{"component": "clause", "props": {"groups": [{"samples": [{"hash": "v3i3RpBTgv", "uri": "/contracts/v3i3RpBTgv#multiple-closings", "label": "Placement Agent Agreement (ViewRay, Inc.)", "score": 23.7351131439, "published": true}, {"hash": "2COz4GeYx75", "uri": "/contracts/2COz4GeYx75#multiple-closings", "label": "Placement Agent Agreement (ViewRay, Inc.)", "score": 22.954826355, "published": true}], "size": 2, "snippet_links": [{"key": "to-the-extent", "type": "clause", "offset": [0, 13]}, {"key": "the-applicable", "type": "clause", "offset": [57, 71]}, {"key": "financing-fee", "type": "clause", "offset": [72, 85]}, {"key": "issuance-of-the", "type": "clause", "offset": [94, 109]}, {"key": "broker-warrants", "type": "definition", "offset": [121, 136]}, {"key": "at-each-closing", "type": "clause", "offset": [150, 165]}, {"key": "compensation-and", "type": "clause", "offset": [176, 192]}, {"key": "this-agreement", "type": "clause", "offset": [208, 222]}, {"key": "by-the-company", "type": "clause", "offset": [246, 260]}, {"key": "public-entity", "type": "clause", "offset": [264, 277]}, {"key": "to-the-company", "type": "clause", "offset": [306, 320]}, {"key": "placement-agents", "type": "clause", "offset": [328, 344]}, {"key": "at-the-time", "type": "clause", "offset": [345, 356]}], "snippet": "To the extent there is more than one closing, payment of the applicable Financing Fee and the issuance of the applicable Broker Warrants will be made at each closing. All cash compensation and warrants under this Agreement shall be paid directly by the Company or Public Entity to and in the name provided to the Company by the Placement Agents at the time of each closing.", "hash": "c388d14afb08a1f7d014819fe1e74fb1", "id": 8}, {"samples": [{"hash": "6QF2axmUHdt", "uri": "/contracts/6QF2axmUHdt#multiple-closings", "label": "Purchase and Sale Agreement", "score": 31.3408622742, "published": true}, {"hash": "g4yp0SOhd3F", "uri": "/contracts/g4yp0SOhd3F#multiple-closings", "label": "Purchase and Sale Agreement (SPX Corp)", "score": 23.9212875366, "published": true}], "size": 2, "snippet_links": [{"key": "the-agreement", "type": "clause", "offset": [22, 35]}, {"key": "the-phrase", "type": "definition", "offset": [64, 74]}, {"key": "excess-amount", "type": "definition", "offset": [104, 117]}, {"key": "deficiency-amount", "type": "clause", "offset": [131, 148]}, {"key": "allocated-to", "type": "definition", "offset": [158, 170]}, {"key": "withheld-assets", "type": "clause", "offset": [176, 191]}, {"key": "in-addition", "type": "clause", "offset": [352, 363]}, {"key": "for-purposes-of-sections", "type": "clause", "offset": [365, 389]}, {"key": "calculating-the", "type": "clause", "offset": [424, 439]}, {"key": "with-respect-to", "type": "clause", "offset": [473, 488]}, {"key": "references-to-the", "type": "clause", "offset": [515, 532]}, {"key": "replaced-with", "type": "clause", "offset": [598, 611]}, {"key": "reference-working-capital", "type": "definition", "offset": [637, 662]}, {"key": "applicable-to", "type": "definition", "offset": [663, 676]}, {"key": "references-to-a", "type": "definition", "offset": [711, 726]}, {"key": "new-section", "type": "clause", "offset": [851, 862]}, {"key": "closing-date-payment-amount", "type": "definition", "offset": [985, 1012]}, {"key": "pursuant-to-section", "type": "definition", "offset": [1013, 1032]}, {"key": "subject-of", "type": "clause", "offset": [1121, 1131]}, {"key": "aggregate-amount", "type": "definition", "offset": [1162, 1178]}, {"key": "changes-in", "type": "definition", "offset": [1195, 1205]}, {"key": "outstanding-balances", "type": "definition", "offset": [1206, 1226]}, {"key": "close-of-business", "type": "definition", "offset": [1236, 1253]}, {"key": "the-day", "type": "definition", "offset": [1257, 1264]}, {"key": "the-closing-date", "type": "clause", "offset": [1287, 1303]}, {"key": "date-of", "type": "clause", "offset": [1366, 1373]}, {"key": "then-existing", "type": "definition", "offset": [1444, 1457]}, {"key": "members-of-the-service", "type": "definition", "offset": [1470, 1492]}, {"key": "subject-to", "type": "definition", "offset": [1562, 1572]}, {"key": "the-other-hand", "type": "clause", "offset": [1695, 