Delivery of Additional Collateral. It shall be a condition to the obligation of Nations to deliver the Distributed Shares to the REIT that the Companies shall have delivered to Nations a number of Paired Shares, rounded upward to the nearest whole share (the "Additional Collateral Shares"), having a value (based on the average of the closing prices of the Paired Shares on each of the five trading days immediately preceding the date on which the Spin-Off is completed, as reported on Bloomberg) equal to $7,478,445; PROVIDED HOWEVER, that if, as of the record date for the Spin-Off, Nations has sold any Paired Shares in settlement of any of the Companies' obligations under the Agreement, then such dollar amount shall be reduced by a percentage amount equal to the quotient (expressed as a percentage) obtained by dividing (i) the number of such Paired Shares sold, by (ii) the total number of Purchased Shares and Collateral Shares as of the date hereof. The Additional Collateral Shares will be held by Nations as additional Collateral Shares, on the same terms and conditions as the Collateral Shares.
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Sources: Purchase Price Adjustment Mechanism (Wyndham International Inc)
Delivery of Additional Collateral. It shall be a condition to the obligation obligations of Nations Purchaser and Counterparty to deliver the Distributed Shares to the REIT that the Companies shall have delivered to Nations Counterparty a number of Paired Shares, rounded upward to the nearest whole share (the "Additional Collateral Shares"), having a value (based on the average of the closing prices of the Paired Shares on each of the five trading days immediately preceding the date on which the Spin-Off is completed, as reported on Bloomberg) equal to $7,478,4458,437,711; PROVIDED HOWEVER, that if, as of the record date for the Spin-Off, Nations the Counterparty has sold any Paired Shares in settlement of any of the Companies' obligations under the Agreement, then such dollar amount shall be reduced by a percentage amount equal to the quotient (expressed as a percentage) obtained by dividing (i) the number of such Paired Shares sold, by (ii) the total number of Purchased Shares and Collateral Shares as of the date hereof. The Additional Collateral Shares will be held by Nations Counterparty as additional Collateral Shares, on the same terms and conditions as the Collateral Shares.
Appears in 1 contract
Sources: Purchase Price Adjustment Mechanism Agreement (Wyndham International Inc)
Delivery of Additional Collateral. It shall be a condition to the obligation obligations of Nations Purchaser and Counterparty to deliver the Distributed Shares to the REIT that the Companies shall have delivered to Nations Counterparty a number of Paired Shares, rounded upward to the nearest whole share (the "Additional Collateral Shares"), having a value (based on the average of the closing prices of the Paired Shares on each of the five trading days immediately preceding the date on which the Spin-Off is completed, as reported on Bloomberg) equal to $7,478,4452,168,332; PROVIDED HOWEVER, that if, as of the record date for the Spin-Off, Nations the Counterparty has sold any Paired Shares in settlement of any of the Companies' obligations under the Agreement, then such dollar amount shall be reduced by a percentage amount equal to the quotient (expressed as a percentage) obtained by dividing (i) the number of such Paired Shares sold, by (ii) the total number of Purchased Shares and Collateral Shares as of the date hereof. The Additional Collateral Shares will be held by Nations Counterparty as additional Collateral Shares, on the same terms and conditions as the Collateral Shares.
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