Intercompany Balances. Prior to the Closing Date, the Acquired Companies, the Stakeholder Representative and ICG Group shall, and shall cause their Affiliates to, close out, settle, pay or cancel all intercompany accounts or balances (whether or not documented by a note or loan agreement) between an Acquired Company, on the one hand, and ICG Group or any Subsidiary of ICG Group (other than an Acquired Company), on the other hand. No later than ten (10) days following the date hereof, the Company shall submit to Parent for its review and approval its proposed plan with respect to the closing out, settlement, payment or cancellation of such accounts and shall accept any reasonable comments made by Parent with respect thereto. The Holders shall bear all costs, expenses, liabilities and Taxes associated with the actions contemplated by this Section 7.16.
Appears in 2 contracts
Sources: Merger Agreement, Merger Agreement (Icg Group, Inc.)