Appointment of an Escrow Agent. The Estate and the Assessor hereby appoint Xxxxxx Agent as escrow agent hereunder and Xxxxxx Agent xxxxxx accepts such appointment and agrees to be bound by the terms hereof. The Estate and the Assessor agree that the Escrow Agent is not the agent of either the Estate or the Assessor in this regard.
Appointment of an Escrow Agent. The parties shall appoint Maitre Thierry Assant-Lechevallier, notary, who participates herein and agrees to act as the Escrow Agent for the funds corresponding to the price mentioned above. The Escrow Agent shall hold in escrow the funds until they become available to the Vendor after the completion of the legal formalities. The Vendor shall not receive the funds being held in escrow until he proves that there is no encumbrance upon the assets sold or objection to the payment of the price. Furthermore, he may collect the price only upon evidence of the performance of his tax obligations, and of payment of any taxes relating to the operation of the business and sales taxes. Upon completion of his assignment, the Escrow Agent may deliver to the Vendor, without the presence of the Purchaser, either the full price in the event that there has been no encumbrance or objection, or the amount remaining after the payment of debts and costs.
Appointment of an Escrow Agent. (a) In the event that the initial Secured Party shall have assigned any portion of the initial Note to one or more assignees and the Company shall have issued an additional Note or Notes to such assignees, then the then Holders of the Notes may appoint an agent to hold the Pledge Materials on behalf of the Holders (in such capacity, the “Escrow Agent”), by a supplement to this agreement executed by such Holders and such Escrow Agent, and to perform the obligations of the Secured Party hereunder with respect to Pledge Materials on behalf of the Secured Party as may be specified in such supplement. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein, as so supplemented, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. Escrow Agent thereby shall agree to release the Pledged Materials and any other property held by it hereunder (the “Escrowed Property”) in accordance with the terms and conditions set forth in this Agreement.
