Common use of Second Extension Payment Clause in Contracts

Second Extension Payment. In consideration of Contributor agreeing to the amendments set forth above, each of Acquiror and each HPK Party (except for the HPK Representative) jointly and severally agree to pay to Contributor by wire transfer of immediately available funds to the account set forth on Attachment 1 an aggregate amount equal to Fifteen Million Dollars ($15,000,000.00) (the “Second Extension Payment”) which amount shall be due and payable as follows: (a) One Million Dollars ($1,000,000.00) no later than 5:00 pm Central Time on the date hereof; (b) Five Million Dollars ($5,000,000.00) no later than 5:00 pm Central Time on February 21, 2020; (c) Five Million Dollars ($5,000,000.00) no later than 5:00 pm Central Time on March 20, 2020; and (d) Four Million Dollars ($4,000,000.00) no later than 5:00 pm Central Time on April 21, 2020. For the avoidance of doubt and notwithstanding anything to the contrary herein or in the Agreement, (i) the Second Extension Payment shall not be credited against Acquiror’s obligation to pay the Cash Acquisition Price at Closing and (ii) the obligation of Acquiror and each HPK Party (except for the HPK Representative) to jointly and severally pay the entirety of the Second Extension Payment is consideration for the execution of this Amendment by Contributor and shall survive any termination of the Agreement.