Examples of Escrow Notes in a sentence
It is understood and agreed that upon the termination of the Notes Escrow Arrangements with respect to any series of Permitted Escrow Notes, such Indebtedness (to the extent not required to be repaid or redeemed upon such termination) shall continue to constitute Permitted Additional Debt if the conditions set forth in clause (I) of this definition are satisfied at the time of such termination.
See "Certain Federal Income Tax Consequences of the Plan - Consequences to the Holders of Existing NTI Series B Common Stock" for further information regarding the tax treatment of the Tax Escrow Notes.
Further, to the extent that Reorganized NWI is entitled to receive any Escrow Amount in excess of $80,810,000 (excluding tax distributions), the FCC is entitled to a Sharing Payment equal to 20% of the excess, thus reducing any potential Released Escrow Amount remaining for the benefit of holders of the Tax Escrow Notes.
Thus, any interest earned on the amounts held in the Escrow generally will be includable in income by the holders of the Tax Escrow Notes in lieu of Reorganized NWI, in accordance with the Escrow Agreement.
Accordingly, there can be no guarantee as to the amount, if any, to be paid to the holders of the Tax Escrow Notes, or the timing of any such payment.