Common use of Escrow Period; Release From Escrow Clause in Contracts

Escrow Period; Release From Escrow. (a) The Escrow Period shall terminate six (6) months after the Closing (the "Termination Date"); provided, however, that a portion of the Escrow Fund, which, in the reasonable judgment of Parent, subject to the objection of Seller and the subsequent arbitration of the matter in the manner provided in Section 12.7 hereof, is necessary to satisfy any unsatisfied claims specified in any Officer's Certificate theretofore delivered to the Escrow Agent prior to termination of the Escrow Period with respect to facts and circumstances existing prior to expiration of the Escrow Period, shall remain in the Escrow Fund until such claims have been resolved.

Appears in 2 contracts

Samples: Asset Purchase Agreement (Tab Products Co), Asset Purchase Agreement (Docucon Incorporated)

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Escrow Period; Release From Escrow. (a) The Escrow Period shall terminate six upon the twelve (612) months after month anniversary of the Closing (the "Termination Date")Effective Time; provided, however, that a portion of the Escrow Fund, which, in the reasonable judgment of ParentPURCHASER, subject to the objection of Seller the Stockholders' Agent and the subsequent arbitration of the matter in the manner provided in Section 12.7 9.06 hereof, is necessary to satisfy any unsatisfied claims specified in any Officer's Certificate theretofore delivered to the Escrow Agent prior to termination of the Escrow Period with respect to facts and circumstances existing prior to expiration of the Escrow Period, shall remain in the Escrow Fund until such claims have been resolved.

Appears in 2 contracts

Samples: Agreement and Plan of Merger (Brainworks Ventures Inc), Escrow Agreement (Brainworks Ventures Inc)

Escrow Period; Release From Escrow. (a) The Escrow Period shall terminate six upon the twelve (612) months after month anniversary of the Closing (the "Termination Date")Effective Time; provided, however, that a portion of the Escrow Fund, which, in the reasonable judgment of ParentPURCHASER, subject to the objection of Seller the Stockholders' Agent and the subsequent arbitration of the matter in the manner provided in Section 12.7 11.6 hereof, is necessary to satisfy any unsatisfied claims specified in any Officer's Certificate theretofore delivered to the Escrow Agent prior to termination of the Escrow Period with respect to facts and circumstances existing prior to expiration of the Escrow Period, shall remain in the Escrow Fund until such claims have been resolved.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Brainworks Ventures Inc)

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Escrow Period; Release From Escrow. (a) The Escrow Period shall terminate upon the six (6) months after month anniversary of the Closing (the "Termination Date")Effective Time; provided, however, that a portion of the Escrow Fund, which, in the reasonable judgment of ParentPURCHASER, subject to the objection of Seller the Stockholders' Agent and the subsequent arbitration of the matter in the manner provided in Section 12.7 11.6 hereof, is necessary to satisfy any unsatisfied claims specified in any Officer's Certificate theretofore delivered to the Escrow Agent prior to termination of the Escrow Period with respect to facts and circumstances existing prior to expiration of the Escrow Period, shall remain in the Escrow Fund until such claims have been resolved.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Verso Technologies Inc)

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