Purchase Escrow Account definition
Examples of Purchase Escrow Account in a sentence
Notwithstanding anything to the contrary contained herein, the only source of funds used to acquire the equity of Texas Genco shall be (i) funds held in the Purchase Escrow Account or (ii) proceeds of permitted purchase money Indebtedness and equity issuances referred to in Section 5.18(f) hereof.
If this Agreement is terminated in accordance with its terms, the funds held in the Purchase Escrow Account shall be released, and each Commitment Party shall receive from the Purchase Escrow Account the cash amount actually funded to the Purchase Escrow Account by such Commitment Party, without any interest, promptly following such termination.
The Purchase Escrow Account shall be established with an escrow agent reasonably satisfactory to the Requisite Commitment Parties and the Company pursuant to an escrow agreement in form and substance reasonably satisfactory to the Requisite Commitment Parties and the Company.
Accordingly, you are hereby instructed to transfer, as promptly as possible, the CopyTele Share Certificates bearing distinctive number CT0022036 and the Videocon GDRs, to the Share Purchase Escrow Account (as defined in the escrow agreement dated August ____, 2014, executed betweenyourselves, CopyTele Sub and Mars Overseas).
RRI shall not be permitted to use the proceeds of the Purchase Escrow Account to purchase any minority interest in Texas Genco until RRI has completed the acquisition of the Equity Interests of Texas Genco pursuant to the Texas Genco Option or pursuant to a Permitted TG Purchase Transaction.
Except as provided in Section 16.02(b), in the event this Agreement is terminated after the Primary Closing for any reason under Article XVI of this Agreement, all amounts in the Purchase Escrow Account shall be released to Purchaser in accordance with the terms of the Purchase Escrow Agreement.
At Final Closing, an amount equal to the Purchase Price less the sum of (i) amounts paid to Purchaser from the Purchase Escrow Account in respect of indemnification pursuant to Section 14.01 hereof and (ii) amounts held in respect of any pending but unpaid claims for indemnification pursuant to Section 14.01 hereof (such amounts in clause (ii) being referred to as the "Indemnity Escrow Amount") shall be paid to Seller from the Purchase Escrow Account.
It is understood that any cash in the Purchase Escrow Account shall be Collateral for the Obligations as provided in the Collateral Trust Agreement.
The Purchase Escrow Account shall be established with an escrow agent satisfactory to the Requisite Commitment Parties and the Company pursuant to an escrow agreement in form and substance satisfactory to the Requisite Commitment Parties and the Company (the “Purchase Escrow Agreement”).
In connection with the purchase of Texas Genco with funds on deposit in the Purchase Escrow Account, RRI shall use funds constituting the Net Cash Proceeds from the issuance of Junior Securities before using funds constituting the Net Cash Proceeds of asset sales.