Release from Escrow Fund. Within five (5) business days following the twelve (12) month anniversary of Closing (the “Release Date”), the following number of Escrow Shares will be released from escrow to the Owners’ Representative: (A) the remaining number of Escrow Shares in the Escrow Fund, less (B) the number of Escrow Shares (using a value per Escrow Share equal to the greater of the (I) the VWAP for the five (5) trading days immediately prior to such payment and (II) the VWAP for the five (5) trading days immediately prior to the Closing) equal to the amount of any potential Losses set forth in any Direct Claim Notice or Third-Party Claim Notice delivered by the Acquirer prior to the Release Date with respect to any pending but unresolved claim for indemnification; provided that in lieu of the Escrowed Shares being retained in the Escrow Fund under clause (B) above, the Owners’ Representative may elect to deliver cash in immediately available funds equal to value of such Escrowed Shares to an escrow agent mutually agreed by Xxxxxxxx and Owners’ Representative and Acquirer and the Owners’ Representative shall enter into a mutually acceptable escrow agreement to hold such amount. If Owners’ Representative elects to provide cash in lieu of retaining Escrow Shares in the Escrow Fund, then upon confirmation from the escrow agent that the cash amount has been received Acquirer and Owners’ Representative shall execute a joint written authorization necessary to release the remaining Escrowed Shares from the Escrow Fund. Escrow Shares, or cash in lieu thereof, retained in escrow as a result of clause (B) in the immediately preceding sentence shall be released promptly upon resolution of the related claim for indemnification in accordance with the provisions of this Article 9.
Release from Escrow Fund. Within five (5) business days following expiration of the Survival Period (the “Release Date”), the remaining Escrow Shares will be released from escrow to the Stockholders’ Representative less the number or amount of Escrow Shares (at an assumed value of $10.00 per Escrow Share) equal to the amount of any potential Losses set forth in any Indemnification Notice from Purchaser with respect to any pending but unresolved claim for indemnification. Prior to the Release Date, the Stockholders’ Representative shall issue to the Escrow Agent a certificate executed by it instructing the Escrow Agent to release such number of Escrow Shares determined in accordance with this Section 11.3(d). Any Escrow Shares retained in escrow as a result of the immediately preceding sentence shall be released to the Stockholders’ Representative promptly upon resolution of the related claim for indemnification in accordance with the provisions of this Article XI.
Release from Escrow Fund. Promptly following the 12-month anniversary of the Closing Date, the Escrow Agent shall directly (or through a payment agent) distribute the portion of the cash remaining in the Escrow Fund in excess of 50% of the Escrow Cash, less the aggregate Holdback Amount, less the amount that has then been distributed from the Escrow Fund to any Parent Indemnitee, if any, to the Company Indemnitors in accordance with the terms of this Section 9.8 and the Escrow Agreement. Promptly following the 30-month anniversary of the Closing Date, the Escrow Agent shall directly (or through a payment agent) distribute the remainder of the cash in the Escrow Fund, less the aggregate Holdback Amount, if any, to the Company Indemnitors in accordance with the terms of this Section 9.8 and the Escrow Agreement. Any portion of any Holdback Amount that thereafter is finally determined to not be payable to the Parent Indemnitees shall immediately thereafter be distributed to the Company Indemnitors in accordance with the terms of this Section 9.8 and the Escrow Agreement.
Release from Escrow Fund. Promptly following the 15 month anniversary of the Closing Date, the Escrow Agent shall directly (or through a Payment Agent) distribute any cash and shares of Parent Common Stock remaining in the Escrow Fund to the Indemnitors in accordance with the terms of this Section 9.9 and the Escrow Agreement. Notwithstanding the foregoing, if on or prior to the 15 month anniversary of the Closing Date, any Indemnitee has made an Indemnification Demand containing a claim which has not been resolved prior to the 15 month anniversary of the Closing Date, the Escrow Agent shall hold back from such distribution and retain in the Escrow Fund after such date an amount equal to the Asserted Damages Amount or contested portion of the Asserted Damages Amount, as the case may be, with respect to all claims which have not then been resolved (the “Holdback Amount”), first applied against cash in the Escrow Fund and second (following exhaustion of cash in the Escrow Fund, subject to the limitation set forth in Section 3.4 of the Escrow Agreement) applied against such number of shares of Parent Common Stock in the Escrow Fund as have an aggregate Value equal to the Holdback Amount less any cash applied thereto, until such claims are resolved.
