Common use of Regarding the Holdback Amount Clause in Contracts

Regarding the Holdback Amount. Following the Closing and with respect to the Holdback Amount, upon providing the written notice called for in Section 6.2(a) above, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Holdback Amount. In such event, the Escrow Agent shall not take any action with respect to the Holdback Amount until the Company and the Placement Agent have jointly designated a banking corporation, trust company, attorney or other person as successor escrow agent. As soon as practicable after its resignation, the Escrow Agent shall, if it receives written notice from the Company and the Placement Agent within the Notice Period, turn over to a successor escrow agent appointed jointly by the Company and the Placement Agent the entirety of the Holdback Amount only upon presentation of the document appointing the new escrow agent and its acceptance thereof. With respect to the Holdback Amount only, the Escrow Agent shall not be permitted to fully resign until a successor escrow agent is designated and the Holdback Amount turned over to such successor escrow agent.

Regarding the Holdback Amount. Following the Closing and with respect to the Holdback Amount, upon providing the written notice called for in Section 6.2(a) above, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Holdback Amount. In such event, the Escrow Agent shall not take any action with respect to the Holdback Amount until the Company and the Placement Agent Agents have jointly designated a banking corporation, trust company, attorney or other person as successor escrow agent. As soon as practicable after its resignation, the Escrow Agent shall, if it receives written notice from the Company and the Placement Agent Agents within the Notice Period, turn over to a successor escrow agent appointed jointly by the Company and the Placement Agent Agents the entirety of the Holdback Amount only upon presentation of the document appointing the new escrow agent and its acceptance thereof. With respect to the Holdback Amount only, the Escrow Agent shall not be permitted to fully resign until a successor escrow agent is designated and the Holdback Amount turned over to such successor escrow agent.