Comparative law notes
= Term used to refer to the extraction of value by the seller, such as dividends during the post-lockbox. (Unless otherwise agreed). Such items diminish the balance sheet value in the period between the locks box and completion, which, if unadjusted, would mean that the buyer would receive less value than they had paid for it. The buyer will typically secure protection through a no leakage clause in the share purchase agreement. "Locked box" Refers to a key feature of the closing mechanism known as "locked box", which is that no value is permitted to leave the business between the locked box date until the completion of the transaction.