Release of Contested Amount Clause Samples
Release of Contested Amount. In the event that the Escrow Agent receives: (i) a copy of a written settlement agreement executed by the Sirion Shareholders’ Representative and the Sytera Stockholders’ Representative in accordance with Section 3.3 providing for the release of Sytera Indemnification Escrow Shares and/or Derivative Property equal in value (in each case, valued at the Stipulated Value) to all or any portion of a Contested Amount; or (ii) a certified copy of an Order issued or rendered by a court of competent jurisdiction specifying that Sytera Indemnification Escrow Shares and/or Derivative Property equal in value (in each case, valued at the Stipulated Value) to all or any portion of a Contested Amount shall be released to the appropriate Claimant, accompanied by a certificate executed by the Sirion Shareholders’ Representative and the Sytera Stockholders’ Representative to the effect that such Order is a final non-appealable Order from a court of competent jurisdiction and setting forth in reasonable detail the substance of such Order, the Escrow Agent shall, within five (5) Business Days following its receipt of such written settlement agreement or Order and certificate, as applicable, deliver to the appropriate Claimant an amount of Sytera Indemnification Escrow Shares and/or Derivative Property equal in value (in each case, valued at the Stipulated Value) to all or such portion of the Contested Amount, as applicable, which Sytera Indemnification Escrow Shares and/or Derivative Property shall be deemed to satisfy in full the claim described in the underlying Claim Notice.
Release of Contested Amount. The Escrow Agent shall release Escrow Shares from the Escrow Account in connection with any Contested Amount within five (5) business days after the delivery to it of: (i) a copy of a settlement agreement executed by the Buyer and the Sellers setting forth instructions to the Escrow Agent as to the number of Escrow Shares, if any, to be released from the Escrow Account, with respect to such Contested Amount or (ii) a copy of the award of the arbitrators referred to and as provided in (S)3(e)(ii) setting forth instructions to the Escrow Agent as to the number of Escrow Shares, if any, to be released from the Escrow Account, with respect to such Contested Amount.
Release of Contested Amount. In the event that the Escrow Agent receives: (i) a copy of a written settlement agreement executed by Franklin and the Shareholders in accordance with Section 3.3 providing for the release of Escrow Stock and/or Derivative Property (in each case, valued at the Stipulated Value) equal or all or any portion of a Contested Amount; or (ii) a certified copy of an Order issued or rendered by a court of competent jurisdiction specifying that Escrow Stock and/or Derivative Property (in each case, valued at the Stipulated Value) equal or all or any portion of a Contested Amount shall be released to the appropriate Claimant, accompanied by a certificate executed by Franklin and the Shareholders to the effect that such Order is a final non-appealable Order from a court of competent jurisdiction and setting forth in reasonable detail the substance of such Order, the Escrow Agent shall, within five (5) Business Days following its receipt of such written settlement agreement or Order and certificate, as applicable, deliver to the appropriate Claimant an amount of Escrow Stock and/or Derivative Property (in each case, valued at the Stipulated Value) equal to all or such portion of the Contested Amount, as applicable, which Escrow Stock and/or Derivative Property shall be deemed to satisfy in full the claim described in the underlying Claim Notice.