1709]}, {"key": "calculation-of-working-capital", "type": "clause", "offset": [1736, 1766]}, {"key": "loan-balance", "type": "definition", "offset": [1858, 1870]}, {"key": "section-44", "type": "clause", "offset": [1891, 1902]}, {"key": "member-of-the", "type": "clause", "offset": [2004, 2017]}, {"key": "receivables-and-payables", "type": "clause", "offset": [2174, 2198]}, {"key": "chinese-subsidiaries", "type": "definition", "offset": [2207, 2227]}], "snippet": "(a) Section 1.7(e) of the Agreement is hereby amended to delete the phrase \u201cno portion of the Permitted Excess Amount or Permitted Deficiency Amount shall be allocated to such Withheld Assets\u201d and replace it with the following: \u201cno portion of the $7,500,000 referenced in Sections 1.2(b)(ii) and 1.2(b)(iii) shall be allocated to such Withheld Assets. In addition, for purposes of Sections 1.3(c)(ii) and 1.3(c)(iii) and in calculating the adjustments under Section 1.6(b) with respect to such Withheld Assets, (i) references to the Permitted Excess Amount and Permitted Deficiency Amount shall be replaced with references to the Agreed Reference Working Capital applicable to such Withheld Assets and (ii) all references to a $7,500,000 adjustment shall be eliminated from such calculations.\u201d\n(b) Section 1.7 of the Agreement is amended by inserting new Section 1.7(g) immediately following Section 1.7(f) as follows:\n(g) For purposes of estimating and reconciling the Withheld Asset Closing Date Payment Amount pursuant to Section 1.7(d) and Section 1.7(e), respectively, with respect to any Withheld Asset that is the subject of a Withheld Asset Closing, the aggregate amount, if any, of the changes in outstanding balances from the close of business on the day immediately preceding the Closing Date to the close of business on the day immediately preceding the date of such Withheld Asset Closing, of all receivables or payables and loans then existing between any Members of the Service Solutions Group (other than any Withheld Asset that has not yet been subject to a Withheld Asset Closing), on the one hand, and the Withheld Asset that is the subject of such Withheld Asset Closing, on the other hand, shall be included in the calculation of Working Capital with respect to such Withheld Asset as if such change constituted a receivable, payable or loan balance, as applicable.\n(c) Section 4.4 of the Agreement is hereby amended as follows:\n(i) to delete the phrase \u201call receivables owed to any Member of the SPX Group\u201d in Section 4.4(b) and replace it with the phrase \u201call receivables and loans owed to any Member of the SPX Group\u201d;\n(ii) to delete the phrase \u201cthe receivables and payables of both Chinese Subsidiaries\u201d in Section 4.4(c) and replace it with the phrase \u201cthe receivables, payables and loans of both Chinese Subsidiaries\u201d;\n(iii) to delete the phrase \u201call payables owed by any Member of the SPX Group\u201d in Section 4.4(d) and replace it with the phrase \u201call payables and loans owed by any Member of the SPX Group\u201d; and\n(iv) to delete the phrase \u201cthe receivables and payables of both Chinese Subsidiaries\u201d in Section 4.4(e) and replace it with the phrase \u201cthe receivables, payables and loans of both Chinese Subsidiaries\u201d.", "hash": "327e2a13b8a08fb03afc052d50cd7049", "id": 4}, {"samples": [{"hash": "kULQzTBp2l3", "uri": "/contracts/kULQzTBp2l3#multiple-closings", "label": "Asset Purchase Agreement (Emmis Communications Corp)", "score": 21.0, "published": true}, {"hash": "j9FpWiPJfGv", "uri": "/contracts/j9FpWiPJfGv#multiple-closings", "label": "Asset Purchase Agreement (Journal Communications Inc)", "score": 21.0, "published": true}], "size": 7, "snippet_links": [{"key": "comply-with-the", "type": "clause", "offset": [3, 18]}, {"key": "ownership-rules", "type": "definition", "offset": [34, 49]}, {"key": "prior-to-closing", "type": "definition", "offset": [51, 67]}, {"key": "with-respect-to", "type": "clause", "offset": [68, 83]}, {"key": "buyer-must", "type": "clause", "offset": [98, 108]}, {"key": "radio-stations", "type": "definition", "offset": [151, 165]}, {"key": "owned-by", "type": "definition", "offset": [170, 