Cash Adjustment. Prior to the Relevant Time, either (i) Vector will transfer funds to Spinco or a member of the Spinco Group designated by it or (ii) Spinco will transfer or cause the transfer of funds to Vector or a member of the Vector Group designated by it, such that, on a consolidated basis, Spinco’s cash and cash equivalents balance immediately prior to the Relevant Time shall equal at least $200 million (net of each of the current and long-term portion of “Notes payable and other obligations” on the Spinco Balance Sheet).
Appears in 2 contracts
Samples: Distribution Agreement (Vector Group LTD), Distribution Agreement (Douglas Elliman Inc.)
Cash Adjustment. Prior to the Relevant Time, either (i) Vector will transfer funds to Spinco or a member of the Spinco Group designated by it or (ii) Spinco will transfer or cause the transfer of funds to Vector or a member of the Vector Group designated by it, such that, on a consolidated basis, Spinco’s cash and cash equivalents balance immediately prior to the Relevant Time shall equal at least $200 million (net of each of the current and long-term portion of “Notes payable and other obligations” on the Spinco Balance Sheet)million.
Appears in 2 contracts
Samples: Distribution Agreement (Douglas Elliman Inc.), Distribution Agreement (Douglas Elliman Inc.)
Cash Adjustment. Prior to the Relevant Time, either (i) Vector will transfer funds to Spinco or a member of the Spinco Group designated by it or (ii) Spinco will transfer or cause the transfer of funds to Vector or a member of the Vector Group designated by it, such that, on a consolidated basis, Spinco’s cash and cash equivalents balance immediately prior to the Relevant Time shall equal at least $200 million (net of each of the current and long-term portion of “Notes payable and other obligations” on the Spinco Balance Sheet).million. ** CONFIDENTIAL TREATMENT REQUESTED BY XXXXXXX XXXXXXX INC. PURSUANT TO CFR SECTION 200.83 **
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