Split Closings Sample Clauses
A Split Closings clause defines a process where different aspects of a transaction are completed at separate times or locations rather than all at once. For example, the transfer of funds might occur on one date, while the transfer of property title or delivery of goods happens on another, or certain obligations are fulfilled in stages. This clause is commonly used in complex transactions to accommodate logistical, regulatory, or practical constraints, ensuring that each party can meet their obligations in a coordinated manner and reducing the risk of non-performance.
Split Closings. Notwithstanding the other provisions of this Agreement, the transactions contemplated hereby will be divided into two parts with two separate Closings – the first for an amount equivalent to fifty percent (50%) the amounts set forth hereinabove and the second for an amount equivalent to the first Closing amount plus an amount equivalent to the interest that has accrued from and after the date of the first Closing. The first Closing shall occur on the time set forth above. The second Closing shall occur not later than three business days after the earliest of (x) an announcement by the Securities and Exchange Commission (the SEC”) that it has settled its litigation with the Company in the matter styled as Live Ventures, Incorporated; Janone, Inc. (fka Appliance Recycling Centers of America, Inc.); ▇▇▇▇ ▇▇▇▇▇ aka ▇▇▇ ▇▇▇▇▇; Kingston Diversified Holdings LLC; and ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Defendants, United States District Court, District of Nevada Court Case No. 2:21-cv-1433-JCM-VCF (the “Litigation”), (y) the date on which the Company files a Current Report on Form 8-K with the SEC, which Current Report discloses that the Company has settled the Litigation, or (z) 60 days from the date of the initial Closing.