Examples of Expense Reserve Holdback in a sentence
At the Closing, Buyer shall pay, or cause to be paid, to the Expense Reserve Holdback Account an amount equal to the Expense Reserve Holdback Amount.
The Expense Reserve Holdback Amount will be used by the Shareholder Representative to pay any costs, fees and expenses incurred by the Shareholder Representative in its capacity as such on or after the Closing Date and such amount shall be paid or distributed at the direction of the Shareholder Representative in accordance with Section 11.14.
For example, should the items in dispute total in amount to $1,000 and the Neutral Accountant awards $600 in favor of the Shareholder Representative’s position, sixty percent (60%) of the costs of its review would be borne by Buyer and forty percent (40%) of the costs would be borne by Seller out of the Expense Reserve Holdback Amount.
For the avoidance of doubt, the Neutral Accountant’s fees and expenses payable by Buyer (if any), shall be paid to the Neutral Accountant directly by Buyer, and the Neutral Accountant’s fees and expenses payable by the Shareholder Representative (if any), shall be paid to the Neutral Accountant directly from the Expense Reserve Holdback Amount.
The Expense Reserve Holdback Amount will be used by the Shareholder Representative to pay any costs, fees and expenses incurred by the Shareholder Representative in its capacity as such on or after the Closing Date and such amount shall be paid or distributed at the direction of the Shareholder Representative in accordance with Section 9.15.
The Expense Reserve Holdback Amount will be used by the Stockholder Representative to pay any costs, fees and expenses incurred by the Stockholder Representative in its capacity as such on or after the Closing Date and such amount shall be paid or distributed at the direction of the Stockholder Representative in accordance with Section 9.15.
The Equityholders will not receive any interest or earnings on the Expense Reserve Holdback Amount and irrevocably transfer and assign to the Stockholder Representative any ownership right that they may otherwise have had in any such interest or earnings.
Purchaser will pay or cause to be paid an amount equal to the Expense Reserve Holdback to the Seller Representative or its designee on behalf of the Sellers.
At the Closing, Buyer shall pay, or cause to be paid, to the Expense Reserve Holdback Account an amount equal to the Expense Reserve Holdback Amount (the wire instructions for which shall be included in the Estimated Statement).
All cash paid upon the delivery of Letters of Transmittal in accordance with the terms of this Section 2.11 (including cash deposited into the Escrow Account, constituting part of the Expense Reserve Holdback or payable to Members as part of the Adjustment Amount, if any) will be deemed to have been paid in full satisfaction of all rights pertaining to the Units represented by such Letters of Transmittal.