Cancellation of Existing Debt Sample Clauses

Cancellation of Existing Debt. Subject to the terms and conditions of this Agreement, upon closing of this Agreement, as consideration for the issuance of securities in Section 1.2 hereof, the $1,000,000 owing by the Company to TK, as evidenced by that certain Promissory Note dated August 22, 2000 payable to the order of TK, and the Collateral Security (as defined therein) pledged by TK thereunder (the "Indebtedness"), shall be canceled.
Sample 1Sample 2
AutoNDA by SimpleDocs
Cancellation of Existing Debt. Subject to the terms and conditions of this Agreement, upon closing of this Agreement, as consideration for the issuance of securities in Section 1.2 hereof, the amount owing by the Company to Zana (the "Indebtedness"), as evidenced by the following, shall be cancelled:
Sample 1Sample 2
Cancellation of Existing Debt. 2- ----------------------------- 1.2 Issuance of Securities...............................................................................-2- ---------------------- 1.3 Closing..............................................................................................-2- -------
Sample 1
Cancellation of Existing Debt. Subject to the terms and conditions of this Agreement, upon closing of this Agreement, as consideration for the issuance of securities in Section 1.2 hereof, $300,000 of debt owing by the Company to the Investor, as evidenced by that certain Promissory Note dated August 22, 2000 in the amount of $500,000 payable to the order of the Investor and the Collateral Security (as defined therein) pledged by the Investor thereunder (the AIndebtedness@), shall be cancelled.
Sample 1
Cancellation of Existing Debt. Subject to the terms and conditions of this Agreement, upon closing of this Agreement, as consideration for the issuance of securities in Section 1.2 hereof, the $50,000 owing by the Company to the Investor (the "Indebtedness") shall be cancelled.
Sample 1
Cancellation of Existing Debt. Each Participating Bank shall, following the Court Approval and on the Delivery Date and in exchange for the New Securities or the Cash Payment, as the case may be, irrevocably deliver to or upon Multicanal's order or the order of Multicanal's nominee all of its Existing Debt. Upon the delivery of the New Securities and the making of the Cash Payment in accordance with the provisions of Section 8.01, 8.02 and 8.03, (i) all Existing Debt shall be cancelled and extinguished and (ii) the obligations of the Company to holders of its Existing Debt, the trustee and any existing agent thereunder and under any agreements or instruments governing such indebtedness will be discharged; provided, however, that each indenture that governs the rights of the holders of Existing Notes and that is administered by The Bank of New York, as trustee, shall continue in effect solely for the purposes of permitting The Bank of New York, as trustee thereunder to maintain, as unimpaired general unsecured claims, any rights it may have for fees, costs, and expenses under such indentures. ARTICLE IX
Sample 1

Related to Cancellation of Existing Debt

  • Termination of Existing Agreements Any previous employment agreement between Executive on the one hand and Employer or any of Employer’s Affiliates (as hereinafter defined) on the other hand is hereby terminated.

  • DESCRIPTION OF EXISTING INDEBTEDNESS Among other indebtedness which may be owing by Borrowers to Lender, Borrowers are indebted to Lender pursuant to, among other documents, a Business Financing Agreement, dated May 21, 2013, by and among Borrowers and Lender, as may be amended from time to time (the “Business Financing Agreement”). Capitalized terms used without definition herein shall have the meanings assigned to them in the Business Financing Agreement. Hereinafter, all indebtedness owing by Borrowers to Lender shall be referred to as the “Indebtedness” and the Business Financing Agreement and any and all other documents executed by Borrowers in favor of Lender shall be referred to as the “Existing Documents.”

  • Termination of Existing Agreement The Existing Agreement is hereby terminated and replaced and superseded by this Agreement, effective August 1, 2001. All payments, of Base Salary or otherwise, made by the Company under the Existing Agreement with respect to any period commencing on or after August 1, 2001 shall be credited against the corresponding payment obligations of the Company under this Agreement.

  • Termination of Existing Credit Agreements The Company and each of the Banks that is also a "Bank" party to the Existing Credit Agreements agrees that the "Commitments" as defined in the Existing Credit Agreements shall be terminated in their entirety on the Effective Date. Each of such Banks waives (a) any requirement of notice of such termination pursuant to Section 2.09 of the Existing Credit Agreements and (b) any claim to any facility fees or other fees under the Existing Credit Agreements for any day on or after the Effective Date. Each of the Company and the Borrower (i) represents and warrants that (x) after giving effect to the preceding sentences of this Section 10.07, the commitments under the Existing Credit Agreements will be terminated effective not later than the Effective Date, (y) no loans are, as of the date hereof, or will be, as of the Effective Date, outstanding under the Existing Credit Agreements and (ii) covenants that all accrued and unpaid facility fees and any other amounts due and payable under the Existing Credit Agreements shall have been paid on or prior to the Effective Date.

  • Repayment of Existing Indebtedness Evidence that the principal of and interest on, and all other amounts owing in respect of, the Indebtedness (including, without limitation, any contingent or other amounts payable in respect of letters of credit) indicated on SCHEDULE 8.12A hereto that is to be repaid on the Closing Date shall have been (or shall be simultaneously) paid in full, that any commitments to extend credit under the agreements or instruments relating to such Indebtedness shall have been canceled or terminated and that all Guarantees in respect of, and all Liens securing, any such Indebtedness shall have been released (or arrangements for such release satisfactory to the Required Lenders shall have been made); in addition, the Administrative Agent shall have received from any Person holding any Lien securing any such Indebtedness, such Uniform Commercial Code termination statements, mortgage releases and other instruments, in each case in proper form for recording, as the Administrative Agent shall have requested to release and terminate of record the Liens securing such Indebtedness (or arrangements for such release and termination satisfactory to the Required Lenders shall have been made).

  • Ratification of Existing Agreements All of the Borrower's obligations and liabilities to the Creditors as evidenced by or otherwise arising under the Credit Agreement, the Notes and the other Credit Documents, are, by the Borrower's execution of this Agreement, ratified and confirmed in all respects. In addition, by the Borrower's execution of this Agreement, the Borrower represents and warrants that it does not have any counterclaim, right of set-off or defense of any kind with respect to such obligations and liabilities.

  • Termination of Existing Credit Agreement Receipt by the Administrative Agent of evidence that the Existing Credit Agreement concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.

  • Termination of Existing Credit Facility The Administrative Agent shall have received satisfactory evidence that the Existing Credit Agreement shall have been terminated, all commitments thereunder shall have been terminated and all amounts owing thereunder shall have been paid in full (the “Refinancing”).

  • DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS Among other indebtedness and obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan arrangement dated as of June 11, 2003, evidenced by, among other documents, a certain Loan and Security Agreement dated as of June 11, 2003 between Borrower and Bank, as amended from time to time (as amended, the "Loan Agreement"). Capitalized terms used but not otherwise defined herein shall have the same meaning as in the Loan Agreement.

  • No Violation of Existing Agreements Neither the Borrower nor any ----------------------------------- Subsidiary of the Borrower is in violation of any material agreement or instrument to which it is party or by which it or any of its properties (now owned or hereafter acquired) may be subject or bound;

Time is Money Join Law Insider Premium to draft better contracts faster.