Installments Based Upon Gross Profit Sample Clauses

Installments Based Upon Gross Profit i. Where the annual Gross Profit of the LLC is less than $100,000 or exceeds $1,000,000, the sum paid for the acquired Membership interest shall paid in twelve (12) equal monthly installments totaling the purchase price with interest thereon at the prime rate. The first installment payment shall be due on the date of closing, which shall be not later than thirty (30) days following the agreement as to the purchase price of the Membership interest. Upon receipt of the first installment payment, the selling Member or Member’s successor shall execute a commercially reasonable assignment of the Membership interest free and clear of any and all encumbrances. The purchasing party shall in turn execute a commercially reasonable security agreement granting a lien upon the Membership interest assigned along with a UCC-1 and/or such other documentation required to perfect the security interest, and file such documentation with the County Clerk, and such security agreement shall only be released upon full payment of all amounts due. Where the price to be paid for the Membership interest was determined by arbitration, then the first installment shall be due on the 1st day of the month following the date on which the arbitration order was confirmed by an Oklahoma District Court, provided that where such 1st day of the month is less than ten (10) business days from the date of the confirmed order, then the first installment shall be due on the 1st day of the next month. The remaining installments shall be due on the 1st day of each month thereafter, and the order confirming the arbitration award shall be deemed as evidence of the transfer.
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