Common use of Closing Payment Procedures Clause in Contracts

Closing Payment Procedures. Immediately after the Effective Time, the Surviving Corporation shall pay to Stockholder the Closing Payment by wire transfer of immediately available funds to an account or accounts that have been designated by Stockholder at least two Business Days prior to the Closing Date. If Stockholder or any of its Affiliates receives after the Closing any amount in respect of the sale by PIBI or any of its Affiliates of any portion of its equity interest in Contado or Serfinsa in conjunction with the exercise of a right of first refusal or otherwise, it shall promptly pay to Parent an amount equal to 25.5% of the After-Tax Aggregate Proceeds. Such payment shall be treated as an adjustment to the Merger Consideration for Tax purposes.