtedness. 28 ARTICLE IX CONDITIONS OF THE COMPANY'S OBLIGATION ................28 ARTICLE X
Shareholder Indebtedness. The Company and the Principal Shareholders shall have amended and restated all of the Company's indebtedness to the Principal Shareholders on the terms and the conditions as set forth in the form of promissory note attached as Exhibit G hereto.
Shareholder Indebtedness. Each of the Semlers and the Xxxxxx Trusts, Parent and Purchaser acknowledges and agrees that the Shareholder Indebtedness shall be satisfied in full through offset of the amounts payable under the promissory notes issuable to each of the Xxxxxx Trusts pursuant to Section 2.3(a) for each promissory note in an amount equal to fifty percent (50%) of the full amount of the Shareholder Indebtedness, notwithstanding that the Shareholder Indebtedness is not an obligation of the Xxxxxx Trusts. Each of the Semlers hereby acknowledges and agrees that by executing this Agreement, the Company has given the Semlers proper demand for payment on the Closing Date of the full amount of the Shareholder Indebtedness.
Shareholder Indebtedness. On or prior to the Closing Date, each Shareholder shall satisfy any indebtedness of such Shareholder to the Company, which indebtedness is reflected on Schedule 6.17.
Shareholder Indebtedness. Each Shareholder shall have paid, in full, all amounts owing to the Company by such Shareholder, as provided in Section 8.3 above.
Shareholder Indebtedness. Borrower shall subordinate or cause to be subordinated to the Obligations, on terms reasonably acceptable to Bank, all Indebtedness now owing by Borrower and all Indebtedness that may be owing by Borrower in the future to any one or more of its shareholders or other holders of an equity interest in Borrower, and all such Indebtedness to Borrower’s shareholders or other holders of an equity interest in Borrower shall remain subordinated to the Obligations on terms acceptable to Bank.
Shareholder Indebtedness. Save for the Shareholders’ Loans, the Company is not indebted either absolutely or contingently, and is not a party to any agreement or understanding in respect of which indebtedness may arise, to any of the Vendors.
Shareholder Indebtedness. The amount of Company debt due and payable to any Shareholder or Related Person on the Closing Date.
Shareholder Indebtedness. 37 7.14 Expenses.............................................................................37
Shareholder Indebtedness. At the Effective Time, Parent shall advance to the Company all cash amounts necessary to repay in full all of the indebtedness of the Company owed to the parties identified on Schedule 5.25 that is outstanding at the Effective Time ("Shareholder Indebtedness"). The parties acknowledge that the Parent shall not be required to advance any amounts in excess of the amounts set forth on Schedule 5.25 and that any such amounts advanced shall have the effect of reducing the Merger Consideration in accordance with Section 2.4
