ABC Escrow definition
Examples of ABC Escrow in a sentence
Upon mutual execution of this Agreement, Buyer shall deposit the sum of $25,000 as follows: (i) $13,000 in the form of a cashier's check, payable to Seller, with the Assets Escrow Holder, to be released to Seller on the terms of this Agreement; and (ii) $12,000, representing the Liquor Purchase Price, in the form of a cashier's check, payable to Seller, with the ABC Escrow Holder, to be released to Seller on the terms of the ABC Agreement.
Consequently, the ABC Escrow will be funded with a sum equal to (i).
Buyer shall pay all fees required to effectuate both the transfer of the ABC License and issuance of the Temporary Permit, with the parties equally sharing the fees of the ABC Escrow Holder.
Concurrently upon execution of this Agreement, Buyer and Seller together with the ABC Escrow Holder shall execute the ABC Agreement.
The ABC Escrow Holder shall prepare and record all notices to comply with the requirements of Applicable Law or inform the parties of their duties to prepare and record notices if Applicable Law requires that Seller or Buyer do so instead of the ABC Escrow Holder.
Within 90 days of the execution of this Agreement, Buyer shall have the absolute right to terminate this Agreement without cause by giving written notice of termination to Seller and to the ABC Escrow Holder.
Sellers and Purchaser hereby instruct the ABC Escrow Holder to use the License Consideration and the Liquor Inventory consideration to pay claims of Sellers’ creditors in compliance with applicable law.
After the requirements of Section 24049 of the California Business and Professions Code are satisfied, the ABC Escrow Holder shall pay from the Purchase Price deposited by Buyer those claims of Seller's bona fide creditors who have timely filed claims with the ABC Escrow Holder before the ABC Escrow Holder receives notice of the ABC's approval of the transfer of the ABC License from Seller to Buyer.
The ABC Escrow Holder shall prorate between Seller and Buyer any personal property taxes imposed by any Governmental Authority with respect to the ABC License.
If this Agreement is terminated by Buyer before the Closing date as a result of a failure of a condition precedent set forth in Section 10(a)(i) or 10(a)(ii) of the Assets Agreement, the ABC Escrow Holder shall refund the full balance of the Deposit to Buyer (less Buyer's portion of applicable escrow and/or cancellation fees).