Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel. b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 106 contracts
Samples: Escrow Agreement (Eyi Industries Inc), Escrow Agreement (Pop N Go Inc), Escrow Agreement (Silver Star Energy Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Standby Equity Distribution Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselcounsel and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 91 contracts
Samples: Escrow Agreement (Pop N Go Inc), Escrow Agreement (Eyi Industries Inc), Escrow Agreement (Silver Star Energy Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Equity Line of Credit Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 34 contracts
Samples: Escrow Agreement (Cyberlux Corp), Escrow Agreement (Azco Mining Inc), Escrow Agreement (Trey Industries Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 27 contracts
Samples: Escrow Agreement (IQ Micro Inc.), Escrow Agreement (Lithium Technology Corp), Escrow Agreement (I2 Telecom International Inc)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation the Offering Document. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct was the primary cause of any loss to the Issuer or gross negligenceany Subscriber. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase AgreementOffering Document, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer and any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any reasonable liability whatsoever in acting in accordance with the reasonable opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole reasonable discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Notwithstanding the foregoing, the Escrow Agent shall provide the Issuer and SI Securities with immediate notice of any such court order or similar demand and the opportunity to interpose an objection or obtain a protective order.
Appears in 26 contracts
Samples: Escrow Agreement (Nixplay Inc), Escrow Agreement (Oncolyze, Inc.), Escrow Agreement (Gin & Luck Inc.)
Liability of Escrow Agent. a. The Escrow Agent shall not be liable for any damages, or have no liability any obligations other than the duties prescribed in this Agreement in carrying out or obligation with respect to executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Funds except for Escrow Agent's Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent's sole responsibility duties and obligations under this Agreement shall be for the safekeeping, investment, entirely administrative and disbursement of the Escrow Funds in accordance with the terms of this Agreementnot discretionary. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any party to this Agreement or to any third-party as a result of any action or omission taken or made by the Escrow Agent in good faith. The parties to this Agreement will jointly and severally indemnify the Escrow Agent, hold the Escrow Agent harmless, and reimburse the Escrow Agent from, against and for, any and all liabilities, costs, fees and expenses (including reasonable attorney's fees) the Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise concerning the Escrow Agent's duties and obligations under this Agreement, then the Escrow Agent may consult with its counsel and rely without liability on written opinions given to it by its counsel. The Escrow Agent shall be protected in acting on any written notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine and what it purports to be. If there is any disagreement between any of the parties hereto to this Agreement, or between them or any other person, resulting in adverse claims or demands being made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or demands on it or refuse to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act and the Escrow Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. National City Bank of Pennsylvania is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or approved any agreement or matter of background related to this Agreement, other person than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedparties involved.
Appears in 21 contracts
Samples: Dealer Manager Agreement (Atlas America Public #16-2007 (A) L.P.), Dealer Manager Agreement (Atlas America Series 26-2005 L.P.), Dealer Manager Agreement (Atlas America Public # 14-2004 Program)
Liability of Escrow Agent. a. (a) In performing any of its duties under this Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses, or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder, or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for in this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company hereby agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidentalincurred by it resulting from any act or omission of the Company; provided, indirecthowever, special, and consequential or punitive damages. that the Company shall not indemnify the Escrow Agent shall not be obligated to take for any legal action or commence any proceeding in connection with the Escrow Fundslosses, any account in which Escrow Funds are depositedclaims, this Agreement or the Purchase Agreementdamages, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion arising out of the Escrow Funds is at any time attachedAgent's willful default, garnished or levied upon under any court ordermisconduct, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to gross negligence under this Agreement.
(c) If a dispute ensues between any of the parties hereto which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction, including the Circuit Court of Orange County, Florida, all money or property in its hands under the terms of this Agreement, and to any other person or entity by reason of file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversed, modified, annulled, set aside or vacatedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. The Company shall indemnify the Escrow Agent against its court costs and attorneys' fees incurred in filing such legal proceedings.
Appears in 19 contracts
Samples: Escrow Agreement (CNL Income Properties Inc), Escrow Agreement (CNL Retirement Properties Inc), Escrow Agreement (CNL American Properties Fund Inc)
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation the Offering Document. Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that Escrow Agent's ’s gross negligence or willful misconduct was the primary cause of any loss to the Issuer, Broker or gross negligenceany Subscriber. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase AgreementOffering Document, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer, Broker and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer, Broker or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any reasonable liability whatsoever in acting in accordance with the reasonable opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole reasonable discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Notwithstanding the foregoing, Escrow Agent shall provide the Issuer and Broker with immediate notice of any such court order or similar demand and the opportunity to interpose an objection or obtain a protective order.
Appears in 16 contracts
Samples: Escrow Agreement (Acme Atronomatic Inc), Escrow Agreement (Startengine Crowdfunding, Inc.), Escrow Agreement (AtomBeam Technologies Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth hereinherein or in a written notice provided hereunder. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, Funds or any account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Company, Agent and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Company or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Company, Agent or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified protected from any liability whatsoever in acting in good faith in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 15 contracts
Samples: Escrow Agreement, Escrow Agreement (Apple REIT Ten, Inc.), Escrow Agreement (Apple REIT Ten, Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Standby Equity Distribution Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselcounsel and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 13 contracts
Samples: Escrow Agreement (Aims Worldwide Inc), Escrow Agreement (Cyop Systems International Inc), Escrow Agreement (Stock Market Solutions Inc)
Liability of Escrow Agent. a. The Escrow Agent shall not be liable for any damages, or have no liability any obligations other than the duties prescribed in this Agreement in carrying out or obligation with respect to executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Funds except for Escrow Agent's Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent's sole responsibility ’s duties and obligations under this Agreement shall be for the safekeeping, investment, entirely administrative and disbursement of the Escrow Funds in accordance with the terms of this Agreementnot discretionary. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any party to this Agreement or to any third-party as a result of any action or omission taken or made by the Escrow Agent in good faith. The parties to this Agreement will jointly and severally indemnify the Escrow Agent, hold the Escrow Agent harmless, and reimburse the Escrow Agent from, against and for, any and all liabilities, costs, fees and expenses (including reasonable attorney’s fees) the Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise concerning the Escrow Agent’s duties and obligations under this Agreement, then the Escrow Agent may consult with its counsel and rely without liability on written opinions given to it by its counsel. The Escrow Agent shall be protected in acting on any written notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine and what it purports to be. If there is any disagreement between any of the parties hereto to this Agreement, or between them or any other person, resulting in adverse claims or demands being made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or demands on it or refuse to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In any such event, the Escrow Agent shall not be or become liable in any way or to any person for its failure or refusal to act and the Escrow Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. National City Bank of Cleveland, Ohio is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or approved any agreement or matter of background related to this Agreement, other person than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedparties involved.
Appears in 9 contracts
Samples: Dealer Manager Agreement (Atlas Resources Public #16-2007 Program), Escrow Agreement (Atlas Resources Public #17-2007 (A) L.P.), Dealer Manager Agreement (Atlas Resources Public #16-2007 (A) L.P.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence continence any proceeding in connection with the Escrow Funds, Funds or any account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Principal, Selling Security Holders and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Principal or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Principal, Selling Security Holders or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Principal shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 8 contracts
Samples: Escrow Agreement (Village Xiii Acquisition Corp), Escrow Agreement (Village Vi Acquisition Corp), Escrow Agreement (Village Xii Acquisition Corp)
Liability of Escrow Agent. a. In performing any of its duties under this Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses, or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder, or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for in this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Company hereby agrees to indemnify and hold harmless the Escrow Agent is hereby authorizedagainst any and all losses, in its sole discretionclaims, to comply with orders issued damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be incurred by it resulting from any act or process entered by any court with respect to omission of the Company; provided, however, that the Company shall not indemnify the Escrow FundsAgent for any losses, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion claims, damages, or expenses arising out of the Escrow Funds is at any time attachedAgent's willful default, garnished or levied upon under any court ordermisconduct, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to gross negligence under this Agreement.
c. If a dispute ensues between any of the parties hereto which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction, including the Circuit Court of Orange County, Florida, all money or property in its hands under the terms of this Agreement, and to any other person or entity by reason of file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversed, modified, annulled, set aside or vacatedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. The Company shall indemnify the Escrow Agent against its reasonable court costs and attorneys' fees incurred in filing such legal proceedings.
Appears in 7 contracts
Samples: Subscription Escrow Agreement (Cheval Resources Corp), Subscription Escrow Agreement (Atlantic Acquisition Inc.), Subscription Escrow Agreement (Cheval Resources Corp)
Liability of Escrow Agent. a. (a) In performing any of its duties under the Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidental, indirect, special, and consequential or punitive damages. imposed by the Escrow Agent shall not be obligated to take any legal action or commence any proceeding incurred by it in connection with the its acceptance of this appointment as Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent hereunder or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event performance of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, including, without limitation, any litigation arising from this Escrow Agreement or relating to any dispute involving any party heretothe subject matter thereof; except, and shall incur no liability and that if the Escrow Agent shall be fully indemnified from any liability whatsoever found guilty of willful misconduct or gross negligence under this Agreement, then, in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandthat event, the reasonable fees Escrow Agent shall bear all such losses, claims, damages and expenses of any such counselexpenses.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. (c) If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to a dispute ensues between any of the parties hereto or which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any other person or entity litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. In connection with such dispute, modifiedthe Company shall indemnify the Escrow Agent against its court costs and reasonable attorney's fees incurred.
(d) The Escrow Agent may resign at any time upon giving thirty (30) days written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, annulledthe Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent and the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, set aside or vacatedincluding appropriate information to assist the successor escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by the court.
Appears in 7 contracts
Samples: Escrow Agreement (Independence Bancshares, Inc.), Escrow Agreement (Mountain Bancshares Inc), Escrow Agreement (First Reliance Bancshares Inc)
Liability of Escrow Agent. a. The Escrow Agent shall not be liable for any damages, or have no liability any obligations other than the duties prescribed herein in carrying out or obligation with respect to executing the purposes and intent of this Escrow Agreement; provided, however, that nothing herein contained shall relieve the Escrow Funds except for Escrow Agent's Agent from liability arising out of its own willful misconduct or gross negligence. Escrow Agent's sole responsibility duties and obligations under this Agreement shall be for the safekeeping, investment, entirely administrative and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdiscretionary. Escrow Agent shall not be obligated liable to take any party hereto or to any third party as a result of any action or omission taken or made by Escrow Agent in good faith. The parties to this Agreement will indemnify Escrow Agent, hold Escrow Agent harmless, and reimburse Escrow Agent from, against and for, any and all liabilities, costs, fees and expenses (including reasonable attorney's fees) Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. In the event any legal action or commence any proceeding in connection with the questions arise concerning Escrow FundsAgent's duties and obligations hereunder, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal with its counsel selected and rely without liability upon written opinions given to it by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorizedshall be protected in acting upon any written notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine and what it purports to be. In the event that there shall be any disagreement between any of the parties to this Agreement, or between them or any of them and any other person, resulting in adverse claims or demands being made in connection with this Agreement, or in the event that Escrow Agent, in good faith, shall be in doubt as to what action it should take hereunder, Escrow Agent may, at its sole discretionoption, refuse to comply with orders issued any claims or process entered by demands on it or refuse to take any court with respect to the Escrow Fundsother action hereunder, without determination by Escrow Agent of so long as such court's jurisdiction in the matterdisagreement continues or such doubt exists. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in In any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be or become liable to in any of the parties hereto way or to any person for its failure or refusal to act and Escrow Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. National City Bank of Pennsylvania is acting solely as Escrow Agent and is not a party to, nor has it reviewed or approved any agreement or matter of background related to this Agreement, other person than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedparties involved.
Appears in 7 contracts
Samples: Dealer Manager Agreement (Atlas Energy for Nineties Public No 8 LTD), Escrow Agreement (Atlas Energy for Nineties Public No 8 LTD), Escrow Agreement (Atlas America Public No 9 LTD)
Liability of Escrow Agent. a. The Escrow Agent shall not be liable for any damages, or have no liability any obligations other than the duties prescribed in this Agreement in carrying out or obligation with respect to executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Funds except for Escrow Agent's Agent from liability arising out of its own willful misconduct or gross negligence. Escrow Agent's sole responsibility duties and obligations under this Agreement shall be for the safekeeping, investment, entirely administrative and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdiscretionary. Escrow Agent shall not be obligated liable to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, party to this Agreement or the Purchase to any third party as a result of any action or omission taken or made by Escrow Agent in good faith. The parties to this Agreement will indemnify Escrow Agent, hold Escrow Agent harmless, and reimburse Escrow Agent from, against and for, any and all liabilities, costs, fees and expenses (including reasonable attorney's fees) Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise concerning Escrow Agent's duties and obligations under this Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal with its counsel selected and rely without liability on written opinions given to it by its counsel. The Escrow Agent shall be protected in acting on any written notice, request, waiver, consent, authorization, or other paper or document which the Escrow Agent, in good faith, believes to be genuine and what it in purports to be. If there is any event of any dispute or question as to construction of disagreement between any of the provisions hereof parties to this Agreement, or between them or any of them and any other agreement person, resulting in adverse claims or its duties hereunderdemands being made in connection with this Agreement, or relating if Escrow Agent, in good faith, is in doubt as to any dispute involving any party heretowhat action it should take under this Agreement, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorizedmay, in at its sole discretionoption, refuse to comply with orders issued any claims or process entered by demands on it or refuse to take any court with respect to other action under this Agreement, so long as the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in disagreement continues or the matterdoubt exists. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in In any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be or become liable to in any of the parties hereto way or to any person for its failure or refusal to act and Escrow Agent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. National City Bank of Pennsylvania is acting solely as Escrow Agent and is not a party to, nor has it reviewed or approved any agreement or matter of background related to this Agreement, other person than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedparties involved.
