Settlement of Debt. Arvana will issue to Creditor one million one hundred and twelve thousand nine hundred and ten (1,112,910) shares of its restricted common stock (“Settlement Shares”) as provided herein valued for the purposes of this Agreement at ten U.S. cents ($0.10) per share in full and complete satisfaction of the Debt.
Settlement of Debt. Assignee shall use its best efforts to settle all outstanding debt on the balance sheet by way of negotiation with the Creditors except for the debt owing to auditors or the debt owing to the shareholders of Fresh Traffic Group Corp. as defined in 1.2.2 above. Such debt settlements may be by the way of post-split shares of Assignee if required, but in any event shall not be at less than $0.005 per common share.
Settlement of Debt eRXSYS and Xxxxxx previously agreed that Xxxxxx would be reimbursed $370,000 for personal funds he advanced to secure a license from Safescript Pharmacies, Inc., formerly known as RTIN Holdings, Inc., on or about March 27, 2003. These funds plus interest at a rate of five percent (5%) per annum were due and payable in full to Xxxxxx on December 31, 2007. eRXSYS and Xxxxxx now agree that Xxxxxx shall accept $10,000 cash and 494,000 shares of eRXSYS common stock within 30 days of this Agreement to release and forever discharge eRXSYS from all liability associated with this debt.
Settlement of Debt. It is important to state that the payment of the settlement amount shall complete the payment and settle the debt once and for all. Representations and Warranties – This clause shall include the representations made individually by the debtor and the creditor to the respective other party, where they also warrant that the representations made are true to the best of their knowledge. Governing Laws and Jurisdiction – considering that this agreement is legally enforceable, the agreement shall have clarity on the court having the jurisdiction to decide on this agreement, if need may be. Any other clause as the need maybe – most of the clauses in a debt settlement agreement are dependent on the type of transaction between the parties. This includes the date of repayment, mode of repayment, details of notices pertaining to the agreement, severability of clauses within the agreement, etc. These clauses are subject to the decisions mutually made by the parties. Therefore, any clause which the parties think should be added to the agreement for further clarity, should be included in the Agreement as well. Finally, the agreement, as discussed before, should be concluded with the signature of both the parties, along with witnesses. Conclusion Debt Settlement Agreements are an effective way for the repayment of the loan amount if the debtor is unable to pay the entire loan amount. However, it is important to note that these agreements are entered into only for unsecured loans, where the parties have not made any prior agreement on the guarantee or security to the loan amount. Otherwise, for secured loan amounts, the debt settlement agreements have no use. References Students of Lawsikho courses regularly produce writing assignments and work on practical exercises as a part of their coursework and develop themselves in real-life practical skill. LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities. You can click on this link and join: TAGSdebt settlement agreement Get an expert at affordable price For ITR, GST returns, Company Registration, Trademark Registration, GST Registration The Debt Settlement Agreement is a contract signed between a creditor and debtor to re-negotiate or compromise on a debt. This is usually in the case when an individual wants to make a final payment for a debt that is owed. The debtor offers a payment that is less than the outstanding due (usually between 50% to 70%) if the payment can be m...
Settlement of Debt. The parties hereto agree that as part of the consideration for this agreement shall be the cancellation of all obligations and debts, including ownership of common stock owed to Motor and/or Xxxxxx by Genesis, Global or Xxxxxx, including any possible consequential damages arising from or connected with those debts, obligations or ownership of common stock, including all shares of Caye Chapel, Inc. Each of the Parties hereby agree to the terms of this Agreement.
Settlement of Debt. Xxxxxxxx shall ensure that on or before the Closing ------------------- that all outstanding debts and liabilities between the Sellers and the Target are settled in cash.
Settlement of Debt. The repurchase or redemption by the Company or the Partnership of any security or debt (except to the extent such debt is due according to its terms) other than the Note (as defined in the Amended and Restated Limited Partnership Agreement);
Settlement of Debt. 2.1 In exchange for full payment and settlement of the Debt, Anfield shall:
Settlement of Debt. Upon the terms and conditions set forth in this Agreement, the Company hereby agrees to pay to Vendor the aggregate amount of $________ in shares of common stock, par value $0.001 per share of the Company (the "Securities"), which shares are restricted stock (as more fully described below) and Vendor hereby agrees that by this payment the Debt shall be discharged, cancelled and extinguished in its entirety. Within 10 days of the execution and delivery of this Agreement, the Company shall issue ________ shares of its common stock of the Company. Vendor agrees and acknowledges that, effective as of the date hereof, and following such payment, the Company shall have no further obligations to Vendor in respect of the Debt.
