Term Purchase Commitment. (a) Each Purchase of Preferred Stock pursuant to the Term Purchase Commitment shall be in a minimum aggregate purchase price of $1,000,000 and in multiples of $500,000 in excess thereof. (b) Subject to the fulfillment of the conditions precedent set forth in Section 4.2, on each Term Closing Date during the Purchase Term, Purchaser shall purchase the number of shares of Preferred Stock equal to the dollar amount of the Purchase requested divided by the Purchase Price. Notwithstanding anything to the contrary in this Agreement, the aggregate dollar amount of Purchases pursuant to the Term Purchase Commitment shall not exceed $25,000,000.
Appears in 4 contracts
Samples: Merger Agreement (Equity Residential Properties Trust), Common Stock and Preferred Stock Purchase Agreement (Wellsford Real Properties Inc), Merger Agreement (Equity Residential Properties Trust)
