Definition of Closing Adjustment Escrow Amount


Closing Adjustment Escrow Amount means One Million Dollars ($1,000,000).

Examples of Closing Adjustment Escrow Amount in a sentence

As provided in Section 2.04(a)(ii), at the Closing, Buyer shall deposit in escrow with the Escrow Agent the Closing Adjustment Escrow Amount and the Indemnity Escrow Amount, which shall be held in separate accounts and disbursed by the Escrow Agent in accordance with the terms and provisions of the Escrow Agreement and this Agreement.
If the Closing Cash Payment Adjustment is less than the Closing Adjustment Escrow Amount, the Purchaser and the Sellers' Representative shall provide joint written instructions to the Escrow Agent instructing the Escrow Agent to release the balance of the Closing Adjustment Escrow Amount not so applied as provided in the preceding sentence to the Sellers in accordance with the Escrow Agreement.
In the event that the Closing Date Cash Payment Adjustment results in a decrease in the Purchase Price, (x) the Closing Date Cash Payment Adjustment, up to the Closing Adjustment Escrow Amount, shall be released to the Buyer in accordance with the Escrow Agreement, and (y) if the Closing Date Cash Payment Adjustment exceeds the Closing Adjustment Escrow Amount, the Seller shall pay to the Buyer the remaining balance of such Closing Date Cash Payment Adjustment.
Buyer and Seller Representative will share equally the payment of any fees and expenses payable to the Escrow Agent pursuant to the Escrow Agreement, which will not be deducted from the Indemnity Escrow Amount or the Closing Adjustment Escrow Amount.
If the Closing Date Cash Payment Adjustment is less than the Closing Adjustment Escrow Amount, the balance of the Closing Adjustment Escrow Amount not so applied as provided in the preceding sentence shall be released to the Seller in accordance with the Escrow Agreement.