Purchase Option Price. As consideration for the grant of this Option, Purchaser shall pay to Seller the total non-refundable sum of Eight Million Three Hundred Sixty-Five Thousand Fifty and No/100 Dollars ($8,365,050.00) (comprised of $4.50 per share x 1,858,900 shares = $8,365,050.00), payable (i) by wire transfer to Seller in the amount of Five Million Five Hundred Seventy-Six Thousand Seven Hundred and No/100 Dollars ($5,576,700.00) (comprised of $3.00 per share x 1,858,900 shares = $5,576,700.00), upon execution of this Agreement; and, (ii) by wire transfer to Seller in the amount of Two Million Seven Hundred Eighty-Eight Thousand Three Hundred Fifty and No/100 Dollars ($2,788,350.00) (comprised of $1.50 per share x 1,858,900 shares = $2,788,350.00), on or before December 15, 2000 (the "$1.50 Option Payment"). If Purchaser fails to make timely payment of the $1.50 Option Payment, Purchaser shall be obligated to Seller as follows: (a) Purchaser shall pay Seller the $1.50 Option Payment with interest due from and including December 16, 2000 until the date of payment. Interest will accrue and be payable on the unpaid balance at the rate of fifteen percent (15%) per annum; (b) The Option shall not be exercised by Purchaser until such time as Purchaser has paid to Seller the $1.50 Option Payment with all accrued interest thereon; and, (c) In the event the Option is not exercised during the Option Period and the $1.50 Option Payment (plus all accrued interest) has not then been paid,
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Purchase Option Price. As consideration for the grant of this Option, Purchaser shall pay to Seller the total non-refundable sum of Eight Million Three Hundred Sixty-Five Thousand Fifty and No/100 Dollars ($8,365,050.00) (comprised of $4.50 per share x 1,858,900 shares = $8,365,050.00), payable
(i) by wire transfer to Seller in the amount of Five Million Five Hundred Seventy-Six Thousand Seven Hundred and No/100 Dollars ($5,576,700.00) (comprised of $3.00 per share x 1,858,900 shares = $5,576,700.00), upon execution of this Agreement; and,
(ii) by wire transfer to Seller in the amount of Two Million Seven Hundred Eighty-Eight Thousand Three Hundred Fifty and No/100 Dollars ($2,788,350.00) (comprised of $1.50 per share x 1,858,900 shares = $2,788,350.00), on or before December 15, 2000 (the "$1.50 Option Payment"). If Purchaser fails to make timely payment of the $1.50 Option Payment, Purchaser shall be obligated to Seller as follows:
(a) Purchaser shall pay Seller the $1.50 Option Payment with interest due from and including December 16, 2000 until the date of payment. Interest will accrue and be payable on the unpaid balance at the rate of fifteen percent (15%) per annum;
(b) The Option shall not be exercised by Purchaser until such time as Purchaser has paid to Seller the $1.50 Option Payment with all accrued interest thereon; and,
(c) In the event the Option is not exercised during the Option Period and the $1.50 Option Payment (plus all accrued interest) has not then been paid,, Purchaser shall remain obligated to Seller for the payment of the $1.50 Option Payment, with all accrued interest thereon, which obligation shall survive the termination of this Agreement. All amounts due and payable pursuant to this Section 1.02 shall be due and payable without notice.
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