Security for Purchase Price. As security for that portion of the Purchase Price payable by MARKETEAM to i5ive under Article 1.2(c), MARKETEAM shall on the Closing Date execute and deliver to i5ive:
Security for Purchase Price. On the Completion Date the Guarantor shall execute and deliver to the Seller a charge on the terms set out in Annexure A to the PEP38716 Asset Sale and Purchase Agreement which is one of the Acquisition Agreements over the interest of the Guarantor in future revenue from Petroleum produced from the Goldie xxxxx forming part of Petroleum Mining Permit 38148 and otherwise in a form capable of approval by and registration with the relevant authorities under the Petroleum Legislation. The Mortgage shall secure all moneys payable by the Buyer to the Seller under this Agreement and shall further secure all moneys payable by the Buyer to the Seller and/or Bligh New Zealand Limited under any and all of the Acquisition Agreements. The Seller shall not be obliged to release the Mortgage unless and until all such moneys have been paid in full to the Seller and/or Bligh New Zealand Limited as applicable.
Security for Purchase Price. In the event that any portion of the Purchase Price is paid by the Note, Purchaser's obligation under the Note shall be secured by all of the Put Shares and the parties shall enter into a new security agreement (the "Security Agreement") on terms and conditions mutually satisfactory to the parties.
Security for Purchase Price. As security for the Installment Payments, Buyer shall grant the Sellers a security interest in all proceeds received by the Company from the operations of the Business for the period of time during which the Installment Payments remain due and payable. The proceeds received by the Company shall be placed in a lock box account pursuant to the lock box agreement in the form of Exhibit C attached hereto (the “Lock Box Account” and “Lock Box Agreement”), and shall be released to make the following payments as they become due and payable to the extent there is a balance in the Lock Box Account: (i) all operating expenses of the Company (subject to the approval procedure provided in Section 8.17(e)) in accordance with the projected operating expenses set forth on Schedule 3.2, attached hereto and made a part hereof (the “Projected Operating Expenses”), (ii) all Installment Payments, and (iii) all Noncompetition Payments. All withdrawals from the Lock Box Account only upon the written authorization of both (a) Gxxx Xxxxxx, Cxxxxxxxx Xxxxxx, or other person designated from time to time by the Sellers to act on their behalf with respect to the account, and (b) Mxxxxxx Xxxxx, Sxxxx Xxxxxxxx, or other person designated from time to time by the Buyer to act on the Buyer’s behalf with respect to the account. The term of the Lock Box Agreement shall begin on the Closing Date and terminate on January 5, 2007, provided that all the Installment Payments and Noncompetition Payments due and payable on or before January 5, 2007 have been made. Pursuant to the terms and conditions of the Lock Box Agreement, if the balance of the Lock Box Account exceeds five hundred thousand ($500,000) dollars at any time during the term of the Lock Box Agreement, then any such amount in excess of five hundred thousand ($500,000) dollars, reduced by the amount by which the Deferred Revenue (determined in accordance with GAAP) exceeds the Deferred Revenue balance on the Closing Date as set forth on the Closing Balance Sheet, shall be referred to as the “Lock Box Excess” and such Lock Box Excess, subject to Section 8.17(g), shall be released from the lock box and paid to the Buyer free and clear of any security interest of the Sellers. If Buyer wishes that the security interest of the Sellers in the proceeds of the Company be subordinated to a security interest held by a commercial lender, Buyer shall request the Sellers to subordinate their security interest. Sellers agree to discuss such a req...
Security for Purchase Price. The Buyer has delivered to the Seller a letter, a copy of which is attached as SCHEDULE 4.5, from the Funds to the Seller confirming that the Buyer will be capitalised, upon Closing, with an aggregate equity investment (including equity surrogates) of at least DM 170,000,000 (Deutsche Mark one hundred seventy million) to be used by the Buyer to purchase the Shares.
Security for Purchase Price. On the Completion Date the Guarantor shall execute and deliver to the Vendors a charge on the terms set out in Annexure A to the PEP38716 Asset Sale and Purchase Agreement which is one of the Acquisition Agreements, over the interest of the Guarantor in future revenue from Petroleum produced from the Goldie xxxxx forming part of Petroleum Mining Permit 38148 and otherwise in a form capable of approval by and registration with the relevant authorities under the Petrolxxx Xxx 0000 xxx xhe Crown Minerals Act 1900. Xxx Mortgage shall secure all moneys payable by the Purchaser to the Vendors under this Agreement and shall further secure all moneys payable by the Purchaser to Horizon under any and all of the Acquisition Agreements. The Vendors shall not be obliged to release the Mortgage unless and until all such moneys have been paid in full to the Vendors and/or Horizon as applicable.
Security for Purchase Price. The obligations of Buyer under the Installment Note and the Services Note will be secured pursuant to a security agreement (the “Security Agreement”) between Buyer and Seller in the form attached as Exhibit E hereto, to be executed at the Closing.
Security for Purchase Price. On the Closing Date Purchaser will deliver to Seller, in a form acceptable to Seller, an unconditional, irrevocable letter of credit (the "Letter of Credit") from a bank acceptable to Seller in the amount of Six Hundred Eighty Thousand and 00/100 Dollars ($680,000.00), plus interest, that will serve as security for the Final Payment.
