Common use of No Debt to Related Parties Clause in Contracts

No Debt to Related Parties. Except as disclosed in Schedule “N” hereto, neither SURGE nor its subsidiaries are, and on Closing will not be, materially indebted to the SURGE Shareholders nor to any family member thereof, nor to any affiliate, director or officer of SURGE or the SURGE Shareholders except accounts payable on account of bona fide business transactions of SURGE incurred in normal course of SURGE Business, including employment agreements with the SURGE Shareholders, none of which are more than 30 days in arrears;