Extract to table
Pull the structured facts out of a document: parties, dates, amounts, obligations.
Extract to table / annotated-redline-indemnification-escrow.docx
annotated-redline-indemnification-escrow.docx
Parties
HARKNESS LLP
Digital Infrastructure Fund VI LP
Sato LLP
Northfield Assurance Ltd
Stratos Merger Sub Inc
Delaware General Corp
Peregrine Advisory Group LLC
Pinnacle Growth Ventures LLC
Dates
January 4, 2024
December 18, 2023
December 1, 2023
December 12, 2023
December 5, 2023
January 5, 2024
July 9, 2024
January 9, 2026
July 9, 2025
Amounts
$6,800,000,000
$36.92
$142,814,544
$473,241,408
$544,000,000
$1,020,000,000
$680,000,000
$272,000,000
$1,700,000,000
$1,156,000,000
Obligations
("Northfield") through Peregrine Advisory Group LLC ("Peregrine Advisory"); and (e) specific recommendations for the C&H team's January 4, 2024 revised draft, including identification of priority items (must-haves), acceptable concessions, and fallback positions for the upcoming final negotiation session anticipated for mid-January 2024 in New York
This layered approach is critical to the overall risk allocation in the transaction and must be understood holistically
The R&W policy has a retention equal to the full escrow amount ($544,000,000), meaning that the first $544,000,000 of losses must be borne through the escrow and/or direct indemnification before the R&W policy begins to respond
Moreover, the R&W policy does provide coverage for Fundamental Representations with a longer policy period (72 months), but the policy still has a retention and a $680,000,000 limit — for truly catastrophic losses arising from Fundamental Representation breaches, the contractual indemnification must provide the backstop
Fraud and willful breach must remain uncapped with no time limitation
All claims for indemnifiable losses arising from breaches of general representations and warranties must be asserted in writing to the Stockholder Representative (Douglas Pemberton) prior to that date