Common use of Payments; Indemnification Escrow Fund Clause in Contracts

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VI, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal to five percent (5%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Membership Interest Purchase Agreement (Sunworks, Inc.)

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Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle IX, the Indemnifying Party shall satisfy its obligations within 15 ten Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto Parties agree that should an Indemnifying Party not make full payment of any such obligations within such 15 ten Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five percent (56%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Medicine Man Technologies, Inc.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle X, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five percent (5%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Medicine Man Technologies, Inc.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIVIII, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five percent (515%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Limited Liability Company Purchase Agreement (HomeSmart Holdings, Inc.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle VIII, the Indemnifying Party shall satisfy its obligations within 15 fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal to five ten percent (510%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Item 9 Labs Corp.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE Article VI, the Indemnifying Party shall satisfy its obligations within 15 fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal to five ten percent (510%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Asset Purchase Agreement (Continental Materials Corp)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle VIII, the Indemnifying Party shall satisfy its obligations within 15 ten (10) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 ten (10) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five one and one half percent (51.5%)) per month. Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Agreement and Plan of Merger (Fusion Telecommunications International Inc)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle IX, the Indemnifying Party shall satisfy its obligations within 15 fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding excluding/and including the date such payment has been made at a rate per annum equal to five percent (510%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.. Table Of Contents 32

Appears in 1 contract

Samples: Agreement and Plan of Merger (MassRoots, Inc.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle VIII, the Indemnifying Party shall satisfy its obligations within 15 five Business Days of such agreement or final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 five Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five percent (512%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Stock Purchase Agreement (NI Holdings, Inc.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIVIII, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-non- appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five percent (5%). Such interest shall be calculated daily on the basis of a 365 365-day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Stock Purchase Agreement (MWF Global Inc.)

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Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIArticle VIII, the Indemnifying Party shall satisfy its obligations within 15 10 Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties Parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 10 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five one and one half percent (51.5%)) per month. Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Stock Purchase and Sale Agreement (Fusion Telecommunications International Inc)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIVIII, the Indemnifying Party shall satisfy its obligations within 15 Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five percent (515%). Such interest shall be calculated daily on the basis of a 365 365-day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Limited Liability Company Interest Purchase Agreement (HomeSmart Holdings, Inc.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIVIII, the Indemnifying Party shall satisfy its obligations within 15 five Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 five Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding the date such payment has been made at a rate per annum equal to five percent (58%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Asset Purchase Agreement (Target Hospitality Corp.)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIVIII, the Indemnifying Party shall satisfy its obligations within 15 Business Days thirty (30) days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 Business Day thirty (30) day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five eight percent (58%)) per annum. Such interest shall be calculated daily on the basis of a 365 365/366 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Membership Interest Purchase Agreement (Kingsway Financial Services Inc)

Payments; Indemnification Escrow Fund. (a) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this ARTICLE VIVIII, the Indemnifying Party shall satisfy its obligations within 15 fifteen (15) Business Days of such final, non-appealable adjudication by wire transfer of immediately available funds. The parties hereto agree that should an Indemnifying Party not make full payment of any such obligations within such 15 fifteen (15) Business Day period, any amount payable shall accrue interest from and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to but excluding and including the date such payment has been made at a rate per annum equal to five two percent (52.0%). Such interest shall be calculated daily on the basis of a 365 day year and the actual number of days elapsed, without compounding.

Appears in 1 contract

Samples: Asset Purchase Agreement (Tattooed Chef, Inc.)

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