Preclosing Payment Sample Clauses

Preclosing Payment. If and only if the Closing Date has not occurred on or before January 3, 1997, then NVAL shall on such date deliver the Preclosing Payment to ▇▇▇. If the Closing subsequently occurs pursuant to this Agreement, then the Preclosing Payment shall be applied in the manner described in Section 7B6 hereof. If the Closing does not subsequently occur pursuant to this Agreement, then the Preclosing Payment shall be returned by ▇▇▇ to NVAL no later than March 1, 1997. Failure by ▇▇▇ to timely return such payment shall be deemed a default by ▇▇▇ under the Consulting Agreement.