Common use of LUMP SUM OR INSTALLMENTS Clause in Contracts

LUMP SUM OR INSTALLMENTS. The purchase price for Restricted Shares shall be paid by the Company in full at the closing or, at the election of the Company, in equal annual installments, together with interest payable quarterly at the rate of interest announced publicly on the first day of each calendar quarter by a major United States money market bank, selected by the Company, as such bank's base rate, over a number of years to be determined by the Company but in no event exceeding five (5) years if the purchase is pursuant to Section 3.2, or ten (10) years if the purchase is pursuant to Section 3.3 or Section 3.4.