Interpleader by Escrow Agent Clause Samples
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Interpleader by Escrow Agent. At any time, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrowed Property or it may deposit the Escrowed Property with the clerk of any appropriate court or it may retain the Escrowed Property pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrowed Property is to be disbursed and delivered.
Interpleader by Escrow Agent. If an action is commenced in respect of which the Escrow Agent may interplead or if an action is commenced by the Escrow Agent to interplead (which the Escrow Agent shall have the right to do, in its sole and absolute discretion, in the event of any dispute between or among Ideal and the Shareholders (or any of them) of which the Escrow Agent has notice with respect to the release of the Escrowed Securities hereunder, the Escrow Agent may deposit the Escrowed Securities with an Ontario court of competent jurisdiction, whereupon the Escrow Agent shall be discharged from all of its obligations under this Escrow Agreement.