Debt Settlement Sample Clauses

Debt Settlement. It is understood amongst the Parties that the Debtor has an outstanding debt of $ with the Creditor. The parties consent that the Creditor will accept a sum of $ and consider it as full payment. The Debtor shall make payment of by , 20 as long as a signed agreement is received back from the Creditor within a week of the postmarked date.

Debt Settlement. The Company shall use reasonable endeavours to negotiate and enter into Debt Settlement Agreement(s) with the Secured Creditors to settle their secured debts, which are expected to be executed prior to the implementation of the Scheme. It is envisaged that the Debt Settlement shall involve, among others, (i) payment(s) of such amount(s) that may be determined with reference to the valuation(s) of the relevant Collateral(s) to be conducted by an independent valuer(s) appointed by the Company, if appropriate and possible, and such amount(s) shall be paid in the time and manner as set out in the relevant Debt Settlement Agreement; and (ii) the release and discharge of all the relevant claims against the Group and the release of the relevant Collateral(s). The Secured Creditors who enter into a Debt Settlement Agreement shall be excluded from participating in the Scheme as Scheme Creditors. In the event that any Secured Creditor does not eventually participate in the Debt Settlement by entering into a Debt Settlement Agreement, it is envisaged that (i) the relevant debts owed by the Company shall be recognised as unsecured debts and be included in and settled by the Scheme, and (ii) if any Secured Creditor holds any Collateral(s) granted by a Group company other than the Company and has an unsecured claim against the Company, the relevant Secured Creditor shall be entitled to enforce the Collateral(s) in parallel to the Scheme to recover its debt provided that it agrees (via the Scheme) to pay to the Company any amount it receives in excess of the aggregate amount of its claims. Upon finalisation of the adjudications of claims filed by the Scheme Creditors, the Company shall implement the Scheme for the full and final settlement of all debts and claims of all Scheme Creditors. It is envisaged that the Scheme shall involve a pari passu distribution of (and at the selection by each Scheme Creditor of one of the following) cash, convertible bonds, redeemable preference shares or other options or instruments which the Company may consider appropriate for the settlement of claims of the Scheme Creditors , details of which are subject to further negotiation. As at the date of this announcement, the existing authorised share capital of the Company is HK$880.00 million, divided into 8,800,000,000 Shares of HK$0.10 each, of which 5,111,622,235 Shares were issued and credited as fully paid up for the amount of HK$511,162,223.50. The Capital Reorganisation shall entail t...

Debt Settlement. Debt settlement actions for Economic Opportunity Co- operative loans must be handled under the Federal Claims Collection Act; pro- posals will be submitted to the Na- tional Office for review and approval. A water and/or waste disposal system serving an area which was formerly a rural area as defined in § 1942.17(b)(2)(iii) and (iv) of subpart A of part 1942 of this chapter, but which has become in its entirety part of an urban area, will be serviced in accord- ance with this section.

Debt Settlement. The Borrower hereby agrees to issue an aggregate of 59,047,619 shares of common stock of the Company (the “Sprott Tranche I Shares”) to the Lenders, and the Lenders hereby agree to accept the Sprott Tranche I Shares at a deemed price of US$0.105 per Sprott Tranche I Share in full and complete settlement and satisfaction of the Settled Amount, in accordance with the registration details set out in Schedule “A” attached hereto.

Debt Settlement. Issuing the Common Stock to the Creditor at a deemed price of Fifty Eight ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Dollars (US $58,280 (the “Debt”). The Common stock will be issued in reliance upon the exemption from securities registration pursuant to Section 4(2) and/or Regulation S promulgated by the U.S. Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the “1933 Act”). The certificates representing the Common Stock will bear legends in substantially the following form: 42 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR OTHER APPLICABLE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN ACCORDANCE WITH THE PROVISIONS OF REGULATIONS S, RULE 901 THROUGH RULE 905, AND PRELIMINARY NOTES UNDER THE 1933 ACT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT. HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE1933 ACT.”

Debt Settlement. For the purpose of the debt settlement provisions of this MOA, the Parties have agreed to reduce the amounts outstanding owed in all respects by WorldSpace to Alcatel through 31 March 2005, from US$ twenty-six (26) million to US$ nineteen (19) million (the “Settlement Amount”). WorldSpace shall pay such Settlement Amount to Alcatel in accordance with Article 3 hereafter. WorldSpace further agrees that, in the event Arianespace requests payment from Alcatel with respect to a claim for price adjustments pursuant to the Launch Services Agreement between Alcatel and Arianespace (the “Arianespace Claim”), the Parties shall jointly enter into negotiations with Arianespace and use commercially reasonable efforts to eliminate or reduce the amount claimed. The Parties further agree that WorldSpace will be liable for payment of such portion of the Arianespace Claim equal to the lesser of the total amount thereof as finally determined and US$ two (2.0) million, if and when it becomes due, and acknowledge that such payment would be in addition to the Settlement Amount. Notwithstanding the above, Alcatel has indicated to WorldSpace that, to its knowledge and belief, Alcatel has had no communication from Arianespace in the last two years suggesting that Arianespace has an intention to pursue such claim.

Debt Settlement. (i) After Closing, GGRI shall cause the debt in the approximate amount of $60,000 due and owing to that certain creditor (the “Creditor”), as reflected on the financial statements of GGRI as of September 30, 2011 (the “$60,000 Debt”) to be settled by issuance to the Creditor and/or his designee an aggregate of 25,000,000 shares of common stock. (ii) Pursuant to the ORE Acquisition Agreement, GGRI agreed within ninety days after closing of that transaction, to cause the debt in the approximate amount of $152,000 due and owing to ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (“Jovanovic”), as reflected on the financial statements of GGRI as of September 30, 2011 (the “Jovanovic Debt”) to be settled by payment to Jovanovic. Despite the rescission of the ORE Acquisition Agreement, the obligations of GGRI in respect of the payments of the Jovanovic Debt set out in the ORE Acquistion Agreement shall be satisfied by virtue of this agreement.

Debt Settlement. 1.01 The Company will pay and satisfy the Debt by issuing the Shares to the Creditor at a deemed price of US$0.01 per share for an aggregate amount equal to the Debt payable on July 8th , 2008. 1.02 The Creditor acknowledges and agrees that all outstanding accounts have been rendered by the Creditor to the Company to the date of this Agreement and upon issuance and registration of the Shares to the Creditor there will be no outstanding liability of the Company to the Creditor.

Debt Settlement. Subject to the approval of the Toronto Stock Exchange (the “Exchange”) for the transactions contemplated under this agreement, the Company hereby agrees to issue the Shares to ▇▇▇, and the Creditor hereby agrees to accept the issuance of the Shares to ▇▇▇ in full and final settlement of the Settlement Indebtedness excluding any and all other amounts and other claims owing by the Company to the Creditor in respect of the Aggregate Indebtedness, including but not limited to any and all further debts, costs, expenses, charges, fees and interest in respect thereof.