Purchase and Sale of Note Clause Example from Business Contracts

Purchase and Sale of Note. a. Purchase of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase, at each Closing, and the Company agrees to sell and issue to the Buyer, at each Closing, a Note in the amount of the purchase price applicable to each Closing as more specifically set forth below. b. First Closing. The First Closing of the purchase and sale of the First Note in a principal amount of One Hundred Forty Six Thousand Six Hundred Sixty Six Dolla...rs and Sixty Six Cents (US$141,999.99 for a purchase price of One Hundred Thirty Three Thousand Three Hundred Thirty Three Dollars and Thirty Three Cents (US$133,333.33), shall take place on the Effective Date, subject to satisfaction of the conditions to the First Closing set forth in this Agreement (the "First Closing Date"). Additional Closings of the purchase and sale of the Notes shall be at such times and for such amounts as determined in accordance with Section 1(d) below, subject to satisfaction of the conditions to the Additional Closings set forth in this Agreement (the "Additional Closing Dates", collectively, with the First Closing Date, referred to as the "Closing Dates"). The Closings shall occur on the respective Closing Dates through the use of overnight mails and subject to customary escrow instructions from the Buyer and its counsel, or in such other manner as is mutually agreed to by the Company and the Buyer. c. Form of Payment. On each Closing Date, (i) the Buyer shall pay the purchase price set forth on the face thereof for the Note to be issued and sold to it at such Closing (the "Purchase Price") by wire transfer of immediately available funds to the Company, in accordance with the Company's written wiring instructions, against delivery of such Note in the principal amount set forth on the face thereof, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to the Buyer, against delivery of such Purchase Price. d. Additional Closings. Upon mutual consent of the Buyer and the Company, at any time after the First Closing but prior to the maturity date of the Note issued in the First Closing, the Buyer may demand that the Company issue an additional Note hereunder in an additional Closing under the same terms and conditions as the First Note by delivering written notice to the Company and the Company shall issue such additional Notes to the Buyer. View More