Common use of Other Triggering Events Clause in Contracts

Other Triggering Events. The Redemption Price payable at Closing shall be paid by Company to Member by delivery of a Single Payment Promissory Note in an amount equal to the Redemption Price in the form attached as Exhibit C (“Note”). The Note shall have a maturity date (“Maturity Date”) of the second anniversary of the Closing Date and shall bear interest from the Closing Date to the Maturity Date at a rate equal to one (1) percentage point less than the Prime Rate as published by The Wall Street Journal from time to time during that period and at a rate five percent (5%) more than the Prime Rate after the Maturity Date until paid in full. BIH shall receive payment from Member upon Member’s receipt of payment from Company pursuant to the Note.

Appears in 1 contract

Sources: Trust Agreement (Heritage-Crystal Clean, Inc.)

Other Triggering Events. The Redemption Price payable at Closing shall be paid by Company to Member by delivery of a Single Payment Promissory Note in an amount equal to the Redemption Price in the form attached as Exhibit C B (“Note”). The Note shall have a maturity date (“Maturity Date”) of the second anniversary of the Closing Date and shall bear interest from the Closing Date to the Maturity Date at a rate equal to one (1) percentage point less than the Prime Rate as published by The Wall Street Journal from time to time during that period and at a rate five percent (5%) more than the Prime Rate after the Maturity Date until paid in full. BIH shall receive payment from Member upon Member’s receipt of payment from Company pursuant to the Note.

Appears in 1 contract

Sources: Trust Agreement (Heritage-Crystal Clean, Inc.)