178]}, {"key": "located-in", "type": "definition", "offset": [191, 201]}, {"key": "the-market", "type": "definition", "offset": [202, 212]}, {"key": "agreement-to", "type": "definition", "offset": [272, 284]}, {"key": "fcc-application", "type": "definition", "offset": [307, 322]}, {"key": "consist-of", "type": "clause", "offset": [329, 339]}, {"key": "primary-application", "type": "definition", "offset": [422, 441]}, {"key": "at-the-time", "type": "clause", "offset": [465, 476]}, {"key": "application-for-fcc-consent", "type": "clause", "offset": [605, 632]}, {"key": "the-primary", "type": "clause", "offset": [697, 708]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [766, 813]}, {"key": "separate-closings", "type": "clause", "offset": [842, 859]}, {"key": "partial-closing", "type": "definition", "offset": [869, 884]}, {"key": "a-closing", "type": "definition", "offset": [906, 915]}, {"key": "subject-to-the", "type": "definition", "offset": [1039, 1053]}, {"key": "applicable-conditions", "type": "definition", "offset": [1084, 1105]}, {"key": "articles-6", "type": "clause", "offset": [1119, 1129]}, {"key": "buyer-shall", "type": "clause", "offset": [1147, 1158]}, {"key": "seller-shall", "type": "clause", "offset": [1215, 1227]}, {"key": "station-assets", "type": "definition", "offset": [1248, 1262]}, {"key": "fcc-licenses", "type": "definition", "offset": [1283, 1295]}, {"key": "balance-of-the-purchase-price", "type": "clause", "offset": [1578, 1607]}, {"key": "at-the-first-closing", "type": "clause", "offset": [1670, 1690]}, {"key": "outside-date", "type": "definition", "offset": [1700, 1712]}, {"key": "days-prior", "type": "definition", "offset": [1878, 1888]}, {"key": "licensee-qualifications", "type": "clause", "offset": [1948, 1971]}, {"key": "days-after", "type": "definition", "offset": [2046, 2056]}, {"key": "the-parties-shall", "type": "clause", "offset": [2115, 2132]}, {"key": "marketing-agreement", "type": "clause", "offset": [2168, 2187]}, {"key": "exhibit-a", "type": "definition", "offset": [2252, 2261]}, {"key": "the-rent", "type": "clause", "offset": [2298, 2306]}, {"key": "free-use", "type": "definition", "offset": [2307, 2315]}, {"key": "for-seller", "type": "definition", "offset": [2364, 2374]}, {"key": "obligations-under-the", "type": "clause", "offset": [2394, 2415]}, {"key": "during-the-term", "type": "clause", "offset": [2446, 2461]}, {"key": "term-ends", "type": "clause", "offset": [2487, 2496]}, {"key": "assignment-of-the", "type": "clause", "offset": [2508, 2525]}, {"key": "licenses-to-buyer", "type": "clause", "offset": [2535, 2552]}, {"key": "use-term", "type": "definition", "offset": [2573, 2581]}, {"key": "one-year", "type": "definition", "offset": [2612, 2620]}, {"key": "the-terms", "type": "definition", "offset": [2690, 2699]}, {"key": "closing-date", "type": "definition", "offset": [2712, 2724]}, {"key": "the-context", "type": "clause", "offset": [2980, 2991]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [3049, 3077]}, {"key": "for-purposes-of-section", "type": "clause", "offset": [3189, 3212]}, {"key": "maximum-liability-amount", "type": "definition", "offset": [3263, 3287]}, {"key": "purchase-price-paid", "type": "clause", "offset": [3338, 3357]}, {"key": "any-termination", "type": "clause", "offset": [3392, 3407]}, {"key": "termination-of-this-agreement-in-its-entirety", "type": "clause", "offset": [3480, 3525]}, {"key": "payment-of-the-purchase-price", "type": "clause", "offset": [3749, 3778]}, {"key": "the-second-closing", "type": "definition", "offset": [3874, 3892]}, {"key": "main-station", "type": "definition", "offset": [3897, 3909]}, {"key": "final-order", "type": "clause", "offset": [3976, 3987]}, {"key": "default-by-buyer", "type": "clause", "offset": [4042, 4058]}, {"key": "the-parties-will", "type": "clause", "offset": [4079, 4095]}, {"key": "in-good-faith", "type": "definition", "offset": [4106, 4119]}, {"key": "status-quo-ante", "type": "definition", "offset": [4135, 4150]}, {"key": "not-limited", "type": "clause", "offset": [4177, 4188]}, {"key": "transfer-and-conveyance", "type": "clause", "offset": [4214, 4237]}, {"key": "to-seller", "type": "definition", "offset": [4249, 4258]}, {"key": "relating-to", "type": "definition", "offset": [4281, 