Examples of Indemnity Escrow Deposit in a sentence
Upon settlement of all Disputed Claims outstanding as of the first anniversary of the Closing Date, this escrow shall thereupon terminate, and the remainder of the Indemnity Escrow Deposit held by the Escrow Agent after any payment due to the Buyers shall be paid by the Escrow Agent to the Sellers for the benefit of the Sellers, together with any interest and income earned on the funds so distributed, in accordance with such settlement, written notice of which shall be delivered to the Escrow Agent.
Promptly following final and conclusive resolution of any such claims, the Escrow Agent shall pay to the Buyer Indemnified Parties any amounts due to the Buyer Indemnified Parties under the Piedmont Companies’ indemnity set forth herein and shall disburse the remainder of the Indemnity Escrow Deposit, if any, and any accrued interest to Sellers.
It is expressly understood that any payment by the Seller pursuant to subsection (iii) of the immediately preceding sentence shall not be made with any funds constituting the Indemnity Escrow Deposit.
The Working Capital Escrow Deposit and the Indemnity Escrow Deposit shall be held and released in accordance with the terms of the Escrow Agreement.
The Indemnity Escrow Deposit or any portion thereof that remains on deposit with the Escrow Agent as of the 12-month anniversary of the Closing Date shall be disbursed to Sellers in accordance with the Indemnity Escrow Agreement.