Closing and Terms Sample Clauses

Closing and Terms. The closing of such sale shall take place within 60 days after the date the Seller receives notice of the Buyer(s) election to purchase. The time and place of the closing shall be designated by the Buyer(s) within the first 30 days of said 60 day period, and the purchase price shall be payable upon terms and conditions agreed to between the Buyer(s) and the Seller, or if the Buyer(s) and the Seller are unable to agree, then as follows: (i) 25% of the total purchase price shall be paid by the Buyer(s) to the Seller in cash at the closing and (ii) the remaining portion of the purchase price shall be evidenced by a promissory note(s) given by the Buyer(s) in favor of the Seller, which promissory note(s) shall bear interest on the unpaid principal balance at the General Interest Rate and require three equal payments of principal plus all accrued and unpaid interest thereon with payment being due on the first, second and third anniversary dates, respectively, of the closing date. Each party shall bear its own legal and accounting fees, if any. At least five business days before the closing, the Seller shall deliver all appropriate documents of transfer in form satisfactory for execution at the closing. The purchase price hereunder may be funded by insurance or otherwise.

Closing and Terms. (a) If the purchase price for the Issued Shares purchased by Company in accordance with Section 5 or 6 is less than $35,000, it shall be paid in one installment. If it is greater than $175,000, it shall be paid in five equal annual installments. If the total purchase price is greater than $35,000 but less than $175,000, the purchase price will be paid in consecutive annual installments of $35,000 until the unpaid balance of the purchase price is less than $35,000, and a final annual installment equal to the unpaid balance of the purchase price shall be payable thereafter. The first installment of the purchase price shall be paid by Company at the closing, as hereinafter provided, and subsequent annual installments, if any, shall be due on the successive anniversary dates of the closing. Interest shall accrue from the date of the closing on the balance of the purchase price remaining unpaid from time to time at the prime rate published in the Eastern edition of the Wall Street Journal, and accrued interest shall be payable together with each annual installment of the purchase price. The interest rate shall be set as of the closing date and adjusted prospectively thereafter on the first day of each following calendar quarter. The Company shall be entitled to prepay all or any part of the purchase price without penalty or premium.

Closing and Terms. The amount of the purchase price for the Seller’s Purchase Interest (unless otherwise agreed upon by the Seller and Buyer within thirty (30) days after Buyer’s notice to Seller) shall be an amount equal to the amount which the Seller would have received had the Business and the Assets of the Company been sold at a price equal to the fair market value of the Business and Assets, less all debts of the Company to third parties and the Members (including without limitation amounts owing pursuant to the Management Agreement, and any reasonable closing costs which would be associated with such a sale if such property were sold) and the proceeds of such sale had been distributed pursuant to Section 9. The fair market value of the Business and Assets shall be determined as of the date Seller receives notice of Buyer’s election to purchase and in accordance with sub-Section 15(b). The closing of such sale shall take place within sixty (60) days after the date of the first exercise of the Purchase Option. The time and place of the closing shall be designated by the Buyer within the first thirty (30) days of said sixty (60) day period, and the purchase price shall be payable in cash at the closing. At Buyer’s election, the purchase price may be paid 50% at Closing with the balance in two equal annual installments with 5% interest on the defeased portion of the purchase price.

Closing and Terms. The closing of the sale shall take place within sixty (60) days after the date of the determination of the purchase price, and the time and place of the closing shall be designated by the Buyer within the first thirty (30) days of the 60-day period and the purchase price shall be payable upon terms and conditions agreed to between the Buyer and the Seller, or in the event the Buyer and the Seller are unable to agree, then as follows: (1) ten percent (10%) of the total purchase price shall be paid by the Buyer to the Seller in cash at the closing, and (2) the remaining portion of the purchase price shall be evidenced by a promissory note given by the Buyer in favor of the Seller, which promissory note shall bear interest on the unpaid principal balance at the Prime Rate and require up to five (5) equal payments of principal plus all accrued and unpaid interest thereon with the first payment being due on the first anniversary date of the closing date and each succeeding payment being due on each succeeding anniversary date of the closing date until the final payment is made on the fifth anniversary date of the closing date; provided, however, that the Buyer may prepay the promissory note at any time without penalty. The unpaid principal balance and unpaid interest on the promissory note at maturity shall be paid in cash.