Examples of Selling Party in a sentence
Upon such determination, the accountants shall give the Selling Party, Company, and each Non-Defaulting Founding Stockholder (if applicable) written notice ("Accountant's Notice") thereof.
For a period of ten (10) days following the effective date of the Buy/Sell Election Notice or the receipt of a decree notice, as applicable, the Selling Party (as defined below), Company and the Non-Defaulting Founding Stockholders, as applicable, shall attempt to agree upon a purchase price for the Selling Party's Stock (the "Purchase Price"), which, if agreed to, shall constitute the Purchase Price for the Selling Party's Stock.
If the Selling Party, Company, and the Non-Defaulting Founding Stockholders, as applicable, are unable to agree on the Purchase Price within such ten (10)-day period, then the Purchase Price for the Selling Party's Stock shall be determined in accordance with the following provisions of this Section 3.5(a).
The Purchase Price shall be paid by the purchasing person at the closing, in cash, or by the delivery of (i) one (1) or more certified or bank cashier's checks drawn and made payable to the order of the Selling Party for an amount equal to 25% of the Purchase Price (or more at the election of the purchasing person), and (ii) one (1) or more non-recourse promissory notes in an amount equal to the balance of such Purchase Price executed by the purchasing parties.
The aggregate amount which would be distributed to the Selling Party, shall constitute the Purchase Price for the Defaulting Stockholder's Offered Stock.