Appears in 6 contracts
Samples: Dealer Manager Agreement (Atlas America Public No 10 LTD), Dealer Manager Agreement (Atlas America Public No 10 LTD), Dealer Manager Agreement (Atlas America Public No 10 LTD)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds except Agreement. The Escrow Agent shall not be liable for any act which the Escrow Agent's Agent may do or omit to do hereunder, or for any mistake of fact or law, or for any error of judgment, or for the misconduct of any employee, agent or attorney appointed by it, while acting in good faith, unless caused by or arising from its own gross negligence or willful misconduct or gross negligencemisconduct. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase Employment Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company shall be solely responsible for and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . The Officer shall not be responsible for any such payments. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 5 contracts
Samples: Escrow Agreement (Peak International LTD), Escrow Agreement (Peak International LTD), Escrow Agreement (Peak International LTD)
Liability of Escrow Agent. a. The Escrow Agent shall have no liability not be liable for any damage, loss or obligation with respect to injury resulting from any action taken or omitted in the Escrow Funds except for Escrow Agent's absence of gross negligence or willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement (as finally adjudicated by a court of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementcompetent jurisdiction). In no event shall the Escrow Agent be liable for indirect, incidental, indirectconsequential, specialpunitive or special losses or damages (including but not limited to lost profits), regardless of the form of action and consequential whether or punitive damagesnot any such losses or damages were foreseeable or contemplated. The Escrow Agent shall not be obligated entitled to take rely upon any legal action instruction, notice, request or commence other instrument delivered to it without being required to determine the authenticity or validity thereof, or the truth or accuracy of any proceeding information stated therein. The Escrow Agent may act in reliance upon any signature believed by it to be genuine and may assume that any person purporting to make any statement, execute any document, or send any instruction in connection with the provisions hereof has been duly authorized to do so (provided that the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent may so act or so assume only after compliance with the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceedingtelephone callback requirements set forth on Schedule B and Schedule C). The Escrow Agent may consult legal with counsel selected satisfactory to it, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, good faith and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions and advice of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorizedmay perform any and all of its duties through its agents, in its sole discretionrepresentatives, to comply with orders issued or process entered by any court with respect to the Escrow Fundsattorneys, without determination by custodians and/or nominees. The Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to incur any of the parties hereto liability for not performing any act or to fulfilling any other person or entity obligation hereunder by reason of such compliance even though such orderany occurrence beyond its control (including, writ judgment without limitation, any provision of any present or decree may be subsequently reversedfuture law or regulation or any act of any governmental authority, modifiedany act of God or war or terrorism, annulled, set aside or vacatedthe unavailability of the Federal Reserve Bank wire services or any electronic communication facility).
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Talos Energy Inc.), Purchase and Sale Agreement (Talos Energy Inc.), Purchase and Sale Agreement (Talos Energy Inc.)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent has no fiduciary or discretionary duties of any kind. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct was the sole cause of any loss to the Depositor or gross negligenceRecipient. Escrow Agent's sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall not be responsible for delays or failures in performance resulting from acts beyond its control, including without limitation acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions advice of such counsel. The Company and the Investor(s) jointly and severally Depositor shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . Depositor and Recipient agree to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as Escrow Agent may reasonably request in connection with its duties hereunder. The Escrow Agent is hereby authorized, in its sole discretion, to comply with final orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 5 contracts
Samples: Escrow Agreement, Escrow Agreement, Escrow Agreement
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth hereinherein or in a written notice provided hereunder. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, Funds or any account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Company, Agent and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Company or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Company, Agent or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified protected from any liability whatsoever in acting in good faith in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 5 contracts
Samples: Escrow Agreement (Apple Suites Inc), Escrow Agreement (Apple Suites Inc), Escrow Agreement (Apple Hospitality Two Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Equity Line of Credit Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel, and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 4 contracts
Samples: Escrow Agreement (Bsi2000 Inc), Escrow Agreement (Bsi2000 Inc), Escrow Agreement (Bsi2000 Inc)
Liability of Escrow Agent. a. (a) In performing any of its duties under the Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for in this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidental, indirect, special, and consequential or punitive damages. imposed by the Escrow Agent shall not be obligated to take any legal action or commence any proceeding incurred by it in connection with the its acceptance of this appointment as Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent hereunder or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event performance of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, including, without limitation, any litigation arising from this Escrow Agreement or relating to any dispute involving any party heretothe subject matter thereof; except, and shall incur no liability and that if the Escrow Agent shall be fully indemnified from any liability whatsoever found guilty of willful misconduct or gross negligence under this Agreement, then, in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandthat event, the reasonable fees Escrow Agent shall bear all such losses, claims, damages and expenses of any such counselexpenses.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. (c) If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to a dispute ensues between any of the parties hereto or which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any other person or entity litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. In connection with such dispute, modifiedthe Company shall indemnify the Escrow Agent against its court costs and reasonable attorney's fees incurred.
(d) The Escrow Agent may resign at any time upon giving thirty (30) days written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, annulledthe Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, set aside or vacatedand the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, including appropriate information to assist the successor escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by the court.
Appears in 4 contracts
Samples: Escrow Agreement (CommunitySouth Bancshares Inc), Escrow Agreement (First Southern Bancorp Inc /Ga/), Escrow Agreement (Tidelands Bancshares Inc)
Liability of Escrow Agent. a. The Escrow Agent shall not be liable for any damages, or have no liability any obligations other than the duties prescribed in this Agreement in carrying out or obligation with respect to executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Funds except for Escrow Agent's Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent's sole responsibility ’s duties and obligations under this Agreement shall be entirely administrative and not discretionary and shall under no circumstances be deemed a fiduciary for any of the safekeepingparties to this Agreement. The Escrow Agent shall not be liable to any party to this Agreement or to any third-party as a result of any action or omission taken or made by the Escrow Agent in good faith. The parties to this Agreement will jointly and severally indemnify the Escrow Agent, investmenthold the Escrow Agent harmless, and disbursement of reimburse the Escrow Funds Agent from, against and for, any and all liabilities, costs, damages, fees and expenses (including reasonable attorney’s fees) (collectively, “Losses”) the Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement (including, but not limited to, Losses incurred by the Escrow Agent in connection with its successful defense, in whole or in part, of any claim of gross negligence or willful misconduct on its part). Escrow Agent shall not be liable for any action taken and believed by it to be authorized or within the rights or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and in accordance with the terms opinion of such counsel. The foregoing indemnities in this paragraph will survive the resignation or substitution of the Escrow Agent or the termination of this Agreement). The Escrow Agent shall have no implied duties be protected in acting or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely refraining from acting upon any instrumentwritten notice, not only as instruction, request, waiver, consent, authorization, or other paper or document furnished to its due executionit hereunder for which the Escrow Agent, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe faith, believes to be genuine, to have been signed or presented by the person proper party or parties, and to be what it purports to be. If there is any disagreement between any of the parties purporting to sign the same and conform to the provisions of this Agreement, or between them or any other person, resulting in adverse claims or demands being made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or demands on it or refuse to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In no event shall Escrow Agent be liable for incidentalany such event, indirect, special, and consequential or punitive damages. the Escrow Agent shall not be obligated or become liable in any way or to take any legal action person for its failure or commence any proceeding in connection with refusal to act and the Escrow FundsAgent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. National City Bank is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or approved any account in which agreement or matter of background related to this Agreement, other than this Agreement itself, and has assumed, without investigation, the authority of the individuals executing this Agreement to be so authorized on behalf of the party or parties involved. This Agreement sets forth all matters pertinent to the duties contemplated hereunder, and no additional obligations of the Escrow Funds are deposited, Agent shall be inferred from the terms of this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselagreement.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 4 contracts
Samples: Escrow Agreement (Atlas Resources Public #17-2007 (A) L.P.), Escrow Agreement (Atlas Resources Public #18-2008 (A) L.P.), Escrow Agreement (Atlas Resources Public #18-2008 (A) L.P.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 4 contracts
Samples: Escrow Agreement (Southern States Power Co Inc), Escrow Agreement (Ocean Power Corp), Securities Purchase Agreement (Charys Holding Co Inc)
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only the ministerial duties as are expressly set forth herein and no other duties and obligations (fiduciary or otherwise) shall be implied. Escrow Agent shall have no duty to enforce any obligation of any other person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any other person to perform any other act. Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the Escrow Funds except for provisions of any agreement (even though such agreement may be referenced in this Agreement) other than this Agreement. In the event of any conflict between the terms and provisions of this Agreement and any other agreement, as to Escrow Agent's , the terms and conditions of this Agreement shall control subject to Section 31 hereof. Escrow Agent is not a party to the Merger Agreement, is not bound by any of its terms, and has not undertaken in any way to effectuate, implement or comply with the Merger Agreement. Escrow Agent shall not be liable to Parent or the Holders or to anyone else for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines that Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to Parent or gross negligencethe Holders. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Agreement and the Merger Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Funds or to confirm or verify the accuracy or correctness of any amounts deposited in accordance with this Agreement. Escrow Agent may rely conclusively, and shall be protected in acting, upon any instrumentnotice, instruction (including a Joint Written Direction (such as a wire transfer instruction)), request, order, judgment, certification, opinion or advice of counsel (including counsel chosen by Escrow Agent), statement, demand or other instrument or document, not only as to its due execution, validity (including the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise. Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Merger Agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company Parent and the Investor(s) Holders, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. . Escrow Agent shall have no responsibility with respect to the use or application of any Escrow Funds paid by Escrow Agent pursuant to the provisions hereof. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Merger Agreement (Fuse Medical, Inc.), Merger Agreement (Golf Rounds Com Inc), Merger Agreement (Golf Rounds Com Inc)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation the Offering Document. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct was the primary cause of any loss to the Issuer, NCPS, PORTAL or gross negligenceany Subscriber. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase AgreementOffering Document, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer, NCPS, PORTAL and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer, NCPS, PORTAL or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any reasonable liability whatsoever in acting in accordance with the reasonable opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole reasonable discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Notwithstanding the foregoing, the Escrow Agent shall provide the Issuer, NCPS and PORTAL with immediate notice of any such court order or similar demand and the opportunity to interpose an objection or obtain a protective order.