4292]}, {"key": "in-existence", "type": "definition", "offset": [4313, 4325]}, {"key": "assumption-by", "type": "clause", "offset": [4417, 4430]}, {"key": "assignment-by-buyer", "type": "clause", "offset": [4446, 4465]}, {"key": "of-buyer", "type": "clause", "offset": [4514, 4522]}, {"key": "pursuant-to-the", "type": "clause", "offset": [4579, 4594]}, {"key": "station-contracts", "type": "definition", "offset": [4600, 4617]}, {"key": "reconveyed-assets", "type": "definition", "offset": [4634, 4651]}, {"key": "effective-date-of-termination", "type": "definition", "offset": [4725, 4754]}, {"key": "the-offer", "type": "clause", "offset": [4760, 4769]}, {"key": "of-employment", "type": "clause", "offset": [4780, 4793]}, {"key": "persons-employed-by", "type": "clause", "offset": [4801, 4820]}, {"key": "prior-to-the-effective-date", "type": "clause", "offset": [4847, 4874]}, {"key": "termination-upon", "type": "clause", "offset": [4878, 4894]}, {"key": "same-terms-and-conditions", "type": "clause", "offset": [4913, 4938]}, {"key": "duties-and-benefits", "type": "clause", "offset": [4971, 4990]}, {"key": "in-effect", "type": "definition", "offset": [4994, 5003]}, {"key": "by-seller-to-buyer", "type": "clause", "offset": [5083, 5101]}], "snippet": "To comply with the FCC\u2019s multiple ownership rules, prior to Closing with respect to KMTV (Omaha), Buyer must consummate the divestiture of two or more radio stations now owned by it that are located in the market in which KMTV is located. Notwithstanding anything in this Agreement to the contrary:\n(a) the FCC Application shall consist of separate applications (each a \u201cPartial Application\u201d), one for WFTX and KGUN (the \u201cPrimary Application\u201d) which shall be filed at the time provided by Section 1.10(a), and one for KMTV (the \u201cKMTV Application\u201d) which shall be filed no later than the date on which the application for FCC consent for the last necessary Omaha radio divestiture is filed;\n(b) if the Primary Application is granted before the KMTV Application, then the transactions contemplated by this Agreement shall be consummated in two separate Closings (each a \u201cPartial Closing\u201d) as follows:\n(i) at a Closing (the \u201cFirst Closing\u201d) on the fifth business day after the date of the FCC Consent with respect to the Primary Application (subject to the satisfaction or waiver of the applicable conditions set forth in Articles 6 or 7 below), (A) Buyer shall pay Seller the Purchase Price less $10,000,000, and (B) Seller shall convey to Buyer all Station Assets other than the KMTV FCC Licenses;\n(ii) at a second Closing (the \u201cSecond Closing\u201d) on the fifth business day after the date of the FCC Consent with respect to the KMTV Application (subject to the satisfaction or waiver of the applicable conditions set forth in Articles 6 or 7 below), (A) Buyer shall pay Seller the balance of the Purchase Price, and (B) Seller shall convey the KMTV FCC Licenses; and\n(iii) at the First Closing, (A) the Outside Date (defined below) for KMTV shall be extended to October 15, 2008, provided, however, that if the FCC Consent for KMTV has not been obtained at least five (5) business days prior to October 15, 2008 due to allegations concerning Seller\u2019s licensee qualifications, the Outside Date shall automatically be extended until five (5) business days after the date of the FCC Consent with respect to KMTV, and (B) the parties shall enter into a local programming and marketing agreement with respect to KMTV (the \u201cLMA\u201d) in the form attached hereto as Exhibit A, and (C) Buyer shall provide Seller the rent-free use of those KMTV Station Assets that are necessary for Seller to comply with its obligations under the KMTV FCC Licenses and the LMA during the term thereof (and, if the LMA term ends without an assignment of the KMTV FCC Licenses to Buyer, then such facility use term may be extended by Seller for one year thereafter); and\n(c) taking into account such multiple closings:\n(i) the terms \u201cClosing,\u201d \u201cClosing Date,\u201d \u201cFCC Application\u201d and \u201cFCC Consent\u201d shall mean, and refer separately to, the applicable Partial Closing, the date on which such