Common use of Net Working Capital True-Up Clause in Contracts

Net Working Capital True-Up. If the amount of Closing Net ---------------------------- Working Capital as determined pursuant to the Final Statement is more than the estimated Net Working Capital amount paid at Closing, Buyer shall, or if the amount of Closing Net Working Capital as determined pursuant to the Final Statement is less than the estimated Net Working Capital amount paid at Closing, Seller shall, within 10 business days after the Statement becomes final and binding on the parties, make payment by wire transfer in immediately available funds of the amount of such difference, together with interest thereon at a rate equal to the rate of interest from time to time announced publicly by BankBoston, N.A. as its prime rate, calculated on the basis of the actual number of days elapsed over 365, from and including the Closing Date to but excluding the date of payment.

Appears in 1 contract

Sources: Stock Purchase Agreement (Transmontaigne Inc)

Net Working Capital True-Up. If the amount of Closing Net ---------------------------- Working Capital as determined pursuant to the Final Statement is more than the estimated Net Working Capital amount paid at Closing, Buyer shall, or if the amount of Closing Net Working Capital as determined pursuant to the Final Statement is less than the estimated Net Working Capital amount paid at Closing, Seller shall, within 10 business days after the Statement becomes final and binding on the parties, make payment by wire transfer in immediately available funds of the amount of such difference, together with interest thereon at a rate equal to the rate of interest from time to time announced publicly by BankBoston, N.A. as its prime rate, calculated on the basis of the actual number of days elapsed over 365, from and including the Closing Date to but excluding the date of payment.

Appears in 1 contract

Sources: Stock Purchase Agreement (S a Louis Dreyfus Et Cie Et Al)