Common use of Payment of Closing Date Purchase Price Clause in Contracts

Payment of Closing Date Purchase Price. In consideration of the transfer of the Purchased Assets to Buyer, at the Closing, Buyer shall: (i) direct payment of an amount equal to the Seller’s Indebtedness set forth on Schedule 2.2(b)(i) hereof as of the Closing Date pursuant to payoff letter(s) in form reasonably acceptable to Buyer which will cause the release of all Liens (if any) on the Purchased Assets (the “Seller Indebtedness Amount”); and (ii) pay to the Seller the following (the “Closing Payment”): (A) the Preliminary Adjustment Amount, minus (B) the Seller Indebtedness Amount. The Closing Payment shall be paid to Seller in the form of shares of Common Stock of Buyer. The Buyer shall issue to Seller at the Closing a number of shares of Common Stock of Buyer equal to the Closing Payment divided by $1.50.