Common use of Scheduled Disbursement of Escrow Amount Clause in Contracts

Scheduled Disbursement of Escrow Amount. On the one (1) year anniversary of the date hereof, any remaining Escrow Amount then held by the Escrow Agent, less all any amounts required to provide for the potential payment of any then pending claims for indemnification of Damages under Article 11 of the Contribution Agreement (other than pursuant to Section 11.2(c)), shall be distributed by the Escrow Agent to HEP. If on such date any claims for indemnification are pending, Escrow Agent shall make such partial distribution only pursuant to a joint written instruction from Regency and HEP. Upon resolution and payment in full of any such then pending claims for indemnification of Damages, any and all remaining Escrow Amount shall be promptly distributed by the Escrow Agent to HEP.

Scheduled Disbursement of Escrow Amount. On the one two (12) year anniversary of the date hereof, any remaining Diamond Y Escrow Amount then held by the Escrow Agent, less all any amounts required to provide for the potential payment of any then pending claims for indemnification of Damages under Article 11 Section 11.2(c) of the Contribution Agreement (other than pursuant to Section 11.2(c))Agreement, shall be distributed by the Escrow Agent to HEP. If on such date any claims for indemnification are pending, Escrow Agent shall make such partial distribution only pursuant to a joint written instruction from Regency and HEP. Upon resolution and payment in full of any such then pending claims for indemnification of Damages, any and all remaining Diamond Y Escrow Amount shall be promptly distributed by the Escrow Agent to HEP.