Common use of Liability Holdback Clause in Contracts

Liability Holdback. From the Dealership Asset purchase price proceeds due Seller on the Closing Date, $250,000 (the “Holdback”) will be retained by Escrow Agent during the Survival Period (as defined in Section 11(d) below) as security for Seller’s post-Closing obligations pursuant to this Agreement. Within three (3) business days after expiration of the Survival Period, Escrow Agent shall disburse to Seller an amount, if any, equal to the excess of (i) the remaining Holdback amount over (ii) the aggregate amount of all unresolved claims against the holdback.