Common use of Payment by the Purchaser Clause in Contracts

Payment by the Purchaser. The Purchaser shall pay the Purchase Price to the Sellers on the Closing date, and withhold an amount equivalent to the 0.3% Securities and Transaction Tax and the relevant bank charges for effecting the payment, to the accounts designated by each of the Sellers. The Purchaser agrees to pay to the competent tax authorities, on the Closing Date, the Securities and Transaction Tax payable on the sale of the Sale Shares. The Parties acknowledge that the Purchase Price is based on the assumption that the net book value of the Company on the Closing Date (the “Closing Book Value”) will be equal to the net book value reflected on the audited balance sheet of the Company as of September 30, 2005 (the “September Book Value”). Accordingly, the Parties agree that if the Closing Book Value turns out to be different from the September Book Value, the Parties shall make an upward or downward adjustment to the Purchase Price by March 31, 2006, on a dollar for dollar basis based on the audited balance sheet as of December 31, 2005. The amount of the adjustment which is payable by the Purchaser or the Sellers, as the case may be, shall be paid within 7 business days after March 31, 2006.