Indemnification Deposit definition
Indemnification Deposit means on the Closing Date (subject to modification pursuant to Section 6.13) Twenty Million Dollars ($20,000,000) of the Purchase Price, to be deposited at Closing by Buyer, and on the date that is nine months after the Closing Date of the First Closing means Ten Million Dollars ($10,000,000) plus the sum of (i) the amount of any claims previously paid from the Indemnification Amount and (ii) an amount sufficient to satisfy any claims pending on such date made by Buyer with respect to indemnification under Section 10 hereof pursuant to the Indemnification Fund Agreement.
Indemnification Deposit means the Initial Deposit and the Additional Indemnification Amount Deposit.
Examples of Indemnification Deposit in a sentence
The Indemnification Deposit shall be held and disbursed in accordance with the terms of the Escrow Agreement.
In no event shall the amount of the Escrow Fund disbursed to Buyer as a result of indemnification claims of the Buyer under the Purchase Agreement exceed the Indemnification Deposit.