Common use of Purchase Price Adjustment Procedure Clause in Contracts

Purchase Price Adjustment Procedure. Upon the Final Closing Premium Statement being deemed final in accordance with Section 1.5(b), the Base Purchase Price will be adjusted, if at all, as follows: if the product of the Written Premium Amount multiplied by four is less than $200,000,000, then the Base Purchase Price will be reduced by an amount equal to the product of (i) the Base Purchase Price multiplied by (ii) a fraction consisting of (A) a numerator equal to the difference of $200,000,000 minus the product of the Written Premium Amount multiplied by four and (B) a denominator equal to $200,000,000 (such amount, together with interest thereon calculated at a rate equal to eight percent (8.0%) compounded daily from the Closing Date to the date the Final Closing Premium Statement is deemed final in accordance with Section 1.5(b), the "ADJUSTMENT AMOUNT").

Purchase Price Adjustment Procedure. Upon the Final Closing Premium Statement being deemed final in accordance with Section 1.5(b2.4(b), the Base Purchase Price will be adjusted, if at all, as follows: if the product of the Written Premium Amount multiplied by four is less than $200,000,000, then the Base Purchase Price will be reduced by an amount equal to the product of (i) the Base Purchase Price multiplied by (ii) a fraction consisting of (A) a numerator equal to the difference of $200,000,000 minus the product of the Written Premium Amount multiplied by four and (B) a denominator equal to $200,000,000 (such amount, together with interest thereon calculated at a rate equal to eight percent (8.0%) compounded daily from the Closing Date to the date the Final Closing Premium Statement is deemed final in accordance with Section 1.5(b2.4(b), the "ADJUSTMENT AMOUNT").