Partial Closing occurs (or is to occur), the applicable Partial Application, and the applicable partial FCC Consent, each as the context requires;\n(ii) with respect to each Partial Closing, the provisions of this Agreement that apply before, at or after a Closing shall apply before, at or after the applicable Partial Closing;\n(iii) for purposes of Section 9.2(b), with respect to each Partial Closing, the maximum liability amount shall be determined based upon the portion of the Purchase Price paid at such Partial Closing; and\n(iv) any termination of this Agreement prior to the first Partial Closing shall constitute a termination of this Agreement in its entirety, but after the first Partial Closing, any termination of this Agreement shall constitute a termination only with respect to the Station Assets not subject to any prior Partial Closing, each Partial Closing and each partial payment of the Purchase Price being final and non-rescindable; provided, however, that if after the First Closing and before the Second Closing the main station FCC Licenses for KMTV are revoked or renewal thereof is denied by Final Order (defined below) other than as a result of a breach or default by Buyer under the LMA, then the parties will cooperate in good faith to restore the status quo ante as to KMTV, including but not limited to (a) the reassignment, transfer and conveyance from Buyer to Seller of the Station Assets relating to KMTV that are still in existence as the same were assigned, transferred and conveyed to Buyer at the First Closing; (b) the assumption by Seller and the assignment by Buyer of all liabilities, obligations and commitments of Buyer arising or accruing on or after the date of termination pursuant to the KMTV Station Contracts included in the reconveyed assets, which liabilities, obligations and commitments shall be prorated to the effective date of termination; (c) the offer by Seller of employment to all persons employed by Buyer at KMTV immediately prior to the effective date of termination upon substantially the same terms and conditions and with substantially the same duties and benefits as in effect immediately preceding the effective date of termination; and (d) the repayment by Seller to Buyer of the portion of Purchase Price that is attributable to KMTV.", "hash": "09e61599772ca139e6025fbc3c3fc716", "id": 2}, {"samples": [{"hash": "etwjp6rcuHy", "uri": "/contracts/etwjp6rcuHy#multiple-closings", "label": "Investment Banking Agreement (SMTP, Inc.)", "score": 20.8891162872, "published": true}, {"hash": "9KwVq84tVBk", "uri": "/contracts/9KwVq84tVBk#multiple-closings", "label": "Investment Banking Agreement (Liberator Medical Holdings, Inc.)", "score": 19.188911438, "published": true}], "size": 2, "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "partial-closings", "type": "clause", "offset": [32, 48]}, {"key": "closing-of-the-transaction", "type": "definition", "offset": [68, 94]}, {"key": "the-company-shall", "type": "clause", "offset": [96, 113]}, {"key": "issue-to", "type": "clause", "offset": [114, 122]}, {"key": "the-percentage", "type": "definition", "offset": [153, 167]}, {"key": "cash-and-securities", "type": "clause", "offset": [171, 190]}, {"key": "with-respect-to", "type": "clause", "offset": [235, 250]}, {"key": "each-closing", "type": "clause", "offset": [265, 277]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [278, 300]}], "snippet": "In the event there are multiple partial closings prior to the final closing of the Transaction, the Company shall issue to Littlebanc, or its designees, the percentage of cash and securities set forth in Sections 5(a)(i), (ii) payable with respect to the amount of each closing as soon as practicable after each such closing.", "hash": "8d5e536ef72df95c863506094c7c0ce5", "id": 6}, {"samples": [{"hash": "ae46ag6hgKj", "uri": "/contracts/ae46ag6hgKj#multiple-closings", "label": "Asset Purchase Agreement (Emmis Communications Corp)", "score": 21.0, "published": true}, {"hash": "3XQqd7zSPEQ", "uri": "/contracts/3XQqd7zSPEQ#multiple-closings", "label": "Asset Purchase Agreement (Lin Tv Corp)", "score": 21.0, "published": true}], "size": 2, "snippet_links": [{"key": 