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. 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. 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. Except as may be set forth on the Projected Closing Statement, there is no indebtedness of any Shareholder outstanding, payable or owed to any Company or Subsidiary.
Shareholder Indebtedness. Each Seller agrees to pay or cause to be ------------------------- paid any and all advances and indebtedness (including interest thereon) owed by such Seller and any Affiliate of such Seller to COTC Companies on or prior to the Closing Date.
Shareholder Indebtedness. 28 5.12 Marketable Securities.......................................28
Shareholder Indebtedness. The amount of Company debt due and payable to any Shareholder or Related Person on the Closing Date.
