Stockholder Representative Funds Clause Samples

Stockholder Representative Funds. At the Closing, Parent will deposit Two-Hundred Fifty Thousand Dollars ($250,000.00) of the Purchase Price (the “Administrative Deposit”), in cash, to a separate bank or trust account as designated in writing by the Stockholder Representative (the “Administrative Account”) for purposes of fulfilling the Stockholder Representative’s obligations under Article IX hereto and for paying amounts due pursuant to Section 2.1(e). Upon determination by the Stockholder Representative in its reasonable discretion that the Selling Parties have satisfied their indemnification obligations hereunder, any funds or property remaining in the Administrative Account shall be distributed to each Selling Party in accordance with each such Person’s Pro Rata Share (the “Administrative Refund”).