Minimum Payment Amount. Contingent and effective upon consummation of the Merger Agreement, the JetPay Companies shall pay to the Payees, as a partial payment of the Note Balance, an amount equal to the greater of: (a) the portion of the Note Balance, as adjusted pursuant to Section 1(a) above, that exceeds $6,000,000; or (b) the Note Balance, as adjusted pursuant to Section 1(a) above, minus the product of $6.08 multiplied by the Excess Redemption Amount. The “Excess Redemption Amount” shall be equal to the number of shares of Parent common stock in excess of 6,385,482 shares that are to be redeemed for pro rata shares of the funds being held in a trust account established in connection with Parent’s initial public offering.
Appears in 2 contracts
Sources: Amendment, Guarantee and Waiver Agreement (Universal Business Payment Solutions Acquisition Corp), Amendment, Guarantee and Waiver Agreement (Universal Business Payment Solutions Acquisition Corp)