Appears in 3 contracts
Samples: Escrow Agreement (Reitless Impact Income Strategies LLC), Escrow Agreement (WORTHPOINT Corp), Escrow Agreement
Liability of Escrow Agent. a. The parties acknowledge that the Escrow Agent shall be conclusively entitled to rely, except as hereinafter set forth, upon a certificate from Purchaser or Seller as to how the Deposit (which, for purposes of this Section shall be deemed to also include any other escrowed funds held by the Escrow Agent pursuant to this Agreement) should be disbursed. Any notice sent by Seller or Purchaser (the “Notifying Party”) to the Escrow Agent shall be sent simultaneously to the other noticed parties pursuant to Section 16.1 herein (the “Notice Parties”). If the Notice Parties do not object to the Notifying Party’s notice to the Escrow Agent within ten (10) days after the Notice Parties’ receipt of the Notifying Party’s certificate to the Escrow Agent, the Escrow Agent shall be able to rely on the same. If the Notice Parties send, within such ten (10) days, written notice to the Escrow Agent disputing the Notifying Party’s certificate, a dispute shall exist and the Escrow Agent shall hold the Deposit as hereinafter provided. The parties hereto hereby acknowledge that Escrow Agent shall have no liability to any party on account of Escrow Agent’s failure to disburse the Deposit if a dispute shall have arisen with respect to the propriety of such disbursement and, in the event of any dispute as to who is entitled to receive the Deposit, disburse them in accordance with the final order of a court of competent jurisdiction, or obligation to deposit or interplead such funds into a court of competent jurisdiction pending a final decision of such controversy. The parties hereto further agree that Escrow Agent shall not be liable for failure to any depository and shall not be otherwise liable except in the event of Escrow Agent’s gross negligence or willful misconduct. The Escrow Agent shall be reimbursed on an equal basis by Purchaser and Seller for any reasonable expenses incurred by the Escrow Agent arising from a dispute with respect to the Deposit. The obligations of Seller with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall Agent are intended to be for the safekeeping, investment, binding only on Seller and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations Seller’s assets and shall not be charged with knowledge or notice or personally binding upon, nor shall any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrumentresort be had to, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction private properties of any of the provisions hereof partners, officers, directors, shareholders or beneficiaries of Seller, or of any other agreement partners, officers, directors, shareholders or its duties hereunderbeneficiaries of any partners of Seller, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselof Seller’s employees or agents.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Blackstone Real Estate Income Trust, Inc.), Purchase and Sale Agreement (Banc of California, Inc.), Purchase and Sale Agreement (Wells Real Estate Investment Trust Ii Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability not be liable for any action taken or obligation with respect omitted by it in good faith, including, but not limited to any loss to the Escrowed Property resulting from the investment(s) enumerated in “Exhibit B” hereto or as otherwise specified in an Investment Direction by Depositor to the Escrow Funds Agent pursuant to Section 3 hereof or any loss resulting from the liquidation of any investment(s) prior to such investment’s maturity date for the purpose of making required disbursements under this Agreement, except for to the extent that a court of competent jurisdiction determines that Escrow Agent's ’s gross negligence or willful misconduct proximately caused any loss to Depositor or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth hereinSecured Party. Escrow Agent may rely in good faith upon any instrumentnotice, instruction, request or other instrument delivered in writing by Depositor or Secured Party, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith reasonably believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same same. Escrow Agent shall have no implied duties or obligations and conform to the provisions shall not be charged with knowledge or notice of this Agreementany fact or circumstance not specifically set forth herein. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to, lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow FundsEscrowed Property, any account in which Escrow Funds Escrowed Property are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding or to take any other action that in Escrow Agent’s sole judgment may expose it to potential expense or liability. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with final orders issued or process entered by any court of competent jurisdiction with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matterEscrowed Property. If any portion of the Escrow Funds Escrowed Property is at any time attached, garnished or levied upon under any court orderorder described above, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court orderorder described above, or in any case any order final order, judgment or decree shall be made or entered by any court of competent jurisdiction affecting such property Escrow Account or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely in good faith upon and comply with any such final order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such final order, writ, judgment or decree, it shall not be liable to any of the parties hereto Parties or to any other person or entity by reason of such compliance even though such final order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Purchase Agreement, Escrow Agreement (Beacon Roofing Supply Inc), Purchase Agreement (Beacon Roofing Supply Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Investment Agreement (Torrent Energy Corp), Escrow Agreement (Transax International LTD), Escrow Agreement (Transax International LTD)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, The duties and disbursement obligations of the Escrow Funds in accordance with Agent pursuant to this Agreement will be determined solely by the terms express provisions of this AgreementAgreement and the laws of the State of Texas. The Escrow Agent acts hereunder as a depository only, and is not responsible or liable in any manner whatever for the sufficiency, correctness, genuineness or validity of the subject matter of the escrow, or any part thereof, or for the form or execution thereof, or for the identity or authority of any person executing or depositing it. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge to determine or notice inquire into the happening or occurrence of any fact event or circumstance not specifically contingency, or the performance or failure of performance of any of the parties to this Agreement, except as set forth hereinin Paragraph 4 of this Agreement. The Escrow Agent's sole duty pursuant to this Agreement shall be to safeguard the deposited funds in the Escrow Account and to dispose and deliver the same in accordance with the instruction given to the Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions accordance with Paragraph 4 of this Agreement. In no the event shall that the Escrow Agent is called upon by the terms of this Agreement to determine the occurrence of any event or contingency, the Escrow Agent shall be obligated in making such determination, only to exercise reasonable care and diligence as a fiduciary of the funds. The Escrow Agent shall be liable for incidentalanything which it may do or refrain from doing only if its conduct represents misconduct or negligence in light of all the circumstances surrounding such actions taking into consideration the time and facilities available to the Escrow Agent in the ordinary conduct of its business. In determining the occurrence of any such event or contingency the Escrow Agent may request from any of the parties hereto, indirector any other person, specialsuch reasonable additional evidence as the Escrow Agent in its sole discretion may deem necessary to determine any fact relating to the occurrence of such event or contingency, and consequential or punitive damagesin this connection, may inquire and consult with any of the parties to this Agreement. The Escrow Agent shall not be obligated liable for any damages resulting from its delay in acting hereunder pending its examination of the additional evidence that has been requested by the Escrow Agent. In the event that the Escrow Agent is required to take certain action upon the occurrence of any legal event or contingency, the time prescribed for action by the Escrow Agent shall, in all cases, be reasonable time after written notice to the Escrow Agent of the occurrence of such event or commence any proceeding contingency. In the event the Escrow Agent becomes involved in litigation between the Sponsor and its underwriter or subscribers in connection with this escrow, or in the event the Escrow FundsAgent files its own interpleader in any court of competent jurisdiction to determine the rights of the Sponsor, any account in which its underwriter or subscribers, the Sponsor agrees to indemnify and save the Escrow Funds are depositedAgent harmless from all loss, this Agreement costs, damages, expenses, and reasonable attorneys fees suffered or incurred by the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceedingEscrow Agent as a result thereof. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or shall be liable for its duties hereunder, or attorneys fees relating to any dispute involving any party hereto, and shall incur no liability and conflict with the Sponsor over the performance of Escrow Agent pursuant to this Agreement. The obligations of the Sponsor under this Paragraph shall be fully indemnified from any liability whatsoever in acting in accordance with performable at the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion office of the Escrow Funds is at any time attachedAgent in McLennan County, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedTexas.
Appears in 3 contracts
Samples: Escrow Agreement (Zion Oil & Gas Inc), Escrow Agreement (Zion Oil & Gas Inc), Escrow Agreement (Zion Oil & Gas Inc)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only those duties that are expressly set forth in this Escrow Agreement, and the Parties hereto acknowledge that these duties are purely ministerial in nature. The Escrow Agent shall have no liability or obligation responsibility to any person in connection with respect to the this Escrow Funds Agreement except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations as specifically provided herein and shall not be charged with knowledge responsible for anything done or notice omitted to be done by it except for its own gross negligence or willful default in the performance of any fact or circumstance not obligation imposed on it hereunder. Unless specifically set forth provided herein. , the Escrow Agent may rely upon any instrument, not only as has no duty to its due execution, validity and effectiveness, but also as to determine or inquire into the truth and accuracy happening or occurrence of any information contained hereinevent or contingency or the performance or failure of performance of the other Parties with respect to arrangements or contracts with others, which the Escrow Agent’s sole duty hereunder being to safeguard the Escrow Materials and to dispose of and deliver the same in accordance with this Escrow Agreement. No provision of this Escrow Agreement shall require the Escrow Agent shall to risk or advance its own funds or otherwise incur any financial liability or potential financial liability in good faith believe to be genuine, to have been signed the performance of its duties or presented by the person or parties purporting to sign the same and conform to the provisions exercise of its rights under this Escrow Agreement. In no event shall the Escrow Agent be liable for incidental, indirect, special, and consequential consequential, or punitive damagesdamages of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. If the Escrow Agent is called upon by the terms of this Escrow Agreement to determine the occurrence of any event or contingency, the Escrow Agent may request from the other Parties or any other person such reasonable additional evidence as the Escrow Agent in its discretion may deem necessary to determine any fact relating to the occurrence of such event or contingency, and in this connection may inquire and consult with the other Parties, among others, at any time. The permissive rights of the Escrow Agent to do things enumerated in this Escrow Agreement shall not be construed as duties. In carrying out its duties and obligations under the terms of this Escrow Agreement, the Escrow Agent shall be protected in acting upon any written instruction, notice, request, waiver, consent, certificate, receipt, authorization, power of attorney or other paper or document which the Escrow Agent in good faith believes to be genuine and what it purports to be, including, but not limited to, items requesting or authorizing release, disbursement or retainage of the subject matter of this Escrow Agreement and items amending the terms of the Escrow Agreement. The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents. The Escrow Agent shall not be obligated to take any legal action or to commence any proceeding proceedings in connection with the this Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, any property held hereunder or to appear in, prosecute or defend in any such legal action or proceedingproceedings. The Escrow Agent may consult legal request an opinion of counsel selected by it in any event for a determination of any dispute or question as to construction legal issue which might arise in the performance of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, hereunder and shall incur no liability and such opinion of counsel shall be fully indemnified from full and complete authorization for any liability whatsoever action taken, suffered or omitted by the Escrow Agent in acting in accordance with the opinion or instructions of such counsel. The Company reliance thereon and the Investor(s) jointly and severally Concessionaire shall promptly pay, upon demand, pay the reasonable fees and expenses of any such counsel.
b. . This Escrow Agreement sets forth exclusively the duties of the Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to any and all matters pertinent hereto and no implied duties or obligations shall be read into this Escrow Agreement against the Escrow Funds, without determination by Agent. The Escrow Agent of such court's jurisdiction shall in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall no event be stayed or enjoined by any court order, or in any case any order judgment or decree shall deemed to be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable a fiduciary to any of the parties hereto Party or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedunder this Escrow Agreement.
Appears in 3 contracts
Samples: Escrow Agreement, Escrow Agreement, Escrow Agreement
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Standby Equity Distribution Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (SpeechSwitch, Inc.), Escrow Agreement (iVoice Technology, Inc.), Escrow Agreement (Deep Field Technologies, Inc.)
Liability of Escrow Agent. a. (a) In performing any of its duties under the Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidental, indirect, special, and consequential or punitive damages. imposed by the Escrow Agent shall not be obligated to take any legal action or commence any proceeding incurred by it in connection with the its acceptance of this appointment as Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent hereunder or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event performance of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, including, without limitation, any litigation arising from this Escrow Agreement or relating to any dispute involving any party heretothe subject matter thereof; except, and shall incur no liability and that if the Escrow Agent shall be fully indemnified from any liability whatsoever found guilty of willful misconduct or gross negligence under this agreement, then, in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandthat event, the reasonable fees Escrow agent shall bear all such losses, claims, damages and expenses of any such counselexpenses.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and (c) if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to a dispute ensues between any of the parties hereto or which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any other person or entity litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such compliance even though legal proceedings as it deems appropriate, and shall thereupon by discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof in connection with such dispute, modifiedthe Company shall indemnify the Escrow Agent against its court costs and reasonable attorney's fees incurred.
(d) The Escrow Agent may resign at any time upon giving thirty (30) days written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, annulledthe Escrow Agent may petition any court of competent jurisdiction to name a Successor escrow agent and the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, set aside or vacatedincluding appropriate information to assist the successor escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by the court.
Appears in 3 contracts
Samples: Escrow Agreement (Cornerstone Bancorp/Sc), Escrow Agreement (Cornerstone Bancorp/Sc), Escrow Agreement (Carolina National Corp)
Liability of Escrow Agent. a. The Escrow Agent shall have no liability or obligation with respect to the Escrow Funds Letter of Credit and the Proceeds except for the Escrow Agent's willful misconduct or gross negligence. The Escrow Agent's sole responsibility shall be for the safekeeping and drawing on or returning the Letter of Credit, and the safekeeping, investment, investment and disbursement distribution of the Escrow Funds Proceeds, in accordance with the terms of this Escrow Agreement. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth hereinherein or in any notice or certificate delivered pursuant hereto. The Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall the Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. The Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow FundsLetter of Credit or the Proceeds, any account in which Escrow Funds any Proceeds are deposited, this Escrow Agreement or the Purchase Merger Agreement, or to appear in, prosecute or defend any such legal action or proceeding. The Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party heretoherein, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. counsel shall be paid one-half by Buyer and one-half by the Company promptly upon demand of the Escrow Agent; provided, that if such fees and expenses result solely form the fault of either Buyer or the Company, then such party shall pay the entire amount of such fees and expenses. Notwithstanding the foregoing sentence, if either Buyer or the Company shall fail to satisfy its obligation to pay such fees and expenses pursuant to this Section, then the Escrow Agent shall have the right to receive the entire amount of such fees and expenses from the other party; provided that such party shall have the right to be reimbursed by the other party for all payments made on its behalf. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, Letter of Credit and the Proceeds without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds Letter of Credit or the Proceeds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; , and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Merger Agreement (Cable Michigan Inc), Merger Agreement (Level 3 Communications Inc), Escrow Agreement (Cable Michigan Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Equity Line of Credit Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselcounsel and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (Advanced Communications Technologies Inc), Escrow Agreement (Newtech Brake Corp), Escrow Agreement (Ephone Telecom Inc)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability or obligation with respect to the Escrow Funds other than as set forth in this Escrow Agreement, except for any liability which may result from Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, whether bearing original, conformed or facsimile signatures, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same same, and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, Funds or any account in which the Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any Subscription Agreement with Subscribers or any other agreement between Issuer and/or Subscribers. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscribers of their respective obligations under any Subscription Agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer, Underwriter or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. (b) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it that is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (Sardy House LLC), Escrow Agreement (Sardy House LLC), Escrow Agreement (Sardy House LLC)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel, and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (Bsi2000 Inc), Escrow Agreement (Bsi2000 Inc), Escrow Agreement (Bsi2000 Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages except for the Escrow Agent's willful misconduct or gross negligence. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Standby Equity Distribution Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselcounsel and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (Tix CORP), Escrow Agreement (Tix CORP), Escrow Agreement (Tix CORP)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Consultant jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (Safe Transportation Systems Inc), Escrow Agreement (Vertical Computer Systems Inc), Escrow Agreement (Torque Engineering Corp)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability duties or obligation with respect to responsibilities other than the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility ministerial duties as expressly set forth herein and no other duties and obligations shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreementimplied (fiduciary or otherwise). Escrow Agent shall have no implied duties duty to enforce any obligation of any person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any person to perform any other act. Escrow Agent shall be under no liability to the other parties hereto or to anyone else by reason of any failure on the part of any party hereto or any maker, guarantor, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. Except for amendments to this Agreement referred to below, and except for instructions given to Escrow Agent pursuant to a Joint Written Direction, Escrow Agent shall not be charged with obligated to recognize any agreement between any and all of the persons referred to herein, notwithstanding that references thereto may be made herein and whether or not it has knowledge or notice or thereof. In the event of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon conflict between the terms and provisions of this Agreement and any instrumentother agreement, not only as to its due executionEscrow Agent, validity the terms and effectiveness, but also as conditions of this Agreement shall control subject to the truth and accuracy of any information contained herein, which Section 28 hereof.
(b) Escrow Agent shall not be liable to the Company or the Dealer Manager or to anyone else for any action taken or omitted by it in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform except to the provisions extent that a court of this Agreementcompetent jurisdiction determines that Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to the Company or the Dealer Manager. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise. Escrow Agent may rely conclusively, and shall be protected in acting, upon any order, notice, instruction (including a Joint Written Direction (such as a wire transfer instruction)), request, demand, certificate, opinion or advice of counsel (including counsel chosen by Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity (including the authority of the person signing or presenting the same) and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained), which is believed by Escrow Agent to be genuine and to be signed or presented by the proper person or persons. Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms thereof, unless evidenced by a writing delivered to Escrow Agent signed by the proper party or parties and, if the duties or rights of Escrow Agent are affected, unless it shall give its prior written consent thereto.
