Common use of SPECIAL TERMINATION PAYMENT Clause in Contracts

SPECIAL TERMINATION PAYMENT. As an inducement to the Buyer to negotiate and enter into this Agreement and to undertake the further cost and expense of conducting its due diligence investigation and preparing to satisfy its obligations at the Closing, the Company hereby agrees to pay to the Buyer the sum of Five Hundred Thousand Dollars ($500,000) in the event that this Agreement is terminated by the Buyer pursuant to Section 10.1(f) above. Such payment shall be made promptly upon demand by the Buyer therefor in immediately available funds. The Company is a party to this Agreement solely for the purpose of this Section 10.6.

Appears in 1 contract

Sources: Stock Purchase Agreement (Sonic Automotive Inc)

SPECIAL TERMINATION PAYMENT. As an inducement to the Buyer to negotiate and enter into this Agreement and to undertake the further cost and expense of conducting its due diligence investigation and preparing to satisfy its obligations at the Closing, the Company Corporation hereby agrees to pay to the Buyer the sum of Five Hundred Thousand Dollars ($500,000) 150,000 in the event that this Agreement is terminated by the Buyer pursuant to Section 10.1(f10.1(e) above. Such payment shall be made promptly upon demand by the Buyer therefor in immediately available funds. The Company Corporation is a party to this Agreement solely for the purpose of this Section 10.6.

Appears in 1 contract

Sources: Stock Purchase Agreement (Sonic Automotive Inc)