Common use of Representative Amount Clause in Contracts

Representative Amount. At the Closing, CHC shall deposit, or cause to be deposited, with the Members’ Representative, by wire transfer of immediately available funds to an account designated by the Members’ Representative prior to Closing, $50,000 (the “Representative Amount”). The Representative Amount shall be used for the purposes set forth in Section 7.5. The Representative Amount will be deducted from the payments that would otherwise be payable to the Skyline Members on a pro rata basis as shown in Section 1.7(d) of the Consideration Spreadsheet. To the extent any amount becomes payable out of the Representative Amount to the Skyline Members pursuant to Section 7, the Members’ Representative shall cause such amount to be paid to the Skyline Members on a pro rata basis as shown in Section 1.7(d) of the Consideration Spreadsheet.