Examples of Earnout Objection Notice in a sentence
In making such calculation, the Auditor shall consider only those items and amounts in the calculation of the Net Profit which are identified in the Earnout Objection Notice as being items as to which Sellers’ Representative has disagreed and the Auditor may not assign a value to any item greater than the greatest value for such item claimed by either party or less than the smallest value for such item claimed by either party.
The failure of Representative to deliver an Earnout Objection Notice within the Earnout Objection Period shall constitute the acceptance by Representative (on behalf of the Sellers) of the Adjusted EBITDA calculation and the amount of Earnout Consideration (and if applicable, the Earnout Bonus Payment) set forth in the Earnout Notice whereupon such amounts shall be final, binding and conclusive for all purposes hereunder.
If, within seven days of the date of receipt by Buyer of the Earnout Objection Notice, Buyer and Sellers’ Representative are unable to reach an such agreement, they shall promptly thereafter submit the dispute to independent accountants of nationally recognized standing reasonably satisfactory to both Buyer and Sellers’ Representative (the “Auditor”), who shall resolve finally and exclusively any such dispute.
The Earnout Objection Notice shall specify the items and/or the amounts in the applicable Earnout Notice disputed by Sellers and shall describe in reasonable detail the basis for such objection.
Frontage Labs and Representative will cooperate in good faith for the 30-day period following receipt by Frontage Labs of the Earnout Objection Notice to attempt to resolve any objections raised in the Earnout Objection Notice.
If any objections raised by Representative in its Earnout Objection Notice are not resolved within the 30-day period following the receipt by Frontage Labs of the Earnout Objection Notice, then Frontage Labs and Representative shall submit the objections that are then unresolved to a nationally recognized accounting firm with expertise in accounting matters reasonably acceptable to Frontage Labs and Representative (the “ Neutral Accountant”).
If the Sellers’ Representative fails to deliver the Earnout Objection Notice within such seven-day period, the Net Profit set forth in the Earnout Notice shall be final and binding on all parties, including the Sellers’ Representative and Sellers.
An Earnout Objection Notice shall specify in reasonable detail the nature of any such disagreement and include all supporting schedules, analyses, working papers and other documentation.
If Seller does not deliver an Earnout Objection Notice within such 30-day period, then the Earnout Notice shall be deemed to be accepted by Seller and the respective Earnout Payment shall be paid by Purchaser to Seller within ten (10) Business Days of the end of the 30-day period.
If the Company and the Seller Representative are unable to resolve any such disagreements within fifteen (15) days after delivery of the Earnout Objection Notice, the Company and the Seller Representative shall submit the dispute to a Firm.