PURCHASE OF PHILIPS definition
PURCHASE OF PHILIPS. INTEREST IN LITHIA TLM, L.L.C. Lithia will purchase from Philips and Philips will sell to Lithia the 19.99% ownership interest of Philips in Lithia TLM, L.L.C. in exchange for a purchase price of $700,000 payable by delivery by Lithia to Philips within ten days of the Effective Date of $135,000 and the cancellation of a note payable by Philips to Lithia which has an unpaid balance owing of $565,000.