Release from Escrow Fund. Within five (5) Business Days following expiration of the Survival Period (the “Release Date”), the remaining Escrow Consideration will be released from escrow to the Members’ Representative less the portion of the Escrow Consideration (at an assumed value of $10.00 per Up-C Unit comprising the Escrow Consideration) equal to the amount of any potential Losses set forth in any Indemnification Notice, complying with the requirements and received by the Member’s Representative as set forth in Section 11.3, with respect to any pending but unresolved claim for indemnification. Prior to the Release Date, the Members’ Representative shall issue to the Escrow Agent a certificate executed by it instructing the Escrow Agent to release such number Up-C Units comprising the Escrow Consideration as determined in accordance with this Section 11.4(d). Any Escrow Consideration retained in escrow as a result of the immediately preceding sentence shall be released to the Members’ Representative promptly upon resolution of the related claim for indemnification in accordance with the provisions of this Article XI.
Release from Escrow Fund. (i) Within five (5) business days following the six month anniversary of Closing (the “Initial Release Date”), the following number of Escrow Shares will be released from escrow to the Sellers’ Representative: (A) one-third of the Escrow Shares, less (B) the number of Escrow Shares, if any, previously released pursuant to Section 3.3(b) in connection with any Post-Closing Adjustment; provided, that (notwithstanding anything to the contrary) in the event that any Purchaser Indemnified Party shall have delivered a Direct Claim Notice or Third-Party Claim Notice in accordance with Section 10.2 prior to the Initial Release Date (whether resolved or unresolved), no Escrow Shares will be released from escrow on the Initial Release Date.
Release from Escrow Fund. Within five (5) business days following expiration of the Survival Period (the “Release Date”), the Escrow Securities will be released from the Escrow Fund to the Stockholders less the number or amount of Escrow Securities (at an assumed value of $10.00 per Escrow Share and at the face value per Escrow Note, but pro rata based on the relative aggregate values of the Escrow Securities) equal to the amount of Adverse Consequences set forth in any Indemnification Notice from Buyer with respect to any pending but unresolved claim for indemnification. Prior to the Release Date, the Buyer’s Representative and the Stockholders’ Representative shall issue to the Escrow Agent a certificate executed by each of them instructing the Escrow Agent to release such number of Escrow Securities determined in accordance with this Section 11.6(e). Any Escrow Securities retained in the Escrow Fund as a result of the immediately preceding sentence shall be released to the Stockholders or Buyer, as appropriate, promptly upon resolution of the related claim for indemnification in accordance with the provisions of this Article XI.
Release from Escrow Fund. (a) Upon the execution of this Agreement, the Parties shall execute joint written escrow instructions in the form attached hereto as Exhibit A which shall:
Release from Escrow Fund. Upon the expiration of the Survival Period (the “Release Date”), the Escrow Shares and the Escrow Income shall be released from the Escrow Account to the Stockholders’ Representative for distribution to the Stockholders less the number or amount of Escrow Shares equal to the amount of any losses from Claims set forth in any Indemnification Notice from the Purchaser with respect to any pending but unresolved claim for indemnification. Prior to the Release Date, the Stockholders’ Representative and the Purchaser shall jointly issue to the Escrow Agent a certificate executed by each of them instructing the Escrow Agent to release such number of Escrow Shares determined in accordance with this Section 10.4(d). Any Escrow Shares retained in escrow as a result of the immediately preceding sentence shall be released to the Stockholders’ Representative promptly upon resolution of the related claim for indemnification in accordance with the provisions of this ARTICLE X.
Release from Escrow Fund. Unless a claim is pending in accordance with Section 2(d) or (e), the Escrow Agent shall distribute to the Holders, as applicable, within five business days following the Expiration Date, all Escrow Shares remaining in the Escrow Fund as of their applicable Expiration Date, net of applicable withholding taxes with respect to dividends or other distributions pursuant to Section 2(c), in accordance with Exhibit A. For purposes of this Agreement, "Expiration Date" shall mean:
