Examples of Third Deferred Payment in a sentence
The Buyer and the Sellers' acknowledge that if the Accounts Receivable are not collected within ninety (90) days, they are not subject to set-off unless such Accounts Receivable remain uncollected prior to the Third Deferred Payment.
In the event of a Change of Control prior to the payment or forfeiture of all Earnout Payments or Deferred Payments (other than the Third Deferred Payment, the acceleration of which is provided for pursuant to Section 2.8 hereof), the Buyer shall use its commercially reasonable efforts to cause the New Owner to assume (either directly or indirectly through its purchasing entity, if any) this Agreement and the Buyer’s payment obligations (if any) hereunder.
In the event of failure by the Seller to perform the obligations under the foregoing clauses of this Section 7.8, the Purchaser shall not be obligated to make the part of the Third Deferred Payment corresponding to the amount of the Guarantee which shall not have been furnished by the Seller pursuant to the foregoing clauses of this Section 7.8, as long as the said Guarantee is not furnished to the Purchaser.
The remedies provided in this Section 10.2 are separate and distinct from Buyer's rights under Sections 2.5 and 5.8 hereof for a Purchase Price adjustment; provided, however, that in the event that facts, events, conditions or circumstances constituting or resulting in Damages under this Section 10.2 also give rise to a reduction in the Purchase Price under Sections 2.5 and 5.8 hereof, any payment obligations of Sellers under Section 10.2 shall first be deducted from the Third Deferred Payment.
If the Third Deferred Payment is insufficient to satisfy Seller's obligations under Section 10.2 because the aggregate of the Purchase Price reduction pursuant to Section 2.5 hereof and the amounts payable by Sellers under Section 10.2 hereof exceeds $250,000 (the maximum amount of the reduction in the Third Deferred Payment), Sellers shall be jointly and severally liable (except under the provisions of Section 3.4) to pay such amount to Buyer.