Examples of Closing Sum in a sentence
Within 3 Business Days after the determination of which Shareholder is the purchasing Shareholder, the purchasing Shareholder shall be obligated to deposit with Barclays Bank plc (or its successor) or such other financial escrow institution reasonably approved by the non-purchasing Shareholder as escrow agent (“Escrow Agent”), a cash deposit (“Deposit”) equal to two percent (2%) of the Closing Sum as security for its obligation to complete the purchase.
The Buyer has, or has commitments from banks or other lending institutions (copies of which have been shown to the Sellers) for, all funds the Buyer will need to pay the Purchase Price to the Sellers (including paying the Closing Sum to the Sellers on the Closing Date) and to fulfill its other obligations under this Agreement.