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"termination-of-this-agreement-in-its-entirety", "type": "clause", "offset": [3104, 3149]}, {"key": "outside-date", "type": "definition", "offset": [3464, 3476]}, {"key": "without-limiting-the", "type": "clause", "offset": [3520, 3540]}, {"key": "partial-closings", "type": "clause", "offset": [3592, 3608]}, {"key": "to-consult", "type": "definition", "offset": [3628, 3638]}, {"key": "number-of", "type": "clause", "offset": [3685, 3694]}, {"key": "to-the-extent", "type": "clause", "offset": [3712, 3725]}, {"key": "condition-to-closing", "type": "definition", "offset": [3779, 3799]}], "snippet": "Notwithstanding anything in this Agreement to the contrary:\n(a) the parties have allocated the Stations into groups (each a \u201cStation Group\u201d) and have allocated the Purchase Price (each an \u201cAllocated Price\u201d) as follows: Albuquerque Group KRQE(TV), Albuquerque, New Mexico $ 74,000,000 KBIM-TV, Roswell, New Mexico Durango Group KREZ-TV, Durango, Colorado $ 1,000,000 Mobile Group WALA-TV, Mobile, Alabama $ 85,000,000 WBPG(TV), Gulf Shores, Alabama Green Bay Group WLUK-TV, Green Bay, Wisconsin $ 60,000,000 Terre Haute Group WTHI-TV, Terre Haute, Indiana $ 40,000,000 (b) the FCC Application shall consist of separate applications (each a \u201cPartial Application\u201d), one for each Station Group, and the transactions contemplated by this Agreement shall be consummated as follows: (i) if such applications are granted concurrently, then in a single Closing, or (ii) if not, then in multiple Closings (each a \u201cPartial Closing\u201d), one for each Station Group;\n(c) with respect to each Station Group, each Partial Closing shall occur on the fifth business day after the date of the FCC Consent with respect to the applicable Partial Application (subject to the satisfaction or waiver of the applicable conditions set forth in Articles 6 or 7 below), except that if the day the Durango Group Partial Closing is otherwise scheduled to occur is before the Albuquerque Group Partial Closing, then the Durango Group Partial Closing shall be scheduled for the date of the Albuquerque Group Partial Closing;\n(d) at each Partial Closing Seller shall convey to Buyer the Station Assets used or held for use in the operation of the Stations in the applicable group and Buyer shall pay Seller the Allocated Price for such group; and\n(e) taking into account such multiple closings:\n(i) the terms \u201cClosing,\u201d \u201cClosing Date,\u201d \u201cFCC Application\u201d and \u201cFCC Consent\u201d shall mean, and refer separately to, the applicable Partial Closing, the date on which such Partial Closing occurs (or is to occur), the applicable Partial Application, and the applicable FCC consent, each as the context requires;\n(ii) with respect to each Station Group and each Partial Closing, the provisions of this Agreement that apply before, at or after a Closing shall apply before, at or after the applicable Partial Closing;\n(iii) the Deposit shall be allocated and disbursed pro rata according to the Allocated Price to be paid at each Partial Closing, and the term \u201cDeposit\u201d as used herein shall mean, and refer separately to the allocable portion thereof as the context requires (but shall mean the full amount thereof if this Agreement is terminated without any Closing);\n(iv) for purposes of Section 9.2, with respect to each Partial Closing, the maximum liability amount shall be determined based upon the Allocated Price for such Partial Closing;\n(v) for purposes of Section 10.5, after each Partial Closing the liquidated damage amount shall be determined based upon the Allocated Price for the Station Groups for which a Partial Closing has not occurred;\n(vi) any termination of this Agreement prior to the first Partial Closing shall constitute a termination of this Agreement in its entirety, but after the first Partial Closing, any termination of this Agreement shall constitute a termination only with respect to the Station Assets not subject to any prior Partial Closing, each Partial Closing being final and non-rescindable; and\n(vii) with respect to the Albuquerque Group and the Durango Group, the Outside Date (defined below) shall be May 31, 2006.