Examples of Severance Escrow Amount in a sentence
Purchaser or the Company may at any time during the Severance Period, from time to time, upon notice to the Escrow Agent use all or any portion of the Severance Escrow Amount to make, or to reimburse the Company for payment of, Post-Closing Severance Payments and shall provide reasonable evidence of the amount and recipient of any Post-Closing Severance Payments to Sellers upon request.
Within seven (7) days after the Escrow Agent receives the Severance Notice, the Escrow Agent shall distribute the Severance Escrow Amount in accordance with such Notice.
The Severance Escrow Amount shall be held by the Escrow Agent in an escrow subaccount (the “Severance Escrow Subaccount”) and shall be invested, reinvested and otherwise maintained in the same manner as the General Escrow Amount.
A counterpart of joint written release instructions to the Escrow Agent, duly executed by a Responsible Officer of Seller authorized to deliver such instructions under the Escrow Agreement, instructing the Escrow Agent to disburse from the Deposit-PPA Escrow Account to Seller an amount equal to the Deposit, less the sum of (A) the Adjustment Escrow Amount and (B) the Severance Escrow Amount; (ii) FIRPTA Certificate.
Once the entire General Escrow Amount and Severance Escrow Amount have been paid pursuant to this Escrow Agreement, this escrow and the Escrow Agent’s duties hereunder shall automatically terminate.
On the Closing Date, Purchaser shall pay to Deutsche Bank Trust Company Americas, as escrow agent of the parties hereto (the “Escrow Agent”), the Severance Escrow Amount, to be held in escrow pursuant to the terms of the Escrow Agreement of even date herewith among Purchaser, Seller and the Escrow Agent (the “Escrow Agreement”).
At Closing, in addition to the payment by Purchaser of the Inter-Company Obligation pursuant to Section 1.3(c)(i), the Purchase Price shall be paid by Purchaser (i) funding the Severance Escrow Amount into escrow as described in Section 1.6(b) and (ii) paying the balance to Seller by wire transfer of immediately available funds to an account designated in writing by Seller.
The Escrow Agent shall hold the Severance Escrow Amount in escrow for the benefit of Buyer and Zartic until such time as Buyer notifies the Escrow Agent in writing to release the Severance Escrow Amount in accordance with Section 10.02(f) of the Purchase Agreement (the “Severance Notice”).
The Escrow Agent assumes no responsibility or liability to Buyer or Zartic or to any other persons, other than to deal with the General Escrow Amount and the Severance Escrow Amount held and received by it pursuant to the terms of this Escrow Agreement.
At the Closing, the Buyer and Seller shall submit a joint written instruction to the Escrow Agent, instructing the Escrow Agent to disburse from the Deposit-PPA Escrow Account, an amount to Seller equal to the Deposit (including any interest accruing thereon), less the sum of (a) the Adjustment Escrow Amount and (b) the Severance Escrow Amount.