Common use of Appointment and Acceptance of Depositary Clause in Contracts

Appointment and Acceptance of Depositary. The Escrow Agent hereby appoints the Depositary, effective as of the date hereof, to have all rights, powers and duties set forth herein on the part of the Depositary. The Depositary hereby agrees to act as depositary bank as provided herein and in connection therewith to accept all amounts to be delivered to or held by the Depositary pursuant to the terms of this Agreement. The Depositary further agrees to hold, maintain and safeguard the Deposits and the Accounts (as defined below) during the term of this Agreement in accordance with the provisions of this Agreement. The Escrow Agent shall not have any right to withdraw, assign or otherwise transfer moneys held in the Accounts except as permitted by this Agreement.

Appointment and Acceptance of Depositary. The Escrow Agent hereby appoints the Depositary, effective as of the date hereof, to have all rights, powers and duties set forth herein on the part of the Depositary. The Depositary hereby agrees to act as depositary bank as provided herein and in connection therewith to accept all amounts to be delivered to or held by the Depositary pursuant to the terms of this Agreement. The Depositary further agrees to hold, maintain and safeguard the Deposits and the Accounts (as defined below) during the term of this Agreement in accordance with the provisions of this Agreement. The Escrow Agent shall not have any right to withdraw, assign or otherwise transfer moneys held in the Accounts except as permitted by this Agreement.