Common use of PURCHASE PRICE FOR THE CLASS C STOCK Clause in Contracts

PURCHASE PRICE FOR THE CLASS C STOCK. (a) As consideration for the Purchase, NMC shall pay a per share purchase price equal to the sum of (i) $1,000, plus (ii) the accrued Premium (as defined in the Certificate of Designation) thereon from (but excluding) September 18, 1997 through (but excluding) the Closing Date, plus (iii) an amount equal to 18% per annum on the sum of (i) and (ii) calculated from (but excluding) September 18, 1997 through (but excluding) the Closing Date, plus (iv) any other amounts which may become payable to the Class C Holders pursuant to Paragraph A of Article VI of the Certificate of Designation after the date hereof and prior to the Closing Date (the "Purchase Price"). (b) Provided that the Merger Agreement has not been terminated in accordance with the provisions thereunder (such termination date, the "Merger Termination Date") and subject to the terms and conditions set forth in Section 5.27 of the Merger Agreement, in the event NMC does not have adequate funds to pay the Purchase Price when due, VVI agrees that it shall advance to NMC the full amount of the Purchase Price on or before the Closing Date, or otherwise take reasonable steps to assure payment of the Purchase Price.