(c) Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreementany other agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. (d) Escrow Agent shall not be responsible for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of, any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement thereon, or for any description therein; nor shall Escrow Agent be responsible or liable to the other parties hereto or to anyone else in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document or property or this Agreement. Escrow Agent shall have no responsibility with respect to the use or application of any Escrow Funds paid by Escrow Agent pursuant to the provisions hereof. Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Funds or to confirm or verify the accuracy or correctness of any amounts delivered in accordance with this Agreement or the calculation of the Minimum Amount or the Maximum Amount in respect to the Escrow Funds. Escrow Agent shall not be liable to the Company or to anyone else for any loss which may be incurred by reason of any investment of any monies which it holds hereunder.
(e) Escrow Agent shall have the right to assume in the absence of written notice to the contrary from the proper person or persons that a fact or an event by reason of which an action would or might be taken by Escrow Agent does not exist or has not occurred, without incurring liability to the other parties hereto or to anyone else for any action taken or omitted, or any action suffered by it to be taken or omitted, in good faith, in reliance upon such assumption.
(f) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 3 contracts
Samples: Escrow Agreement (Energy 11, L.P.), Escrow Agreement (Energy 11, L.P.), Escrow Agreement (Energy 11, L.P.)
Liability of Escrow Agent. a. The parties acknowledge that the Escrow Agent shall be conclusively entitled to rely, except as hereinafter set forth, upon written instruction from Purchaser or Seller as to how the Deposit (which, for purposes of this Section shall be deemed to also include any other escrowed funds held by the Escrow Agent pursuant to this Agreement) should be disbursed. Any notice sent by Seller or Purchaser (the “Notifying Party”) to the Escrow Agent shall be sent simultaneously to the other noticed parties pursuant to Section 16.1 herein (the “Notice Parties”). Notice by either party may be given by its attorneys. If the Notice Parties do not object to the Notifying Party’s notice to the Escrow Agent within ten (10) days after the Notice Parties’ receipt of the Notifying Party’s written instructions to the Escrow Agent, the Escrow Agent shall be able to rely on the same. If the Notice Parties send, within such ten (10) days, written notice to the Escrow Agent disputing the Notifying Party’s certificate, a dispute shall exist and the Escrow Agent shall hold the Deposit as hereinafter provided. The parties hereto hereby acknowledge that Escrow Agent shall have no liability to any party on account of Escrow Agent’s failure to disburse the Deposit if a dispute shall have arisen with respect to the propriety of such disbursement and, in the event of any dispute as to who is entitled to receive the Deposit, disburse them in accordance with the final order of a court of competent jurisdiction, or obligation to deposit or interplead such funds into a court of competent jurisdiction pending a final decision of such controversy. The parties hereto further agree that Escrow Agent shall not be liable for failure of any depository and shall not be otherwise liable except in the event of Escrow Agent’s gross negligence or willful misconduct. The Escrow Agent shall be reimbursed on an equal basis by Purchaser and Seller for any reasonable expenses incurred by the Escrow Agent arising from a dispute with respect to the Deposit. The obligations of Purchaser and Seller, respectively, with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall Agent are intended to be for the safekeeping, investment, binding only on such party and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations its assets and shall not be charged with knowledge or notice or personally binding upon, nor shall any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrumentresort be had to, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction private properties of any of the provisions hereof partners, officers, directors, shareholders or beneficiaries of such party, or of any other agreement partners, officers, directors, shareholders or its duties hereunderbeneficiaries of any partners of such party, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselof its employees or agents.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Industrial Income Trust Inc.), Purchase and Sale Agreement (Industrial Income Trust Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Scott Cable Communications Inc), Escrow Agreement (Scott Cable Communications Inc)
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only the ministerial duties as are expressly set forth herein and no other duties and obligations (fiduciary or otherwise) shall be implied. Escrow Agent shall have no duty to enforce any obligation of any other person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any other person to perform any other act. Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the Escrow Funds except for provisions of any agreement (even though such agreement may be referenced in this Agreement) other than this Agreement. In the event of any conflict between the terms and provisions of this Agreement and any other agreement, as to Escrow Agent's , the terms and conditions of this Agreement shall control subject to Section 29 hereof. Escrow Agent is not a party to the BCA, is not bound by any of its terms, and has not undertaken in any way to effectuate, implement or comply with the BCA. Escrow Agent shall not be liable to Xxxxxxxx HoldCo or HFS or to anyone else for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines that Escrow Agent’s fraud, gross negligence or willful misconduct was the primary cause of any loss to Xxxxxxxx HoldCo or gross negligenceHFS. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds Escrowed Securities in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent shall have no duty to solicit any payment which may be due to be paid with respect to the Escrowed Securities or to confirm or verify the accuracy or correctness of any Escrowed Securities deposited in accordance with this Agreement. Escrow Agent may rely conclusively, and shall be protected in acting, upon any instrumentnotice, instruction (including a Joint Written Direction (such as a wire transfer instruction)), request, order, judgment, certification, opinion or advice of counsel (including counsel chosen by Escrow Agent), statement, demand or other instrument or document, not only as to its due execution, validity (including the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action, absent gross negligence, fraud or willful misconduct by Escrow Agent. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise, absent gross negligence, fraud or willful misconduct. Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrowed Securities, the Escrow Funds, Account or any other account in which Escrow Funds the Escrowed Securities are deposited, this Agreement or the Purchase AgreementBCA, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company Xxxxxxxx HoldCo and the Investor(s) HFS, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. . Escrow Agent shall have no responsibility with respect to the use or application of any Escrowed Securities disbursed by Escrow Agent pursuant to the provisions hereof. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow FundsEscrowed Securities, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds Escrowed Securities is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by outside legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Sinclair Companies), Escrow Agreement (Sinclair Companies)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Securities Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Placement Agent jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Pick Ups Plus Inc), Escrow Agreement (Nexland Inc)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent has no fiduciary or discretionary duties of any kind. The Escrow Agent shall have no liability or obligation with respect under and no duty to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only inquire as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of any agreement other than this Escrow Agreement, including without limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. In performing any duties under the Escrow Agreement, the Escrow Agent shall not be liable to the Company, any Purchaser or any Party for damages, losses, or expenses, except for theft, gross negligence or willful misconduct on the part of the Escrow Agent. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. The Escrow Agent shall not incur any such liability for any action taken or omitted in reliance upon any instrument, including any written statement or affidavit provided for in this Agreement that the Escrow Agent shall in good faith believe to be obligated to take genuine, nor will the Escrow Agent be liable or responsible for forgeries, fraud, impersonations, or determining the scope of any representative’s authority. In addition, the Escrow Agent may consult with legal action or commence any proceeding counsel in connection with the Escrow Funds, any account in which Escrow Funds are deposited, Agent’s duties under this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from protected in any liability whatsoever action taken, suffered, or permitted by it in acting good faith in accordance with the opinion or instructions advice of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, not responsible for determining and verifying the authority of any person acting or purporting to act on behalf of any party to this Agreement. Escrow Agent shall be entitled to act in its sole discretion, to comply accordance with orders issued any court order or process entered other final determination by any court with respect to the Escrow Funds, governmental authority concerning any matter arising hereunder without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds Account is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Reven Housing REIT, Inc.), Escrow Agreement (Reven Housing REIT, Inc.)
Liability of Escrow Agent. a. In order to induce the Escrow Agent to act as escrow agent hereunder, the parties hereto agree that:
(a) the Escrow Agent shall have no liability not in any way be bound or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct affected by any amendment or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms modification of this Agreement. Escrow Agent , unless the same shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as been agreed to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented writing by the person or parties purporting to sign Escrow Agent;
(b) the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated under any duty to take give the property held hereunder any legal action or commence any proceeding greater degree of care than it gives its own similar property, but in connection with no event shall the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or Agent give the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. property held hereunder anything less than reasonable care;
(c) the Escrow Agent may consult legal counsel selected by it act in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party heretoreliance upon, and shall incur no liability for or in respect of any action taken or omitted to be taken or anything suffered by it in reliance upon, any notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by the Escrow Agent to be genuine and to have been presented or signed by the proper party or parties;
(d) the Escrow Agent shall not at any time be under any duty or responsibility to make a determination of any facts contained in any certificate delivered pursuant hereto or to make any independent verification of the statements or signatures in such certificate or amounts delivered thereby. The Escrow Agent shall not be responsible for any failure by Buyer, the Sellers' Representative or Sellers to comply with any of their respective covenants contained in this Agreement, the Purchase Agreement or any other agreement;
(e) the Escrow Agent shall be under no duty or obligation to take any legal action in connection with this Agreement or to enforce, through the institution of legal proceedings or otherwise, any of its rights as Escrow Agent hereunder or any rights of any other party hereto pursuant to this Escrow Agreement or any other agreement, nor shall it be required to defend any action or legal proceeding which, in its opinion, would or might involve the Escrow Agent in any cost, expense, loss or liability;
(f) the Escrow Agent may engage or be interested in any financial or other transaction with the parties hereunder as freely as if it were not the Escrow Agent hereunder;
(g) the Escrow Agent shall be entitled to rely upon advice of counsel (the reasonable cost of which shall be borne by Buyer and Sellers) of its choosing in reference to any matter connected herewith, and shall be fully indemnified from have full and complete authorization and protection for any liability whatsoever action taken or suffered by it hereunder in acting good faith and in accordance with the opinion or instructions of such counsel. The Company counsel and the Investor(s) jointly and severally shall promptly paynot be liable for any mistake of fact or error of judgment, upon demand, the reasonable fees and expenses or for any acts or omissions of any such counsel.kind, unless caused by its willful misconduct or gross negligence;
b. (h) notwithstanding anything to the contrary contained herein, if the Escrow Agent is hereby authorizedshall be uncertain as to its duties or rights hereunder, shall receive any notice, advice, direction, or other document from any other party with respect to this Agreement which, in its sole discretionopinion, to comply is in conflict with orders issued any of the provisions of this Agreement, or process entered by any court should be advised that a dispute has arisen with respect to the payment, ownership, or right of possession of or to the Escrow FundsAccount Balance or any part thereof (or as to the delivery, non-delivery, or content of any notice, advice, direction or other document), the Escrow Agent shall be entitled (but not obligated), without determination by liability to anyone, to refrain from taking any action other than to use its best efforts to keep safely the Escrow Account Balance until the Escrow Agent shall be directed otherwise in writing by the other parties hereto or by an order, decree or judgment of a court of competent jurisdiction which has been finally affirmed on appeal or which by lapse of time or otherwise is no longer subject to appeal, but the Escrow Agent shall be under no duty to institute or to defend any proceedings, although it may institute or defend such proceedings;
(i) Buyer and the Sellers' Representative hereby authorize the Escrow Agent, if the Escrow Agent is threatened with litigation or is sued, to interplead all interested parties in any court of competent jurisdiction and to deposit the Escrow Account Balance with the clerk of that court's jurisdiction in ; and
(j) this Agreement sets forth exclusively the matter. If any portion duties of the Escrow Funds is at Agent with respect to any time attached, garnished and all matters pertinent hereto and no implied duties or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property obligations shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, read into this Agreement against the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedAgent.
Appears in 2 contracts
Samples: Escrow Agreement (Broadview Networks Holdings Inc), Escrow Agreement (Broadview Networks Holdings Inc)
Liability of Escrow Agent. a. (a) In performing any of its duties under the Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for in this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidental, indirect, special, and consequential or punitive damages. imposed by the Escrow Agent shall not be obligated to take any legal action or commence any proceeding incurred by it in connection with the its acceptance of this appointment as Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent hereunder or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event performance of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, including, without limitation, any litigation arising from this Escrow Agreement or relating to any dispute involving any party heretothe subject matter thereof; except, and shall incur no liability and that if the Escrow Agent shall be fully indemnified from any liability whatsoever found guilty of willful misconduct or gross negligence under this Agreement, then, in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandthat event, the reasonable fees Escrow Agent shall bear all such losses, claims, damages and expenses of any such counselexpenses.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. (c) If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to a dispute ensues between any of the parties hereto or which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any other person or entity litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. In connection with such dispute, modifiedthe Company shall indemnify the Escrow Agent against its court costs and reasonable attorney’s fees incurred.
(d) The Escrow Agent may resign at any time upon giving thirty (30) days written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, annulledthe Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent and the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, set aside or vacatedincluding appropriate information to assist the successor escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by the court.
Appears in 2 contracts
Samples: Escrow Agreement (Congaree Bancshares Inc), Escrow Agreement (Congaree Bancshares Inc)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability duties or obligation with respect to responsibilities other than the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility ministerial duties as expressly set forth herein and no other duties and obligations shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreementimplied (fiduciary or otherwise). Escrow Agent shall have no implied duties duty to enforce any obligation of any person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any person to perform any other act. Escrow Agent shall be under no liability to the other Parties hereto or to anyone else by reason of any failure on the part of any Party hereto or any maker, guarantor, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. Except for amendments to this Agreement referred to below, and except for instructions given to Escrow Agent pursuant to a Joint Written Direction, Escrow Agent shall not be charged with obligated to recognize any agreement between any and all of the persons referred to herein, notwithstanding that references thereto may be made herein and whether or not it has knowledge or notice or thereof. In the event of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon conflict between the terms and provisions of this Agreement and any instrumentother agreement, not only as to its due executionEscrow Agent, validity the terms and effectiveness, but also as conditions of this Agreement shall control subject to the truth and accuracy of any information contained herein, which Section 30 hereof.
(b) Escrow Agent shall not be liable to the Company or the Underwriter or to anyone else for any action taken or omitted by it in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform except to the provisions extent that a court of this Agreementcompetent jurisdiction determines that Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to the Company or the Underwriter. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any Party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise. Escrow Agent may rely conclusively, and shall be protected in acting, upon any order, notice, instruction (including a Joint Written Direction (such as a wire transfer instruction)), request, demand, certificate, opinion or advice of counsel (including counsel chosen by Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity (including the authority of the person signing or presenting the same) and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained), which is believed by Escrow Agent to be genuine and to be signed or presented by the proper person or persons. Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms thereof, unless evidenced by a writing delivered to Escrow Agent signed by the proper Party or Parties and, if the duties or rights of Escrow Agent are affected, unless it shall give its prior written consent thereto.
