Common use of The Debt Clause in Contracts

The Debt. At the Closing (as defined herein), the Company shall have a debt obligation towards the Creditor in the aggregate amount of $675,000 (the "Scan Payment") which shall be paid to the Creditor in quarterly installments over a period of ten years commencing January 1, 2011 (the "Scan Installments"). The obligations of the Creditor pursuant to this Agreement are subject to the receipt by the Creditor of: (i) true and correct copies of resolutions of the Company's Board of Directors authorizing the Company to enter into this Agreement, and authorizing an officer of the Company to enter into such documents and their respective exhibits, annexes and schedules, in the form attached hereto as Exhibit A; (ii) an executed Share Purchase Agreement relating to the sale of Scan and IRT Scan to third party purchasers, including the exhibits thereto, attached hereto as Exhibit B; and (iii) copies of the consents of the Banks to the terms of this Agreement. The closing of the transaction contemplated herein and the execution and delivery to the Creditor of the above documentation (the "Closing") shall take place at the offices of Matry, Meiri & Co. Law Offices or at such other place, date and time as the Company and the Creditor may agree For the purposes of this Agreement including all of its schedules, exhibits and annexes, the “Effective Date” shall be deemed the Closing.