17-217 17-217 . . . Indemnification Agreement providing that (i) in event of change in control, corporation shall establish Escrow Reserve of $2,000,000 as security for its obligations under Indemnification Agreement and (ii) in event of any liquidation, merger, consolidation or reorganization in which corporation is not surviving entity, or sale of all or substantially all of corporation's assets, corporation shall ensure that Indemnification Agreement is assumed by surviving entity or otherwise provide for satisfaction of its obligations thereunder
Indemnification Agreement establishing Escrow Reserve
Category:
State:
Multi-State
Control #:
US-CC-17-217
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Indemnification Agreement Establishing Escrow Reserve?
When it comes to drafting a legal document, it is better to leave it to the experts. However, that doesn't mean you yourself cannot get a template to use. That doesn't mean you yourself can not find a template to use, nevertheless. Download Indemnification Agreement establishing Escrow Reserve right from the US Legal Forms web site. It provides numerous professionally drafted and lawyer-approved documents and samples.
For full access to 85,000 legal and tax forms, users just have to sign up and select a subscription. After you’re signed up with an account, log in, search for a particular document template, and save it to My Forms or download it to your gadget.
To make things much easier, we have included an 8-step how-to guide for finding and downloading Indemnification Agreement establishing Escrow Reserve fast:
- Make sure the document meets all the necessary state requirements.
- If available preview it and read the description before buying it.
- Click Buy Now.
- Select the suitable subscription to suit your needs.
- Create your account.
- Pay via PayPal or by debit/credit card.
- Choose a preferred format if several options are available (e.g., PDF or Word).
- Download the document.
As soon as the Indemnification Agreement establishing Escrow Reserve is downloaded you are able to fill out, print and sign it in any editor or by hand. Get professionally drafted state-relevant files within a matter of seconds in a preferable format with US Legal Forms!
Form popularity
FAQ
Indemnification Assets means any indemnification right or claim of the Acquired Companies or Related Consolidated Entities recognized as a Current Asset under the Accounting Principles and which represents a claim of Seller or any of the Acquired Companies or Related Consolidated Entities against third parties, but
Indemnification clauses are clauses in contracts that set out to protect one party from liability if a third-party or third entity is harmed in any way. It's a clause that contractually obligates one party to compensate another party for losses or damages that have occurred or could occur in the future.
Escrow instructions define the events that must take place prior to an escrow closing. The escrow instructions are your written instructions to the escrow holder acknowledging the terms and conditions of the sale. An itemized statement is included with your instructions, reflecting all agreed upon debits and credits.
With a real estate indemnity agreement, one party is pledging to protect another from any kind of financial loss or from a lawsuit of some kind.With a real estate indemnity agreement, one party, usually the buyer, agrees to take full responsibility for a mistake or a problem caused by the other.
Contact the Department of Revenue or the appropriate local government department in your area that is in charge of property taxes for the payment due date. Select a bank to open an escrow account. If possible, get an escrow account at a bank that offers interest on funds deposited in the account.
- many cases, the purchase contract itself serves as the basis for the escrow instructions.
Indemnity is defined by Black's Law Dictionary as a duty to make good any loss, damage, or liability incurred by another. Indemnity has a general meaning of holding one harmless; that is to say, that one party holds the other harmless for some loss or damage.
As such, an escrow holder is entitled to file an action of interpleader and for declaratory relief to ask a court of competent jurisdiction to resolve the controversies and to direct the escrow holder on how to proceed. Properly drawn and executed escrow instructions become an enforceable contract/agreement.
An indemnification escrow account is a separate fund that the parties can establish at the closing of a transaction for the payment of indemnification obligations. The indemnification escrow is funded from the buyer's purchase price.In these instances, the escrow works like a cap on the sellers' damages.