Third-Party Escrow definition
Third-Party Escrow means an escrow account (or letter(s) of credit) established pursuant to third-party escrow agreements (or letter(s) of credit documents) among, MLH and TA, on the one hand, and the United States, on the other hand, on terms and conditions acceptable to them in their sole and absolute discretion, which escrow agreements (or letter(s) of credit documents) shall provide that if the conditions precedent in the escrow agreements (or letter(s) of credit documents) are satisfied the escrow funds (or letter(s) of credit) can be released to the DOJ Parties, which conditions precedent shall include, among other things, that if the Restructuring does not close on or before December 30, 2015, for whatever reason whatsoever, the escrow funds (or letter(s) of credit) shall be released and returned to MLH and TA, respectively.
Examples of Third-Party Escrow in a sentence
All Cure Amounts and taxes required to be paid pursuant to this Section 5.4 shall be paid on or before the Closing Date out of the Third-Party Escrow Amount.