Common use of Payments on Closing Clause in Contracts

Payments on Closing. (a) The Purchase Price (as adjusted by the Estimated Net Working Capital Adjustment Amount and the Estimated Mexican Net Debt) shall be paid by the Purchaser on the Closing Date by wire transfer of same day funds to an account or accounts and in such amounts as designated by the Sellers. The Purchaser shall cause the appropriate Mexican Subsidiaries to pay on the Closing Date the Estimated Mexican Net Debt by wire transfer of same day funds to an account or accounts of the applicable financial institutions and in such amounts as designated by Rhodia. (b) For purposes of calculating all payments on Closing (including, without limitation, the Purchase Price, the Estimated Net Working Capital Adjustment Amount and the Estimated Mexican Net Debt) and all adjustments thereto in accordance with this Agreement (including in accordance with Section 2.08 of this Agreement), all amounts included in calculating such amounts denominated in a foreign currency shall be converted to their U.S. Equivalent.