\n(f) Without limiting the parties\u2019 obligations under this Section 1.12 to do Partial Closings, the parties agree to consult with one-another in an effort to minimize the number of Partial Closings to the extent circumstances warrant, but no such consultation is a condition to Closing.", "hash": "f14489ed96179507fca28de8db308ee3", "id": 7}, {"samples": [{"hash": "gQHAOb820pJ", "uri": "/contracts/gQHAOb820pJ#multiple-closings", "label": "Subscription Agreement (Palomino Laboratories Inc.)", "score": 37.3093771389, "published": true}, {"hash": "1cieYRXTQ9w", "uri": "/contracts/1cieYRXTQ9w#multiple-closings", "label": "Subscription Agreement (Ionetix Corp / DE /)", "score": 37.2874755859, "published": true}, {"hash": "asFfvmSwbf9", "uri": 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"subscription-agreement", "type": "clause", "offset": [44, 66]}, {"key": "the-company", "type": "definition", "offset": [67, 78]}, {"key": "purchase-and-sale-of-the", "type": "clause", "offset": [145, 169]}, {"key": "subscribed-for-units", "type": "definition", "offset": [170, 190]}, {"key": "exchange-of-documents", "type": "clause", "offset": [208, 229]}, {"key": "receipt-of", "type": "clause", "offset": [255, 265]}, {"key": "termination-of-the-offering", "type": "clause", "offset": [331, 358]}, {"key": "in-section-4", "type": "clause", "offset": [372, 384]}], "snippet": "Subject to the terms and conditions of this Subscription Agreement the Company anticipates effecting multiple closings (each a \u201cClosing\u201d) of the purchase and sale of the Subscribed for Units remotely via the exchange of documents and signatures following receipt of Subscriptions until the earlier to occur of May 30, 2025, or the termination of the Offering as set forth in Section 4.", "hash": "1f5d41813a8ed2c476dad705afe9a541", "id": 10}, {"samples": [{"hash": "aTeotVadDnL", "uri": "/contracts/aTeotVadDnL#multiple-closings", "label": "Subscription Agreement (ParcelPal Logistics Inc.)", "score": 34.2046546936, "published": true}, {"hash": "dYYnR3hSS6X", "uri": "/contracts/dYYnR3hSS6X#multiple-closings", "label": "Subscription Agreement", "score": 23.887922287, "published": true}], "size": 2, "snippet_links": [{"key": "subject-to", "type": "definition", "offset": [21, 31]}, {"key": "subscription-level", "type": "definition", "offset": [42, 60]}, {"key": "each-closing", "type": "clause", "offset": [130, 142]}, {"key": "the-applicable", "type": "clause", "offset": [144, 158]}, {"key": "subscription-proceeds", "type": "definition", "offset": [165, 186]}, {"key": "available-for-use", "type": "definition", "offset": [212, 229]}, {"key": "by-the-corporation", "type": "clause", "offset": [230, 248]}], "snippet": "This Offering is not subject to a minimum subscription level and as such, the Corporation may complete one or more Closings. Upon each Closing, the applicable total subscription proceeds will be made immediately available for use by the Corporation.", "hash": "ee1d64dd1bd984b8038b58d8326cad1d", "id": 3}, {"samples": [{"hash": "iV9q7xH5Zpw", "uri": "/contracts/iV9q7xH5Zpw#multiple-closings", "label": "Series B Preferred Stock Purchase Agreement", "score": 29.3408622742, "published": true}, {"hash": "SE3c6tfX2z", "uri": "/contracts/SE3c6tfX2z#multiple-closings", "label": "Series B Preferred Stock Purchase Agreement (Helix TCS, Inc.)", "score": 26.3867206573, "published": true}], "size": 2, "snippet_links": [{"key": "series-b-preferred-shares", "type": "definition", "offset": [29, 54]}, {"key": "each-closing", "type": "clause", "offset": [142, 154]}, {"key": "the-exchange", "type": "clause", "offset": [190, 202]}, {"key": "signature-pages", "type": "clause", "offset": [217, 232]}], "snippet": "The sale and purchase of the Series B Preferred Shares may occur in one or more closings (each a \u201cClosing\u201d and collectively, the \u201cClosings\u201d). Each Closing shall be held remotely pursuant to the exchange of electronic signature pages.", "hash": "01256b0a2f9ff03cd54a36fb3f6307ba", "id": 9}, {"samples": [{"hash": "gEqssxSFXng", "uri": "/contracts/gEqssxSFXng#multiple-closings", "label": "Intellectual Property Security Agreement (Trist Holdings, Inc.)", "score": 