(c) Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreementany other agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party Party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. (d) Escrow Agent shall not be responsible for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of, any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement thereon, or for any description therein; nor shall Escrow Agent be responsible or liable to the other Parties hereto or to anyone else in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document or property or this Agreement. Escrow Agent shall have no responsibility with respect to the use or application of any Escrow Funds paid by Escrow Agent pursuant to the provisions hereof. Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Funds or to confirm or verify the accuracy or correctness of any amounts delivered in accordance with this Agreement or the calculation of the Proceeds from the sale of the Minimum Amount of any Shares in respect to the Escrow Funds. Escrow Agent shall not be liable to the Company or to anyone else for any loss which may be incurred by reason of any investment of any monies which it holds hereunder.
(e) Escrow Agent shall have the right to assume in the absence of written notice to the contrary from the proper person or persons that a fact or an event by reason of which an action would or might be taken by Escrow Agent does not exist or has not occurred, without incurring liability to the other Parties hereto or to anyone else for any action taken or omitted, or any action suffered by it to be taken or omitted, in good faith, in reliance upon such assumption.
(f) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties Parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Master Escrow Agreement (Fantex, Inc.), Master Escrow Agreement (Fantex, Inc.)
Liability of Escrow Agent. a. Notwithstanding any liability attributable to Escrow Agent as counsel to the Investor, Escrow Agent shall have no liability or obligation with respect to the Escrow Funds and/or the shares of the Company's Common Stock except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility responsibilities shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. , and for the safekeeping and release of the shares of the Company's Common Stock, Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, and for the safekeeping and release of the shares of the Company's Common Stock, any account in which Escrow Funds Funds, and for the safekeeping and release of the shares of the Company's Common Stock, are deposited, this Agreement or the Purchase Equity Line of Credit Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, and for the safekeeping and release of the shares of the Company's Common Stock, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds Funds, and for the safekeeping and release of the shares of the Company's Common Stock, is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Celerity Systems Inc), Escrow Agreement (Celerity Systems Inc)
Liability of Escrow Agent. a. (a) Escrow Agent shall will have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s fraud, willful misconduct or gross negligence, and Escrow Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder. Escrow Agent's ’s sole responsibility shall will be for the safekeeping, investment, investment and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall will have no implied duties or obligations and shall will not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Under no circumstances will the Escrow Agent be deemed to be a fiduciary to the Company or any other person under this Agreement. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Agreement. Concurrently with the execution of this Agreement, the Company shall deliver to the Escrow Agent authorized signers’ forms in the form of Exhibit C attached to this Escrow Agreement. In no event shall will Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall will not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall will incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company Escrow Agent shall not be under any duty to give the Escrow Funds held by it hereunder any greater degree of care than it gives similar escrow property held by U.S. Bank National Association for similar escrow accounts and shall not be required to invest any funds held hereunder except as directed in this Agreement. Uninvested funds held hereunder shall not earn or accrue interest. When Escrow Agent acts on any information, instructions, communications (including, but not limited to, communications with respect to the Investor(sdelivery of securities or the wire transfer of funds) jointly and severally sent by telex, facsimile, e-mail or other form of electronic or data transmission, Escrow Agent, absent fraud, gross negligence or willful misconduct, shall promptly paynot be responsible or liable in the event such communication is not an authorized or authentic communication of the party purporting to have sent it, upon demandor is not in the form sent or intended to have been sent by the party purporting to have sent it (whether due to fraud, distortion or otherwise). In the reasonable fees and expenses event of any ambiguity or uncertainty hereunder or in any notice, instruction or other communication received by Escrow Agent hereunder, Escrow Agent may, in its sole discretion, refrain from taking any action other than to retain possession of the Escrow Funds, unless Escrow Agent receives written instructions, signed by the parties required to execute an amendment hereunder to the provisions under which such counselambiguity or uncertainty arises, which eliminates such ambiguity or uncertainty.
b. (b) Escrow Agent will not incur any liability, except for Escrow Agent’s fraud, willful misconduct or gross negligence, for not performing any act or fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of Escrow Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, fire, terrorism, floods, strikes, or electrical outages related thereto or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility). Escrow Agent shall have no duty to verify or confirm any of the representations contained in the Release Certificate and shall have no responsibility therefor other than to confirm that it is substantially in the form attached hereto. Escrow Agent shall be entitled to conclusively rely on the instructions of the Company or Trustee, as applicable. Trustee shall have no duties or responsibilities with respect to the Release Certificate or its contents.
(c) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property of the Escrow Funds shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property the Escrow Funds or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall will not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Halcon Resources Corp), Escrow Agreement (Halcon Resources Corp)
Liability of Escrow Agent. a. (a) Escrow Agent shall will have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall will be for the safekeeping, investment, investment and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall will have no implied duties or obligations and shall will not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Agreement. In no event shall will Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall will not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall will incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. (b) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property of the Escrow Funds shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property the Escrow Funds or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall will not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Newfield Exploration Co /De/), Purchase Agreement (Illinois Power Co)
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. Escrow Agent has no fiduciary or discretionary duties of any kind. Escrow Agent shall have no liability under and no duty to inquire as to the provisions of any agreement other than this Agreement, including without limitation any other agreement between the parties hereto or obligation other persons even though reference thereto may be made herein. In no event shall Escrow Agent have any responsibility to determine, investigate or monitor whether any action it is requested to take hereunder fulfills or complies with Depositor’s obligations with respect to the Underlying Agreement or to any third party. Escrow Funds Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that Escrow Agent's ’s gross negligence or willful misconduct or gross negligencewas the sole cause of any loss to Depositor. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping of the Custodial Funds in accordance with Escrow Agent’s customary practices and disbursement of the Escrow Funds thereof in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including, but not limited to lost profits), even if Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall not be responsible for delays or failures in performance resulting from acts beyond its control, including without limitation acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Custodial Funds, any account in which Escrow Custodial Funds are deposited, this Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions advice of such counsel. The Company and the Investor(s) jointly and severally Depositor shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . Depositor agrees to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as Escrow Agent may reasonably request in connection with its duties hereunder. Escrow Agent is hereby authorized, in its sole discretion, to comply with final orders issued or process entered by any court with respect to the Escrow Custodial Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Custodial Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Aradigm Corp), Escrow Agreement (Aradigm Corp)
Liability of Escrow Agent. a. (a) In performing any of its duties under the Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for in this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidental, indirect, special, and consequential or punitive damages. imposed by the Escrow Agent shall not be obligated to take any legal action or commence any proceeding incurred by it in connection with the its acceptance of this appointment as Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent hereunder or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event performance of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, including, without limitation, any litigation arising from this Escrow Agreement or relating to any dispute involving any party heretothe subject matter thereof; except, and shall incur no liability and that if the Escrow Agent shall be fully indemnified from any liability whatsoever found guilty of willful misconduct or gross negligence under this Agreement, then, in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandthat event, the reasonable fees Escrow Agent shall bear all such losses, claims, damages and expenses of any such counselexpenses.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. (c) If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to a dispute ensues between any of the parties hereto or which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any other person or entity litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. In connection with such dispute, modifiedthe Company shall indemnify the Escrow Agent against its court costs and reasonable attorney’s fees incurred.
(d) The Escrow Agent may resign at any time upon giving thirty (30) days written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, annulledthe Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent, set aside or vacatedand the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, including appropriate information to assist the successor escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by the court.
Appears in 2 contracts
Samples: Escrow Agreement (Trident Bancshares, Inc.), Escrow Agreement (Touchstone Bancshares, Inc.)
Liability of Escrow Agent. a. The parties acknowledge that the Escrow Agent shall have no liability or obligation with respect to is acting solely as a stakeholder at their request and for their convenience, that the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated deemed to take any legal action or commence any proceeding in connection with be the agent of either of the parties, and that the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any either of the parties hereto for any action or omission on its part taken or made in good faith, and not in disregard of this Contract, but shall be liable for its negligent acts and for any loss, cost or expense incurred by Seller or Purchaser resulting from the Escrow Agent’s mistake of law respecting the Escrow Agent’s scope or nature of its duties. Seller and Purchaser shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees, incurred in connection with the performance of the Escrow Agent’s duties hereunder, except with respect to any other person actions or entity omissions taken or made by reason the Escrow Agent in bad faith, in disregard of such compliance even though such orderthis Contract or involving willful misconduct or negligence on the part of the Escrow Agent. Construction Plan Drawings and Specification Books, writ judgment to be made available at the Real Property Copies of permits and licenses related to or decree may affecting the Property, including, Pool and Spa Permits, Elevator Permits (if applicable), Flood Elevation Certifications (if applicable) and Boiler Permits (if applicable) Current inspections reports to be subsequently reversedmade available at the Real Property Certificates of Occupancy Soil Reports, modifiedif available All existing environmental reports prepared for the Seller or in Seller’s possession Standard form of apartment lease used by Seller for the Real Property and the right to inspect the existing Leases (electronic) in the possession of the property manager for the Real Property to be made available at the Real Property. Copies of all Service Contracts for the Real Property (as defined in the contract) A list of Personal Property, annulledInsurance Claims History for the current year and the past two years for the Property Floor plans and amenities Site Plan for the Real Property Any existing land title survey for the Real Property (“Existing Survey”) Warranties on major items (i.e., set aside or vacated.roof) for the Real Property Current Rent Rolls for the Real Property and historical monthly rent rolls for the period commencing December 1, 2011 to current date. Utility Account List for the Real Property (including names/addresses of utility companies; account numbers) Copies of Utility Bills (telephone, electric, water/sewer, gas and cable) for the past three months for the Real Property Real Estate Tax Bills for the past two years for the Real Property Capital Expenditures current year and prior 2 years for the Property which is included on the Operating Statements Operating Statements for the Property for the current year and prior two years. Accounts payable and accounts receivable detail listing/aging reports as calendar years ending December 31, 2011 and December 31, 2012 and as of the calendar month end. General ledgers for 2012 and 2013. List of current on site staff by name and position. When recorded, return to:
Appears in 2 contracts
Samples: Improved Commercial Property Earnest Money Contract (Resource Real Estate Opportunity REIT, Inc.), Improved Commercial Property Earnest Money Contract (Resource Real Estate Opportunity REIT, Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds Shares except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds Shares in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds Shares are deposited, or this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow FundsShares, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds Shares is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Ivoice, Inc /De), Escrow Agreement (Thomas Pharmaceuticals, Ltd.)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith, except for to the extent that a court of competent jurisdiction determines that any loss to the User or Contractor arises the Escrow Agent's ’s gross negligence or willful misconduct or gross negligencemisconduct. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent shall not be responsible or liable in any manner for the performance by any party of their respective obligations under the Underlying Agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of any party to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company User and the Investor(s) Contractor, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Energy Management Services Agreement, Energy Management Services Agreement
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth hereinherein or in a written notice provided hereunder. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, Funds or any account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Company, Agent and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Company or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Company, Agent or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified protected from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Apple Residential Income Trust Inc), Escrow Agreement (Apple Residential Income Trust Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement (a) The duties of the Escrow Funds Agent hereunder are entirely administrative and not discretionary. The duties and responsibilities of the Escrow Agent hereunder shall be determined solely by the express provisions of this Escrow Agreement. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no further duties or responsibilities shall be implied. The Escrow Agent is obligated to act only in accordance with the terms written instructions received by it as provided in this Escrow Agreement, is authorized hereby to comply with any orders, judgments or decrees of this Agreement. Escrow Agent shall have no implied duties any court or obligations arbitration panel and shall not be charged incur any liability as a result of its compliance with knowledge such instructions, orders, judgments or notice or any fact or circumstance not specifically set forth herein. decrees.
(b) The Escrow Agent may rely and shall be protected in acting upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person persons or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall The Escrow Agent shall be liable under no duty to inquire into or investigate the validity, accuracy or content of any such instrument.
(c) The Company and the Adviser hereby waive any suit, claim, demand or cause of action of any kind which either one or both may now or hereafter have to assert against the Escrow Agent arising out of or relating to the execution or performance by the Escrow Agent of this Escrow Agreement, unless such suit, claim, demand or cause of action is based upon the willful misappropriation of funds by the Escrow Agent or unless a court of competent jurisdiction determines that the Escrow Agent's gross negligence was the primary cause of a loss to the Company or the Adviser.
(d) The Escrow Agent shall have no duty to solicit any payments that may be due to it hereunder. The Escrow Agent shall not incur any liability for incidentalfollowing the instructions herein contained or expressly provided for or written instructions given by the Company and the Adviser. In the administration of this Escrow Agreement and the Escrow Fund hereunder, indirectthe Escrow Agent may execute any of its powers and perform its duties hereunder directly or through agents or attorneys and may consult with counsel, special, accountants and consequential or punitive damagesother skilled persons to be selected and retained by it. The Escrow Agent shall not be obligated to take any legal action liable for anything done, suffered or commence any proceeding omitted in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected good faith by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the advice or opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal accountants or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedskilled persons.
Appears in 2 contracts
Samples: Interim Investment Advisory Agreement (PBHG Funds Inc /), Interim Investment Advisory Agreement (PBHG Insurance Series Fund Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. (a) Escrow Agent's sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which .
(b) Escrow Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it in good faith believe to be genuinefaith, to have been signed or presented by the person for any mistake of fact or parties purporting to sign the same and conform to the provisions of this Agreement. law, or for anything which it may do or refrain from doing in connection herewith, except for its own gross negligence or willful misconduct.
