Company Debts. On or before December 31, 2001, the Company shall formalize a plan, subject to the approval of the Purchaser, in its sole discretion, to repay all of the Company's outstanding debts owed to the landlord of the Company's facilities in Huntington Beach, California, and to current and former employees, consultants and independent contractors.
Company Debts. As a condition of Closing, the Company shall convert all outstanding debts, accounts payable and liabilities, whether contingent or otherwise, of the Company at Closing into one or more promissory notes payable to the debt holders. The promissory note or notes shall bear simple interest at 2.0% per annum, shall be unsecured, will not be convertible, and will be due and payable at the closing of the Reverse Acquisition or in the event of a subsequent change of control of the Company (other than if GDSC Acquisitions LLC (“GDSC”) exercises its right to purchase stock from Mr. Black and 1st Orion Corp. (“1st Orion”) as set forth in the letter agreement of even date herewith between GDSC and 1st Orion (the “Letter Agreement”)).
Company Debts. Parent shall have received from the Company: (i) evidence satisfactory to Parent in its sole discretion that as of Closing: (A) the Company has no Company Debts outstanding; (B) the Company has no further obligations or liabilities under any of the agreements or instruments governing such Company Debts; and (C) all Encumbrances related to such Company Debts have been discharged.
Company Debts. If you owe money to the Company or are paid more than you are entitled to be paid, the Company may withhold (to the extent permissible by the Fair Work Act 2009 (Cth)) the amount forfeited, or the amount of the debt or overpayment, from any amounts otherwise payable to you, including salary or reimbursement of expenses. You agree to provide your written consent to such deductions as may be required by the Company.\
Company Debts. If you owe money to the Company, forfeit the right to monies already paid or you are paid more than you are entitled to be paid, the Company may withhold (to the extent permissible by industrial laws) the amount forfeited, or the amount of the debt or overpayment, from any amounts otherwise payable to you, including salary or reimbursement of expenses.
Company Debts. First, to pay all debts or other evidences of indebtedness of the Company, including any Member Loans (which Member Loans shall be satisfied pro rata);
