RCO ENGINEERING, INC Sample Clauses

RCO ENGINEERING, INC. The parties acknowledge that in connection with a certain litigation between, among others, the Company and Xxxxx X. Xxxxxxxxx (as defendants) and RCO Engineering, Inc. (as plaintiff), pending in the State of Michigan, Macomb County Court as Case No. 93-404-CE: (a) the plaintiffs deposited with the Macomb County Circuit Court Clerk (the "Clerk")Two Hundred Fifty Thousand and 00/100 ($250,000.00) Dollars in an interest bearing account (such $250,000.00 and the interest accrued thereon through the date of the Clerk's release of the funds is hereinafter referred to as the "Deposited Amount"); (b) the Macomb County Circuit Court (the "Court") awarded the Deposited Amount in connection with mediation sanctions and ordered the Deposited Funds to be deposited with the Clerk; (c) the Court's order specified that the Deposited Funds be disbursed following the final appellate disposition of the appeal from the orders and/or judgment in the case. Purchaser hereby acknowledges and agrees that the Deposited Amount is not being purchased hereunder and that all right, title and interest to the Deposited Amount is and shall remain with Sellers. Purchaser hereby agrees to cause the Company to transfer, sell and assign any interest the Company may have to Sellers. Sellers confirm that the Deposited Amount is not included on the Bid Balance Sheet and the parties acknowledge that the Deposited Amount will not be included in the Estimated Closing Balance Sheet or the Final Closing Balance Sheet. The Company shall join in and agree to any action in such Court which may be required to release the Deposited Amount to Sellers upon final appellate adjudication.
Sample 1
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