(c) In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential consequential, or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account Funds or the Escrow Account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute prosecute, or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any Purchase Agreement with any Purchaser or any other agreement between the Company, Sovereign, and/or any Purchaser. Escrow Agent shall not be responsible or liable in any manner for the performance by the Company or any Purchaser of their respective obligations under any Purchase Agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of the Company, Sovereign, or any third party (including any Purchaser) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified pursuant to Section 12 hereof from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. (d) Escrow Agent is hereby authorized, in its sole discretion, authorized to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished garnished, or levied upon under any court order, or in case the payment, assignment, transfer, conveyance conveyance, or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment order, judgment, or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment writ, judgment, or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment judgment, or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment writ, judgment, or decree may be subsequently reversed, modified, annulled, set aside aside, or vacated.
Appears in 2 contracts
Samples: Bridge Note Purchase and Security Agreement (Tracker Corp of America), Escrow Agreement (Cambex Corp)
Liability of Escrow Agent. a. The Escrow Agent shall not be liable for any damages or have no liability any obligations other than the duties prescribed in this Agreement in carrying out or obligation with respect to executing the purposes and intent of this Agreement. However, nothing in this Agreement shall relieve the Escrow Funds except for Escrow Agent's Agent from liability arising out of its own willful misconduct or gross negligence. The Escrow Agent's sole responsibility ’s duties and obligations under this Agreement shall be entirely administrative and not discretionary and shall under no circumstances be deemed a fiduciary for any of the safekeepingparties to this Agreement. The Escrow Agent shall not be liable to any party to this Agreement or to any third-party as a result of any action or omission taken or made by the Escrow Agent in good faith. The parties to this Agreement will jointly and severally indemnify the Escrow Agent, investmenthold the Escrow Agent harmless, and disbursement of reimburse the Escrow Funds Agent from, against and for, any and all liabilities, costs, fees and expenses including reasonable attorney’s fees the Escrow Agent may suffer or incur by reason of its execution and performance of this Agreement. If any legal questions arise concerning the Escrow Agent’s duties and obligations under this Agreement, then the Escrow Agent may consult with its counsel of its own choice and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith in accordance with the terms opinion of this Agreementsuch counsel. The Escrow Agent shall have no implied duties be protected in acting on any written notice, request, waiver, consent, authorization, or obligations and shall not be charged with knowledge other paper or notice or any fact or circumstance not specifically set forth herein. document which the Escrow Agent may rely upon any instrumentAgent, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe faith, believes to be genuine, to have been signed or presented by the person or proper party, and what it purports to be. If there is any disagreement between any of the parties purporting to sign the same and conform to the provisions of this Agreement, or among them or any other person, resulting in adverse claims or demands being made in connection with this Agreement, or if the Escrow Agent, in good faith, is in doubt as to what action it should take under this Agreement, then the Escrow Agent may, at its option, refuse to comply with any claims or demands on it or refuse to take any other action under this Agreement, so long as the disagreement continues or the doubt exists. In no event shall Escrow Agent be liable for incidentalany such event, indirect, special, and consequential or punitive damages. the Escrow Agent shall not be obligated or become liable in any way to take any legal action person for its failure or commence any proceeding in connection with refusal to act, and the Escrow FundsAgent shall be entitled to continue to so refrain from acting until the dispute is resolved by the parties involved. National City Bank is acting solely as the Escrow Agent and is not a party to, nor has it reviewed or approved any account in which Escrow Funds are deposited, agreement or matter of background related to this Agreement or including without limitation the Purchase Dealer-Manager Agreement, or to appear inother than this Agreement itself, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any and has assumed, without investigation, the authority of the provisions hereof or of any other agreement or its duties hereunder, or relating individuals executing this Agreement to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion so authorized on behalf of the Escrow Funds is at any time attached, garnished party or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedinvolved.
Appears in 2 contracts
Samples: Services Agreement (Atlas Energy Resources, LLC), Services Agreement (Atlas Energy Resources, LLC)
Liability of Escrow Agent. a. (a) The Escrow Agent acts hereunder as a depository only, and is not responsible or liable in any manner whatever for the sufficiency, correctness, genuineness or validity of the subject matter of the escrow, or any part thereof. The sole duty of the Escrow Agent shall have be to receive subscription funds and hold them subject to release, in accordance herewith, and the Escrow Agent shall be under no duty to determine whether the Company is complying with requirements of this Escrow Agreement, the limited public offering or applicable law in tendering the subscription funds to the Escrow Agent. Further, the Escrow Agent shall not be responsible for determining (i) the accuracy of any notices or instructions delivered hereunder, or the form of execution thereof, or (ii) the identity or authority of any person executing or delivering this Agreement, any property delivered hereunder, or any instructions delivered in connection herewith.
(b) In performing any of its duties under this Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (T Bancshares, Inc.), Escrow Agreement (T Bancshares, Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation not be liable for any action taken in accordance and compliant with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeepingterms of this Agreement, investmentincluding, and without limitation, any disbursement of the Escrow Funds in accordance with Section 5, as long as the terms of this Agreementaction was taken in good faith. Escrow Agent shall have no implied duties or obligations and shall not be charged liable for any other act or failure to act under or in connection with knowledge this Agreement, except for its own gross negligence or notice or any fact or circumstance not specifically set forth hereinwillful misconduct. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe believes to be genuine, valid and to have been signed or presented by a person authorized to do so and shall have no responsibility or duty to make inquiry as to or to determine the truth, accuracy or validity thereof (or any signature appearing thereon), or of the authority of the person signing or parties purporting to sign presenting the same and conform to the provisions of this Agreementsame. In no event shall will Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties of any kind (including, but not limited to lost profits), even if Xxxxxx Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall will not be obligated to take responsible for delays or failures in performance resulting from acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, attacks or intrusions, power failures, earthquakes or any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceedingother circumstance beyond its control. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party heretothis Agreement, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in good faith in accordance with the opinion or instructions advice of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds or Escrow Revenue is at any time attached, garnished or levied upon under upon, or otherwise subject to any court writ, order, decree or process of any court, or in case the payment, assignment, transfer, conveyance disbursement of Escrow Funds or delivery of any such property shall be Escrow Revenue is stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and respond as it deems appropriate or to comply with any such orderall writs, writ judgment orders, decrees or decree which it is advised by legal counsel selected by itprocess so entered or issued, binding upon it, whether with or without the need for appeal or other actionjurisdiction; and if Escrow Agent relies upon or complies with any such writ, order, writ, judgment decree or decreeprocess, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though if such order, writ judgment or decree may be subsequently order is reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement, Escrow Agreement
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only the ministerial duties as are expressly set forth herein and in any Written Direction and no other duties and obligations (fiduciary or otherwise) shall be implied. The Escrow Agent shall have no duty to enforce any obligation of any other person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any other person to perform any other act. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement (even though such agreement may be referenced in this Agreement) other than this Agreement. In the event of any conflict between the terms and provisions of this Agreement and any other agreement, as to the Escrow Funds Agent, the terms and conditions of this Agreement shall control subject to Section 27. The Escrow Agent is not a party to the Underlying Agreement, is not bound by any of its terms, and has not undertaken in any way to effectuate, implement or comply with the Underlying Agreement. The Escrow Agent shall not be liable to the Parties or to anyone else for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s fraud, gross negligence or willful misconduct was the primary or gross negligencecontributing cause of any loss to such Party or any other Person. The Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds Assets in accordance with the terms of this AgreementAgreement and any Written Direction. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth hereinherein or in any Written Direction. The Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Assets or to confirm or verify the accuracy or correctness of any amounts deposited in accordance with this Agreement. The Escrow Agent may rely conclusively, and shall be protected in acting, upon any instrumentnotice, instruction (including a Written Direction (such as a wire transfer instruction)), request, order, judgment, certification, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, demand or other instrument or document, not only as to its due execution, validity (including the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which the Escrow Agent shall believe in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall the Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action, absent fraud, gross negligence, or willful misconduct by the Escrow Agent. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of the Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise, absent fraud, gross negligence, or willful misconduct. The Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow FundsAssets, any account in which Escrow Funds Assets are deposited, this Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). The Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and and, except to the extent caused by the Escrow Agent’s fraud, gross negligence, or willful misconduct, shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the written opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandExcept as set forth in Section 5, the reasonable fees and expenses Escrow Agent shall have no responsibility with respect to the use or application of any such counsel.
b. the Escrow Assets paid by the Escrow Agent pursuant to the provisions hereof. The Escrow Agent is hereby authorized, in its sole reasonable discretion, to comply with orders issued or process entered by any court with respect to the Escrow FundsAssets, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds Assets is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole reasonable discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. In the event the Escrow Funds are subject to any such court order, Escrow Agent shall provide the Parties with prompt written notice of such court order.
Appears in 2 contracts
Samples: Closing Escrow Agreement (Blackstone Holdings III L.P.), Closing Escrow Agreement (Blackstone Holdings III L.P.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase AgreementEquity Line of Credit Agreement , or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Urbana Ca Inc), Escrow Agreement (Cyco Net Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Buyers jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
c. Escrow Agent holds Company and Buyers harmless and indemnifies them for any claims, losses, charges, expenses, fines, or penalties, including, but not limited to, the reasonable attorneys fees and costs incurred, which may arise related to acts or omissions which are caused directly by Escrow Agent's gross negligence and intentional misconduct related to Escrow Agent's services under this Escrow Agreement.
Appears in 2 contracts
Samples: Escrow Agreement (Decor Products International, Inc.), Escrow Agreement (Decor Products International, Inc.)
Liability of Escrow Agent. a. (a) In performing any of its duties under the Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided, however, the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counsel or counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder; or (ii) any action taken or omitted to be taken in accordance with the terms of reliance upon any document, including any written notice or instructions provided for this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, to have been signed or presented by the a proper person or parties purporting persons, and to sign the same and conform to with the provisions of this Agreement. In no event shall .
(b) The Company agrees to indemnify and hold harmless the Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be liable for incidental, indirect, special, and consequential or punitive damages. imposed by the Escrow Agent shall not be obligated to take any legal action or commence any proceeding incurred by it in connection with the its acceptance of this appointment as Escrow Funds, any account in which Escrow Funds are deposited, this Agreement Agent hereunder or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event performance of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, including, without limitation, any litigation arising from this Agreement or relating to any dispute involving any party heretothe subject matter thereof; except, and shall incur no liability and that if the Escrow Agent shall be fully indemnified from any liability whatsoever found guilty of willful misconduct or gross negligence under this Agreement, then, in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demandthat event, the reasonable fees Escrow Agent shall bear all such losses, claims, damages and expenses of any such counselexpenses.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. (c) If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to a dispute ensues between any of the parties hereto or which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall retain legal counsel of its choice as it reasonably may deem necessary to advise it concerning its obligations hereunder and to represent it in any other person or entity litigation to which it may be a part by reason of this Agreement. The Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Agreement, and to file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. In connection with such dispute, modifiedthe Company shall indemnify the Escrow Agent against its court costs and reasonable attorney's fees incurred.
(d) The Escrow Agent may resign at any time upon giving thirty (30) days written notice to the Company. If a successor escrow agent is not appointed by Company within thirty (30) days after notice of resignation, annulledthe Escrow Agent may petition any court of competent jurisdiction to name a successor escrow agent and the Escrow Agent herein shall be fully relieved of all liability under this Agreement to any and all parties upon the transfer of the Escrowed Funds and all related documentation thereto, set aside or vacatedincluding appropriate information to assist the successor escrow agent with the reporting of earnings of the Escrowed Funds to the appropriate state and federal agencies in accordance with the applicable state and federal income tax laws, to the successor escrow agent designated by the Company appointed by the court.
Appears in 2 contracts
Samples: Escrow Agreement (Neighbors Bancshares Inc), Escrow Agreement (Freedom Bancshares Inc)
Liability of Escrow Agent. a. The following provisions shall control with respect to the rights, duties, liabilities, privileges and immunities of the Escrow Agent:
(a) The Escrow Agent shall not be responsible for the genuineness of any certificate or signature and may rely conclusively upon and shall be protected when acting upon any notice, affidavit, request, consent, instruction, check or other instrument believed by it in good faith to be genuine or to be signed or presented by the proper person, or duly authorized, or properly made. The Escrow Agent shall have no liability responsibility except for the performance of its express duties hereunder and no additional duties shall be inferred herefrom or obligation implied hereby.
(b) No amendment or modification of this Agreement or waiver of its terms shall affect the rights and duties of the Escrow Agent unless its written consent thereto has been obtained.
(c) The Escrow Agent shall not be responsible or liable for any act or omission on its part in performing its duties as Escrow Agent under this Agreement unless such act or omission constitutes bad faith, gross negligence or fraud.
(d) The Escrow Agent shall not be required to institute or defend any action involving matters referred to herein or which affect it or its duties or liabilities hereunder unless or until requested to do so by any party to this Agreement and then only upon receiving full indemnity, in character satisfactory to the Escrow Agent, against all claims, liabilities and expenses in relation thereto. In the event of any dispute among the parties with respect to the Escrow Funds except for Escrow Agent's willful misconduct Agent or gross negligence. Escrow Agent's sole responsibility shall be for its duties, (i) the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely act or refrain from acting in respect of any matter referred to herein in full reliance upon any instrument, not only as to its due execution, validity by and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal advice of counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified protected in so acting or in refraining from any liability whatsoever in acting in accordance with upon the opinion or instructions advice of such counsel. The Company and , or (ii) the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, may refrain from acting until required to comply with orders issued or process entered do so by any an order of a court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedcompetent jurisdiction.
Appears in 2 contracts
Samples: Stock Escrow Agreement (Sento Technical Innovations Corp), Stock Escrow Agreement (Sento Technical Innovations Corp)
Liability of Escrow Agent. a. It is understood and agreed that the duties of the Escrow Agent are purely ministerial in nature. It is further agreed that:
A. The Escrow Agent shall not be required to enforce any of the terms or conditions of any other agreement between the Company and any prospective purchaser or purchaser, nor shall the Escrow Agent be responsible for the performance by the Company of its respective obligations under this Agreement.
