Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / settlement-term-sheet.docx
settlement-term-sheet.docx
Parties
Verimark Hospitality Group Inc
Coastal Palms Franchise Holdings LLC
Harkness LLP
Crane LLP
Suncoast Room Management Inc
M. Calloway
Gulf Breeze Hospitality LLC
Savannah Lodging Partners LLC
Dates
March 22, 2024
January 1, 2013
December 31, 2021
April 18, 2022
February 9, 2024
October 22, 2024
April 22, 2028
April 22, 2024
August 20, 2024
May 22, 2024
Amounts
$125,000,000
$12,000,000
$87,500,000
$25,000,000
$62,500,000
$7,812,500
$71,200,000
$94,000,000
$12.50
$7,812,500 2
Obligations
The total settlement consideration shall be Eighty-Seven Million Five Hundred Thousand Dollars ($87,500,000) (the "Settlement Amount")
The Cash Payment at Closing shall be sourced from the escrow account currently maintained by Coastal Palms at Ironclad National Bank, Account No
[to be provided], and shall be initiated and completed on the Closing Date
The remaining Sixty-Two Million Five Hundred Thousand Dollars ($62,500,000) of the Settlement Amount shall be payable in eight (8) equal semi-annual installments of Seven Million Eight Hundred Twelve Thousand Five Hundred Dollars ($7,812,500) each (each, a "Structured Payment"), in accordance with the following payment schedule: The first Structured Payment shall be due and payable on October 22, 2024, which is six (6) months after the anticipated Closing Date
Each subsequent Structured Payment shall be due and payable on the 22nd day of each successive six-month period thereafter, with the final Structured Payment due on April 22, 2028
Simple interest shall accrue on the outstanding unpaid principal balance of the Structured Payments at a rate of six and one-half percent (6