Litigation Escrow Amount definition
Examples of Litigation Escrow Amount in a sentence
On the second (2nd) anniversary of the Closing Date, RGF and the Seller Representative shall direct the Escrow Agent to release the then existing Litigation Escrow Amount, less the amount of pending claims for indemnification under clauses (iv) or (v) of Section 8.2(a) that have been properly asserted by the Buyer Indemnified Persons, to Sellers in accordance their Pro Rata Percentage to be disbursed in accordance with the terms of the Escrow Agreement.
The Indemnification Escrow Amount, the Special Litigation Escrow Amount and the Holder Representative Escrow Amount shall be held in trust by the Escrow Agent pursuant to the terms of the escrow agreement substantially in the form of Exhibit B (the “Escrow Agreement”) and shall be released in accordance with the terms thereof.
At Closing, Buyer shall deposit with the Escrow Agent a portion of the Merger Consideration equal to the sum of the Indemnification Escrow Amount plus the Special Litigation Escrow Amount plus the Holder Representative Escrow Amount.
Notwithstanding the foregoing, the provisions in this Section 1.8(c) with respect to the Special Litigation Escrow Amount shall not apply if there is a Special Litigation Matter Resolution prior to the Closing.
Notwithstanding the foregoing, the provisions in this Section 1.6(c) with respect to the Special Litigation Escrow Amount shall not apply if there is a Special Litigation Matter Resolution prior to the Closing.
Borrower shall pay promptly to (a) Administrative Agent when due all installment payments of Fees, Additional Costs and expenses, and (b) pro rata to Administrative Agent and Prudential (if, as provided in Section 3.02, Prudential so elects), all mandatory payments of principal and interest on the Note pursuant to the provisions of this Agreement.
At least five (5) Business Days prior to the Closing Date, Seller shall deliver to Purchaser a statement (the “Estimated Closing Statement”) setting forth Seller’s good faith estimate of the Consideration (such estimated amount, the “Estimated Consideration”), including each of its components, which shall, for the avoidance of doubt, include a calculation of the Holdback Shares and the Specific Litigation Escrow Amount.
Purchaser shall execute and deliver to Sellers at the Closing, a short term note (the “Short-Term Note”) dated the Closing Date, in a principal amount equal to $23,000,000 less the Company’s long-term debt and bank debt at Closing reflected on Schedule 4.8 (together with the Pre-Closing Litigation Escrow Amount, the “Initial Purchase Price”) as payment for the sale, transfer, conveyance, assignment and delivery of the Shares, subject to adjustment as set forth in Sections 2.3, 2.4, and 6.6(g).
The Person serving as the Holder Representative may be replaced from time to time by the holders of a majority in interest of the Indemnification Escrow Amount plus the Special Litigation Escrow Amount upon not less than ten days’ prior written notice to Buyer and with Buyer’s written consent, which shall not be unreasonably withheld, conditioned or delayed.
Notwithstanding the foregoing, the provisions in this Section 4.17(a) with respect to the Special Litigation Escrow Amount shall not apply if there is a Special Litigation Matter Resolution prior to the Closing.