21.3805618286, "published": true}, {"hash": "eKdW2aWcOgq", "uri": "/contracts/eKdW2aWcOgq#multiple-closings", "label": "Intellectual Property Security Agreement (Blue Holdings, Inc.)", "score": 21.0, "published": true}], "size": 2, "snippet_links": [{"key": "for-clarification", "type": "clause", "offset": [0, 17]}, {"key": "the-grantors", "type": "clause", "offset": [19, 31]}, {"key": "acknowledge-and-agree", "type": "clause", "offset": [32, 53]}, {"key": "closing-under-the-purchase-agreement", "type": "clause", "offset": [86, 122]}, {"key": "this-agreement", "type": "clause", "offset": [132, 146]}, {"key": "security-interest-in-the-collateral", "type": "clause", "offset": [157, 192]}, {"key": "in-favor-of", "type": "definition", "offset": [193, 204]}, {"key": "the-lenders", "type": "clause", "offset": [209, 220]}, {"key": "agreement-or", "type": "definition", "offset": [277, 289]}, {"key": "the-agent", "type": "clause", "offset": [360, 369]}, {"key": "collateral-agent", "type": "clause", "offset": [383, 399]}, {"key": "all-lenders", "type": "clause", "offset": [404, 415]}, {"key": "further-documentation", "type": "clause", "offset": [518, 539]}, {"key": "other-action", "type": "definition", "offset": [581, 593]}], "snippet": "For clarification, the Grantors acknowledge and agree that there may be more than one Closing under the Purchase Agreement and that this Agreement creates a security interest in the Collateral in favor of all the Lenders regardless of when (1) any Lender executes the Purchase Agreement or whether such Lender executes this Agreement, it being understood that the Agent is acting as collateral agent for all Lenders, (2) any Closing occurs or (3) any Notes are issued, without any need for the Grantors to execute any further documentation or be notified of any Closing or for any other action to occur.", "hash": "338d3871ccc94fc3dae75f7e7c2560c6", "id": 5}], "next_curs": "CloSVGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhptdWx0aXBsZS1jbG9zaW5ncyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 81, "children": [["", ""], ["issuance-of-shares-authorization", "Issuance of Shares; Authorization"], ["no-impairment", "No Impairment"], ["dividends-distributions-stock-splits-subdivisions-reclassifications-or-combinations", "Dividends, Distributions, Stock Splits, Subdivisions, Reclassifications or Combinations"], ["contest-and-appraisal-rights", "Contest and Appraisal Rights"]], "parents": [["miscellaneous", "Miscellaneous"], ["compensation", "Compensation"], ["closing", "Closing"], ["purchase-of-assets", "Purchase of Assets"], ["fees-and-expenses", "Fees and Expenses"]], "title": "Multiple Closings", "id": "multiple-closings", "related": [["closings", "Closings", "Closings"], ["the-closings", "The Closings", "The Closings"], ["subsequent-closings", "Subsequent Closings", "Subsequent Closings"], ["initial-closing", "Initial Closing", "Initial Closing"], ["additional-closings", "Additional Closings", "Additional Closings"]], "related_snippets": [], "updated": "2026-04-26T05:39:20+00:00", "also_ask": ["What key protections should be included to address default between closings?", "How can the timing and conditions of each closing be strategically negotiated?", "What are the most common enforceability challenges courts consider with multiple closings?", "How do multiple closing provisions differ across jurisdictions or deal types?", "What are the critical risks if one party fails to perform at an interim closing?"], "drafting_tip": "Specify the timing and conditions for each closing to prevent disputes; allocate obligations and deliverables per closing to ensure clarity; define remedies for failed closings to protect parties\u2019 interests.", "explanation": "The Multiple Closings clause allows for the completion of a transaction in several stages rather than all at once. In practice, this means that assets, shares, or interests may be transferred in separate installments on different dates, often contingent on meeting certain conditions or milestones. This structure provides flexibility for both parties, enabling them to manage risk, address regulatory or logistical hurdles, and ensure that obligations are met incrementally rather than requiring full performance upfront."}, "json": true, "cursor": ""}}