Damage to Assets. If, on or before the Closing Date, the assets or properties of the Seller are damaged or destroyed, Seller and Shareholder shall notify BCC of such damage or destruction. In the event of any such damage or destruction, BCC shall have the right, in its sole discretion, to either (i) reduce the Merger Consideration by an amount equal to the value of the damaged or destroyed asset or assets, and complete the purchase, or (ii) terminate this Agreement as provided by Section 17.1 hereof and not complete the purchase.
Appears in 1 contract
Samples: Plan of Merger and Acquisition Agreement (Billing Concepts Corp)
Damage to Assets. If, on or before the Closing Date, the assets or properties of the Seller are damaged or destroyed, Seller and Shareholder the Shareholders shall notify BCC of such damage or destruction. In the event of any such damage or destruction, BCC shall have the right, in its sole discretion, to either (i) reduce the Merger Consideration by an amount equal to the value of the damaged or destroyed asset or assets, and complete the purchase, or (ii) terminate this Agreement as provided by Section 17.1 SECTION 15.1 hereof and not complete the purchase.
Appears in 1 contract
Damage to Assets. If, on or before the Closing Date, the assets or properties of the Seller are damaged or destroyed, Seller and Shareholder the Stockholders shall notify BCC of such damage or destruction. In the event of any such damage or destruction, BCC shall have the right, in its sole discretion, to either (i) reduce the Merger Consideration by an amount equal to the value of the damaged or destroyed asset or assets, and complete the purchase, or (ii) terminate this Agreement as provided by Section 17.1 SECTION 15.1 hereof and not complete the purchase.
Appears in 1 contract
Samples: Merger and Acquisition Agreement (Billing Concepts Corp)
Damage to Assets. If, on or before the Closing Date, the assets or properties of the Seller are damaged or destroyed, Seller and Shareholder the Stockholders shall notify BCC of such damage or destruction. In the event of any such damage or destruction, BCC shall have the right, in its sole discretion, to either (i) reduce the Merger Consideration by an amount equal to the value of the damaged or destroyed asset or assets, and complete the purchase, or (ii) terminate this Agreement as provided by Section 17.1 15.1 hereof and not complete the purchase.
Appears in 1 contract
Samples: Plan of Reorganization, Merger and Acquisition Agreement (Smith Michael R)
