Retention Funds definition
Examples of Retention Funds in a sentence
The Employee Retention Funds shall be used by Purchaser solely to make payments to the Scheduled Employees for the purpose of retaining such employees in the employment of Purchaser.
At the Closing, Purchaser shall assume the Assumed Liabilities and deliver $6,930,000 (the Purchase Price minus the Purchase Price Escrow Funds (defined below) and the Employee Retention Funds (defined below)) (the "CASH PURCHASE PRICE") by wire transfer of immediately available funds to Seller.
From and after the Effective Date, all references to the Hazardous Materials Guaranty and Indemnification Agreement, Use and Retention Funds Letter, and Manager's Liability Letter Agreement, are hereby revised to refer instead to the defined terms Guaranties, Use and Retention Letter, and Manager's Liability Letter, respectively.
For purposes of the above-referenced disbursement of the Retention Funds, a Tax claim shall not be deemed to be pending, threatened or contingent unless one of Sellers shall have received written or oral notice of an impending audit from a Governmental Authority.
Parent and Borrower have advised the Banks that the terms of the trust documents or escrow arrangement shall require that the Management Retention Funds be used solely to pay the obligations under the Management Retention Plan and shall contain such other terms and conditions as determined by Parent, subject to the reasonable approval of the Administrative Agent.
For purposes of administering the Management Retention Plan with respect to the director-level employees, Parent or Borrower has determined to either (i) establish and fund a trust, in which the director-level employees shall be the beneficiaries, in a minimum amount of $841,380.00 and a maximum amount of $1,028,734.00 (the "Management Retention Funds"), or (ii) deposit the Management Retention Funds into an escrow account.
If the Manager’s portion of the Expense Overage exceeds the Retention Funds, Manager shall pay the City an amount equal to the Manager’s portion of the remaining Expense Overage.
All cash on hand in house banks (other than the General Manager’s ▇▇▇▇▇ cash funds) as at the Cut-Off Time shall be retained by or credited to Sellers at the Closing, with the exception of the DFW Retention Funds and the Tempe Retention Funds, which shall be contributed or credited to Purchaser at Closing (along with any rights thereto) without any corresponding adjustment to the Aggregate Purchase Price.
The Management Retention Funds consist of (a) the director-level management retention bonuses totaling $841,380.00 (which are listed by director-level position on Schedule 1), and (b) at Borrower's option, the amount of up to $187,354.00 in the aggregate for retention bonuses for supplemental positions (that is, bonuses for director-level employees who are not specified on Schedule 1) for Borrower's United States and European based employees.
It is expressly understood that the agreement by the Banks set forth in the immediately preceding sentence applies solely and exclusively to the Management Retention Funds and not to any other assets or property.