Closing Escrow Fund definition

Closing Escrow Fund means the fund established pursuant to Section 2.4(b) into which the Closing Escrow Amount and the ******* Escrow Amount are to be deposited.

Closing Escrow Fund means an amount equal to $1,637,500, which shall be deposited with the Escrow Agent pursuant to the terms of the Closing Escrow Agreement.

Closing Escrow Fund means $3,750,000, plus the interest earned thereon, to be held pursuant to the Escrow Agreement.

Examples of Closing Escrow Fund in a sentence

• All interest earned on the Closing Escrow Fund shall inure to the benefit of the Seller.

• If not paid to Parent in connection with the indemnification obligations owed to any Parent Indemnified Party, the failure to execute the *******, the failure to obtain the *******, or to cover Taxes, any income and gains of the Closing Escrow Fund shall ultimately be distributable to the Seller in accordance with this Agreement and the Escrow Agreement.

• The Purchaser shall deliver the Closing Payment and establish the Closing Escrow Fund in accordance with the provisions of Article II of this Agreement.

• In the event that the Seller has consented to any such settlement, the Indemnifying Parties shall have no power or authority to object under any provision of this Article IX to the amount of any Third Party Claim by Parent against the Closing Escrow Fund or special Escrow Fund with respect to such settlement.

• Thereafter, as soon as any such Unresolved Claims have been resolved, the Escrow Agent shall deliver the remaining portion of the Closing Escrow Fund, if any, no longer required to satisfy such previously Unresolved Claims in the manner set forth in the preceding sentence.

• The Post Closing Escrow Fund shall be held and invested in accordance with the terms of the Post Closing Escrow Agreement which shall provide that Six Hundred Fifty Thousand Dollars ($650,000), less any claims which have been paid or are still in dispute, be released twelve (12) months after Closing and Three Hundred Fifty Thousand Dollars ($350,000), less any claims which have been paid or are still in dispute, be released eighteen (18) months after Closing (the "Post Closing Escrow Termination Date").

• In the absence of investment instructions from the Agent, the Closing Escrow Fund shall be invested in United States treasury bills maturing not more than 90 days after purchase.

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• Any income and gains of the Closing Escrow Fund shall be available to Parent as part of the Closing Escrow Fund, but if not paid to Parent in connection with the indemnification obligations owed to any Parent Indemnified Party, or paid to Parent to cover Taxes, shall ultimately be distributable to the Stockholders in accordance with this Agreement and the Escrow Agreement.

• Escrow Agent hereby acknowledges receipt of cash in the amount of $200,000 (such sum, together with such other sums delivered to the Escrow Agent pursuant to this Escrow Agreement, including the investments thereof and the cash income earned thereon, is hereafter called the "Closing Escrow Fund").