B. The Escrow Agent may, at its own discretion, refuse to accept any deposits lacking required documentation or containing discrepancies.
C. The Escrow Agent shall be under no duty to collect any check or other payment instrument delivered to it hereunder that is dishonored, but the Escrow Agent shall within a reasonable time return to the Company any such check or other payment instrument together with any information which accompanied such check, draft or other payment instrument.
D. The Escrow Agent shall have no liability the right to act in reliance upon any document, instrument or obligation with respect signature believed by it to the Escrow Funds except for Escrow Agent's willful misconduct be genuine and to assume that any person purporting to give any notice or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds instructions in accordance with the terms of this AgreementAgreement or in connection with any transaction to which this Agreement relates has been duly authorized to do so. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. The Escrow Agent shall not be obligated to take make any legal action inquiry as to the authority, capacity, existence or commence identity of any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or person purporting to appear in, prosecute or defend give any such legal action notice or proceeding. instructions.
E. The Escrow Agent may shall not be liable for any action taken or omitted hereunder except in the case of its gross negligence or willful misconduct. The Escrow Agent shall be entitled to consult legal with counsel selected of its own choosing and shall not be liable for any action taken, suffered or omitted by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions advice of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. F. The Escrow Agent is hereby authorized, shall have no responsibility at any time to ascertain whether or not any security interest exists in its sole discretion, the Escrow Account or any part thereof or to comply with orders issued or process entered by file any court financing statement under the Uniform Commercial Code with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property Account or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Bootheel Agri-Energy LLC), Escrow Agreement (Bootheel Agri-Energy LLC)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or o any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Securities Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Placement Agent jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. (b) The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any ay part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, its binding upon it, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Majestic Companies LTD), Escrow Agreement (Majestic Companies LTD)
Liability of Escrow Agent. a. The parties acknowledge that the Escrow Agent shall be conclusively entitled to rely, except as hereinafter set forth, upon a certificate from Purchaser or Seller as to how the Deposit (which, for purposes of this Section shall be deemed to also include any other escrowed funds held by the Escrow Agent pursuant to this Agreement) should be disbursed. Any notice sent by Seller or Purchaser (the "Notifying Party") to the Escrow Agent shall be sent simultaneously to the other noticed parties pursuant to Section 16.1 herein (the "Notice Parties"). If the Notice Parties do not object to the Notifying Party's notice to the Escrow Agent within ten (10) days after the Notice Parties' receipt of the Notifying Party's certificate to the Escrow Agent, the Escrow Agent shall be able to rely on the same. If the Notice Parties send, within such ten (10) days, written notice to the Escrow Agent disputing the Notifying Party's certificate, a dispute shall exist and the Escrow Agent shall hold the Deposit as hereinafter provided. The parties hereto hereby acknowledge that Escrow Agent shall have no liability to any party on account of Escrow Agent's failure to disburse the Deposit if a dispute shall have arisen with respect to the propriety of such disbursement and, in the event of any dispute as to who is entitled to receive the Deposit, disburse them in accordance with the final order of a court of competent jurisdiction, or obligation to deposit or interplead such funds into a court of competent jurisdiction pending a final decision of such controversy. The parties hereto further agree that Escrow Agent shall not be liable for failure to any depository and shall not be otherwise liable except in the event of Escrow Agent's gross negligence or willful misconduct. The Escrow Agent shall be reimbursed on an equal basis by Purchaser and Seller for any reasonable expenses incurred by the Escrow Agent arising from a dispute with respect to the Deposit. The obligations of Seller with respect to the Escrow Funds except for Escrow AgentAgent are intended to be binding only on Seller and Seller's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations assets and shall not be charged with knowledge or notice or personally binding upon, nor shall any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrumentresort be had to, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction private properties of any of the provisions hereof partners, officers, directors, shareholders or beneficiaries of Seller, or of any other agreement partners, officers, directors, shareholders or its duties hereunderbeneficiaries of any partners of Seller, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselof Seller's employees or agents.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (RREEF Property Trust, Inc.), Purchase and Sale Agreement (RREEF Property Trust, Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of 4 any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(sBuyer(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Securities Purchase Agreement (MobiVentures Inc.), Escrow Agreement (MobiVentures Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(sBuyer(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (National Automation Services Inc), Escrow Agreement (National Automation Services Inc)
Liability of Escrow Agent. a. The Escrow Agent shall have no liability or obligation with respect to the Escrow Funds either L/C Cash Collateral Account except for the Escrow Agent's willful misconduct or gross negligence. The Escrow Agent's sole responsibility shall be for the safekeeping, investment, investment and disbursement of the Escrow Funds funds maintained in each L/C Cash Collateral Account in accordance with the terms of this Agreement. The Escrow Agent shall treat the Escrow Funds with the same care as it treats its own property. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. The Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which that the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Agreement. The Escrow Agent shall be responsible for actual losses (defined as and limited to any decline in principal value of an investment between the time of purchase and time of sale) from investments in other than investments permitted under Section 5 hereof. In no event shall the Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. The Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with either L/C Cash Collateral Account or the Escrow Funds, any account in which Escrow Funds are depositedfunds therein, this Agreement or the Purchase Agreementany other Credit Document, or to appear in, prosecute or defend any such legal action or proceeding. The Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever protected in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Credit Agreement (Chartwell Re Corp), Credit Agreement (Chartwell Re Holdings Corp)
Liability of Escrow Agent. a. (i) The duties of Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligencehereunder are entirely administrative and not discretionary. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds Agent is obligated to act only in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties , is authorized hereby to comply with any orders, judgments or obligations decrees of any court or arbitration panel (whether or not any appeal thereof is pending) and shall not be charged incur any liability as a result of its compliance with knowledge such instructions, orders, judgments or notice or any fact or circumstance not specifically set forth hereindecrees. Escrow Agent may rely upon any instrument, not only as to its assume the due execution, validity and effectivenesseffectiveness of, but also as to and the truth and accuracy of any information contained hereinin, which any instrument or other document presented to it and shall not have any obligation to inquire into the authenticity or authorization thereof.
(ii) Escrow Agent shall in good faith believe have no liability under, or duty to be genuineinquire into, to have been signed the terms and provisions of any other agreement between any of the parties hereto. If any of the terms and provisions of any other agreement conflict or presented by are inconsistent with any of the person or parties purporting to sign the same terms and conform to the provisions of this Agreement. In no event , the terms and provisions of this Agreement in respect of Escrow Agent’s rights and duties shall govern and control in all respects.
(iii) If Escrow Agent shall be uncertain as to its rights or duties hereunder, it shall be entitled to refrain from taking any action other than to keep all property held in escrow pursuant hereto until it shall be directed otherwise in a writing signed by the Company and each Purchaser or by an order of a court of competent jurisdiction. Alternatively, in such situation, Escrow Agent may in its sole discretion, deliver and interplead the Escrow Deposit, together with any interest thereon, into a court of competent jurisdiction, and, upon such delivery and interpleading, Escrow Agent shall be fully discharged from any and all obligations and liability hereunder. Escrow Agent may consult with counsel of its choice, and shall not be liable for incidentalany action taken, indirectsuffered, special, and consequential or punitive damagesomitted by it in accordance with the advice of such counsel. Escrow Agent shall not be obligated required to take institute legal proceedings of any kind and shall not be required to defend any legal action or commence any proceeding proceedings which may be instituted against it in connection with respect of the Escrow Funds, any account in which Escrow Funds are deposited, subject matter of this Agreement unless requested to do so by another party hereto and indemnified to its satisfaction against the costs and expenses of such defense.
(iv) The Company and each Purchaser hereby irrevocably waive and covenant not to bring any suit, claim, demand or the Purchase Agreement, cause of action of any kind which any or all may have to appear in, prosecute or defend any such legal action or proceeding. assert against Escrow Agent may consult legal counsel selected by it in (or any event partner or employee of any dispute or question as to construction Escrow Agent) arising out of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion execution or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination performance by Escrow Agent of such court's jurisdiction this Agreement now or in the matterfuture, unless such suit, claim, demand or cause of action is based upon the willful misconduct of Escrow Agent or Escrow Agent’s gross negligence in its failure to perform an express obligation hereunder. If Escrow Agent shall be indemnified and held harmless against any portion and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by Escrow Agent in the performance of this Escrow Agreement except as a result of its willful misconduct or gross negligence in its failure to perform an express obligation hereunder. All such reimbursements and indemnifications shall be the joint and several obligation of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then Company and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedeach Purchaser.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Wave Wireless Corp), Securities Purchase Agreement (Wave Wireless Corp)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith, except for to the extent that a court of competent jurisdiction determines that any loss to the User or Owner arises the Escrow Agent's ’s gross negligence or willful misconduct or gross negligencemisconduct. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase EMS Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent shall not be responsible or liable in any manner for the performance by any party of their respective obligations under the EMS Agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of any party to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company User and the Investor(s) Owner, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Energy Management Services Contract, Energy Management Services Contract
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. Escrow Agent has no fiduciary or discretionary duties of any kind. Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Agreement, including without limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. Escrow Funds Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that Escrow Agent's ’s gross negligence or willful misconduct was the sole cause of loss to Purchaser or gross negligencethe Seller Parties. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including but not limited to lost profits), even if Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall not be responsible for delays or failures in performance resulting from acts beyond its control, including without limitation acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions advice of such counsel. The Company Purchaser and the Investor(s) Seller Parties, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . Purchaser and the Seller Parties agree to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as Escrow Agent may reasonably request in connection with its duties hereunder. Escrow Agent is hereby authorized, in its sole discretion, to comply with final orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Pattern Energy Group Inc.), Purchase and Sale Agreement
Liability of Escrow Agent. a. The Escrow Agent shall have no liability responsibility to any person in connection with this Escrow Agreement, except as specifically provided, and shall not be responsible for anything done or omitted to be done by it except for its own gross negligence or willful default in the performance of any obligation imposed on it hereunder. Unless specifically provided herein, the Escrow Agent has no duty to determine or inquire into the happening or occurrence of any event or contingency or the performance or failure of performance of the other Parties with respect to arrangements or contracts with others, the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of duty hereunder being to safeguard the Escrow Funds Proposal Documents and to dispose of and deliver the same in accordance with this Escrow Agreement. If the Escrow Agent is called upon by the terms of this Agreement. Escrow Agreement to determine the occurrence of any event or contingency, the Escrow Agent may request from the other Parties or any other person such reasonable additional evidence as the Escrow Agent in its discretion may deem necessary to determine any fact relating to the occurrence of such event or contingency, and in this connection may inquire and consult with the other Parties, among others, at any time. The Escrow Agent may request an opinion of counsel for a determination of any legal issue which might arise in the performance of its duties hereunder and such opinion of counsel shall have be full and complete authorization for any action taken, suffered or omitted by the Escrow Agent in reliance thereon. This Escrow Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent hereto and no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth hereinread into this Escrow Agreement against the Escrow Agent. This Escrow Agreement constitutes the entire agreement between the Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding Parties in connection with the subject matter of this Escrow FundsAgreement, and no other agreement entered into between the Parties, or any account of them, including, without limitation, the Comprehensive Agreement, shall be considered as adopted or binding, in which whole or in part, upon the Escrow Funds are deposited, this Agreement Agent notwithstanding that any such other agreement may be deposited with the Escrow Agent or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselhave knowledge thereof.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement, Escrow Agreement
Liability of Escrow Agent. a. It is agreed that the duties of Escrow Agent are purely ministerial in nature and shall be expressly limited to safekeeping of the Escrowed Funds and for the disposition of same in accordance with the Purchase Agreement and this Escrow Agreement. The Escrow Agent shall have no liability not be liable for any action taken or obligation with respect to omitted hereunder, or for the Escrow Funds misconduct of any employee, agent or attorney appointed by it, except for Escrow Agent's in the case of willful misconduct or gross negligence. The Escrow Agent's sole responsibility Agent shall be entitled to consult with counsel of its own choosing and shall not be liable for the safekeepingany action taken, investment, and disbursement of the Escrow Funds suffered or omitted by it in accordance with the terms advice of this Agreementsuch counsel. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. The Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with responsible for the performance by the Company of its obligations under this Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company hereby agrees to indemnify Escrow Agent and the Investor(s) jointly hold it harmless from and severally shall promptly payagainst any and all claims, upon demandliabilities, the reasonable fees and expenses damages, costs, penalties, losses, actions, suits or proceedings at law or in equity, or any other expenses, fees, or charges of any such counsel.
b. Escrow Agent is hereby authorizedcharacter or nature, in its sole discretion, to comply which it may incur or with orders issued which it may be threatened directly or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, indirectly arising from or in any case any order judgment way connected with this Escrow Agreement or decree shall be made or entered by any court affecting such property or any part thereofwhich may result from Escrow Agent’s following of instructions from the Company, then and in any such eventconnection therewith, to indemnify Escrow Agent against any and all expenses, including attorneys’ fees and the costs of defending any action, suit, or proceeding or resisting any claim, whether or not litigation is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedinstituted.
Appears in 2 contracts
Samples: Escrow Agreement (Solomon Technologies Inc), Escrow Agreement (Solomon Technologies Inc)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent has no fiduciary or discretionary duties of any kind. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds except for Agreement, including without limitation the Offering Document, even if referenced herein and whether or not a copy of such document has been provided to Escrow Agent's . The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to the Issuer or gross negligencePlacement Agent. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase AgreementOffering Document, or to appear in, prosecute or defend any such legal action or proceedingproceeding or to take any other action that in Escrow Agent’s reasonable judgment may expose it to potential expense or liability. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer, Placement Agent and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer, Placement Agent or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Blue Sphere Corp.), Escrow Agreement (Blue Sphere Corp.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, Funds or any account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer, Sales Agent and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer, Sales Agent or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Uwharrie Capital Corp), Escrow Agreement (Uwharrie Capital Corp)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. (b) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Power Technology Inc/Cn), Escrow Agreement (Networth Technologies, Inc.)
