Common use of Closing Date and Terms of Purchase Clause in Contracts

Closing Date and Terms of Purchase. (a) Purchaser; Closing or Expedited Closing to Protect Gaming Rights. For purposes of this Section 13.9, the Person or Persons purchasing an Affected Interest (who may be the Company, one Member or several Members) shall be collectively referred to as the "Purchaser" unless the context indicates otherwise. Ordinarily, in the event of any sale and purchase of an Affected Interest pursuant to the terms of this Agreement, the sale and purchase shall close on a reasonable date, at a reasonable place and at a reasonable time to be selected by the Purchaser, which shall be no later than thirty (30) days after the Final Price is determined pursuant to Section 13.8. However, the Members acknowledge that it is likely that, if the Purchaser is an Appointing Member who has exercised its right and option to purchase the Affected Interest pursuant to Section 5.5, such Purchaser will exercise that option to protect the ability of the Purchaser (or any of its subsidiaries or other Affiliates) to obtain or maintain a Gaming License (as defined in Section 5.5) or a contract or agreement to manage a gaming facility. Accordingly, such Purchaser may need to exercise its option and right to purchase such Affected Interest and close such purchase (an "Expedited Closing") before the Final Price of such Affected Interest is determined under Section 13.8.

Closing Date and Terms of Purchase. (a) Purchaser; Closing or Expedited Closing to Protect Gaming Rights. For purposes of this Section 13.9, the Person or Persons purchasing an Affected Interest (who may be the Company, one Member or several Members) shall be collectively referred to as the "Purchaser" unless the context indicates otherwise. Ordinarily, in the event of any sale and purchase of an Affected Interest pursuant to the terms of this Agreement, the sale and purchase shall close on a reasonable date, at a reasonable place and at a reasonable time to be selected by the Purchaser, which shall be no later than thirty (30) days after the Final Price is determined pursuant to Section 13.8. However, the Members acknowledge that it is likely that, if the Purchaser is an Appointing Member who has exercised its right and option to purchase the Affected Interest pursuant to Section 5.5, such Purchaser will exercise that option to protect the ability of the Purchaser (or any of its subsidiaries or other Affiliates) to obtain or maintain a Gaming License (as defined in Section 5.5) or a contract or agreement to manage a gaming facility. Accordingly, such Purchaser may need to exercise its option and right to 45 purchase such Affected Interest and close such purchase (an "Expedited Closing") before the Final Price of such Affected Interest is determined under Section 13.8.