Liability of Escrow Agent. a. The parties acknowledge that the Escrow Agent shall be conclusively entitled to rely, except as hereinafter set forth, upon a certificate from Purchaser or Seller as to how the Deposit (which, for purposes of this Section shall be deemed to also include any other escrowed funds held by the Escrow Agent pursuant to this Agreement) should be disbursed. Any notice sent by Seller or Purchaser (the “Notifying Party”) to the Escrow Agent shall be sent simultaneously to the other noticed parties pursuant to Section 17.1 herein (the “Notice Parties”). If the Notice Parties do not object to the Notifying Party’s notice to the Escrow Agent within ten (10) days after the Notice Parties’ receipt of the Notifying Party’s certificate to the Escrow Agent, the Escrow Agent shall be able to rely on the same. If the Notice Parties send, within such ten (10) days, written notice to the Escrow Agent disputing the Notifying Party’s certificate, a dispute shall exist and the Escrow Agent shall hold the Deposit as hereinafter provided. The parties hereto hereby acknowledge that Escrow Agent shall have no liability to any party on account of Escrow Agent’s failure to disburse the Deposit if a dispute shall have arisen with respect to the propriety of such disbursement and, in the event of any dispute as to who is entitled to receive the Deposit, disburse them in accordance with the final order of a court of competent jurisdiction, or obligation to deposit or interplead such funds into a court of competent jurisdiction pending a final decision of such controversy. The parties hereto further agree that Escrow Agent shall not be liable for failure of any depository and shall not be otherwise liable except in the event of Escrow Agent’s gross negligence or willful misconduct. The Escrow Agent shall be reimbursed on an equal basis by Purchaser and Seller for any reasonable expenses incurred by the Escrow Agent arising from a dispute with respect to the Deposit. The obligations of Seller with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall Agent are intended to be for the safekeeping, investment, binding only on Seller and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations Seller’s assets and shall not be charged with knowledge or notice or personally binding upon, nor shall any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrumentresort be had to, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction private properties of any of the provisions hereof partners, officers, directors, shareholders or beneficiaries of Seller, or of any other agreement partners, officers, directors, shareholders or its duties hereunderbeneficiaries of any partners of Seller, or relating to of any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion of Seller’s employees or instructions of such counselagents. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses obligations of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court Purchaser with respect to the Escrow FundsAgent are intended to be binding only on Purchaser and Purchaser’s assets and shall not be personally binding upon, without determination by Escrow Agent nor shall any resort be had to, the private properties of such court's jurisdiction any of the partners, officers, directors, shareholders or beneficiaries of Purchaser, or of any partners, officers, directors, shareholders or beneficiaries of any partners of Purchaser, or of any of Purchaser’s employees or agents. The parties hereto irrevocably agree that any legal action or proceeding arising out of or relating to this Section 17.15 may be brought in the matter. If any portion Courts of the Escrow Funds is at any time attached, garnished or levied upon under any court orderState of New Jersey, or in case the paymentFederal District Court for the District of New Jersey. By execution and delivery of this Agreement, assignmentthe parties hereto (including Escrow Agent) hereby irrevocably accept and submit generally and unconditionally, transfer, conveyance or delivery to the jurisdiction of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such eventaction or proceeding, Escrow Agent is authorized, and hereby waive in its sole discretion, to rely upon and comply with the case of any such order, writ judgment action or decree which it is advised by legal counsel selected by it, binding upon it, without proceeding brought in the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any courts of the parties hereto State of New Jersey, or to Federal District Court for the District of New Jersey, any other person defenses based on jurisdiction, venue or entity by reason forum non conveniens. The terms and provisions of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacatedSection 17.15 of this Agreement shall survive Closing and/or the termination of this Agreement.
Appears in 2 contracts
Samples: Agreement of Sale (Cb Richard Ellis Realty Trust), Agreement of Sale (Cb Richard Ellis Realty Trust)
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied or otherwise imposed upon or against Escrow Agent, and Escrow Agent shall not be liable except for the performance of such duties and obligations as are specifically set out in this Escrow Agreement. Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement, including, without limitation, the Asset Purchase Agreement, other than this Escrow Funds Agreement. Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that Escrow Agent's ’s gross negligence or willful misconduct was the primary cause of any loss to the Shareholder or gross negligencePurchaser. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Stock Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company Shareholder and the Investor(s) Purchaser, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . As between Shareholder and Purchaser, each shall be responsible for the payment of fifty (50%) percent of such fees and expenses. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement, Escrow Agreement
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability or obligation with respect to the Escrow Funds Escrowed Cash or the Escrowed Shares except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds Escrowed Cash or the Escrowed Shares in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow FundsEscrowed Cash or the Escrowed Shares, any account in which Escrow Funds Escrowed Cash or the Escrowed Shares are deposited, this Escrow Agreement or the Purchase Merger Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company Purchaser and the Investor(s) Company Shareholders, jointly and severally severally, shall each promptly pay, upon demand, one- half of the reasonable fees and expenses of any such counsel.
b. (b) The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow FundsEscrowed Cash or the Escrowed Shares, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds Escrowed Cash or the Escrowed Shares is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Tekgraf Inc), Pledge, Security and Escrow Agreement (Tekgraf Inc)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability duties or obligation with respect to responsibilities other than the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility ministerial duties as expressly set forth herein and no other duties and obligations shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreementimplied (fiduciary or otherwise). Escrow Agent shall have no implied duties duty to enforce any obligation of any person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any person to perform any other act. Escrow Agent shall be under no liability to the other parties hereto or to anyone else by reason of any failure on the part of any party hereto or any maker, guarantor, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. Except for amendments to this Agreement referred to below, and except for instructions given to Escrow Agent pursuant to a Joint Written Direction, Escrow Agent shall not be charged with obligated to recognize any agreement between any and all of the persons referred to herein, notwithstanding that references thereto may be made herein and whether or not it has knowledge or notice or thereof. In the event of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon conflict between the terms and provisions of this Agreement and any instrumentother agreement, not only as to its due executionEscrow Agent, validity the terms and effectiveness, but also as conditions of this Agreement shall control subject to the truth and accuracy of any information contained herein, which Section 29 hereof.
(b) Escrow Agent shall not be liable to the Company or the Dealer Manager or to anyone else for any action taken or omitted by it in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform except to the provisions extent that a court of this Agreementcompetent jurisdiction determines that Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to the Company or the Dealer Manager. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise. Escrow Agent may rely conclusively, and shall be protected in acting, upon any order, notice, instruction (including a Joint Written Direction), request, demand, certificate, opinion or advice of counsel (including counsel chosen by Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity (including the authority of the person signing or presenting the same) and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained), which is believed by Escrow Agent to be genuine and to be signed or presented by the proper person or persons. Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms thereof, unless evidenced by a writing delivered to Escrow Agent signed by the proper party or parties and, if the duties or rights of Escrow Agent are affected, unless it shall give its prior written consent thereto.
(c) Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreementany other agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. (d) Escrow Agent shall not be responsible for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of, any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement thereon, or for any description therein; nor shall Escrow Agent be responsible or liable to the other parties hereto or to anyone else in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document or property or this Agreement. Escrow Agent shall have no responsibility with respect to the use or application of any Escrow Funds paid by Escrow Agent pursuant to the provisions hereof. Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Funds or to confirm or verify the accuracy or correctness of any amounts delivered in accordance with this Agreement or the calculation of the Minimum Amount or the Maximum Amount in respect to the Escrow Funds. Escrow Agent shall not be liable to the Company or to anyone else for any loss which may be incurred by reason of any investment of any monies which it holds hereunder.
(e) Escrow Agent shall have the right to assume in the absence of written notice to the contrary from the proper person or persons that a fact or an event by reason of which an action would or might be taken by Escrow Agent does not exist or has not occurred, without incurring liability to the other parties hereto or to anyone else for any action taken or omitted, or any action suffered by it to be taken or omitted, in good faith, in reliance upon such assumption.
(f) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Energy Resources 12, L.P.), Escrow Agreement (Energy 11, L.P.)
Liability of Escrow Agent. a. (a) The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation the Prospectus or Registration Statement. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct was the primary cause of any loss to the Company, the Managing Dealer, any Soliciting Dealer or gross negligenceany subscriber. The Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Escrowed Funds in accordance with the terms of this Escrow Agreement. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. The Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which the Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall the Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Escrowed Funds, any account in which Escrow Escrowed Funds are deposited, this Agreement Escrow Agreement, the Prospectus or the Purchase AgreementRegistration Statement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, the Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any subscriber or any other agreement among the Company, the Managing Dealer, any Soliciting Dealer and/or any subscriber. The Escrow Agent shall not be responsible or liable in any manner for the performance by Company or any subscriber of their respective obligations under any subscription agreement nor shall the Escrow Agent be responsible or liable in any manner for the failure of Company, Managing Dealer or any Subscribing Dealer or any third party (including any subscriber) to honor any of the provisions of this Escrow Agreement. The Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Orange Hospitality, INC), Escrow Agreement (Orange Hospitality, INC)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and (a) Upon disbursement of the all Escrow Funds Stock held in escrow in accordance with the terms of this Agreement, Escrow Agent will be released and discharged without further obligation under this Agreement. Escrow Agent shall have has no duties other than to hold and release the Escrow Stock as contemplated hereunder. This Agreement sets forth exclusively the duties of Escrow Agent in its capacity as such and no implied duties or obligations and shall not will be charged with knowledge or notice or any fact or circumstance not specifically set forth hereinread into this Agreement against it. Escrow Agent may rely upon any instrumentwill have no liability hereunder except for acts of gross negligence, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed willful misconduct or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesfraud. Escrow Agent shall not be obligated responsible or liable in any manner whatsoever with respect to take any liability or obligation of Dynamic, ACS2, Advanced, Advanced-Dynamic, LLC or any Original ACS2 Stockholder.
(b) Escrow Agent will be under no obligation to institute or defend any action, suit or legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or to take any other action likely to involve it in expense unless first indemnified to its satisfaction. In the Purchase Agreementevent that a dispute arises, Escrow Agent may bring an interpleader action in the District Court of Davidson County, Tennessee naming the LLC, Dynamic and the Original ACS2 Stockholder(s) as parties.
(c) Escrow Agent shall be protected in acting in reliance upon any instrument or signature or telephonic communication believed to appear inbe genuine and may assume that any person purporting to give any notice, prosecute advice or defend any such legal action or proceedinginstruction in connection with the provisions hereof has been duly authorized to do so. Escrow Agent may consult legal shall be protected in acting upon advice of counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating reference to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselmatter connected herewith.
b. (d) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to for any error of the parties hereto judgement, or to for any other person act done or entity steps taken or omitted by reason it in good faith or for any mistake of such compliance even though such orderfact or law, writ judgment or decree for anything which it may be subsequently reverseddo or refrain from doing in connection herewith, modifiedexcept its own gross negligence, annulled, set aside willful misconduct or vacatedfraud.
Appears in 2 contracts
Samples: Escrow Agreement (Dynamic Associates Inc), Escrow Agreement (Dynamic Associates Inc)
Liability of Escrow Agent. a. In performing any of its duties under this Agreement, or upon the claimed failure to perform its duties hereunder, the Escrow Agent shall have no not be liable to anyone for any damages, losses, or expenses which it may incur as a result of the Escrow Agent so acting, or failing to act; provided however the Escrow Agent shall be liable for damages arising out of its willful default or misconduct or its gross negligence under this Agreement. Accordingly, the Escrow Agent shall not incur any such liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct (i) any action taken or gross negligence. Escrow Agent's sole responsibility shall omitted to be taken in good faith upon advice of its counselor counsel for the safekeeping, investment, Company which is given with respect to any questions relating to the duties and disbursement responsibilities of the Escrow Funds Agent hereunder, or (ii) any action taken or omitted to be taken in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or reliance upon any document, including any written notice or any fact or circumstance not specifically set forth herein. instructions provided for in this Escrow Agent may rely upon any instrumentAgreement, not only as to its due execution, execution and to the validity and effectiveness, effectiveness of its provisions but also as to the truth and accuracy of any information contained hereintherein, which if the Escrow Agent shall in good faith believe such document to be genuine, genuine to have been signed or presented by the a proper person or parties purporting persons and to sign the same and conform to with the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. The Company hereby agrees to indemnify and hold harmless the Escrow Agent is hereby authorizedagainst any and all losses, in its sole discretionclaims. damages, to comply with orders issued liabilities and expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements which may be incurred by it resulting from any act or process entered by any court with respect to omission of the Company; provided, however, that the Company shall not indemnify the Escrow FundsAgent for any losses, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion claims, damages, or expenses arising out of the Escrow Funds is at any time attachedAgent's willful default, garnished or levied upon under any court ordermisconduct, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to gross negligence under this Agreement.
c. If a dispute ensues between any of the parties hereto which, in the opinion of the Escrow Agent, is sufficient to justify its doing so, the Escrow Agent shall be entitled to lender into the registry or custody of any court of competent jurisdiction, including the Circuit Court of Wilson County, North Carolina, all money or property in its hands unxxx xxe terms of this Agreement., and to any other person or entity by reason of file such compliance even though legal proceedings as it deems appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such order, writ judgment or decree legal action may be subsequently reversed, modified, annulled, set aside or vacatedbrought in any such court as the Escrow Agent shall determine to have jurisdiction thereof. The Company shall indemnify the Escrow Agent against its reasonable court costs and attorneys' fees incurred in filing such legal proceedings.
Appears in 2 contracts
Samples: Subscription Escrow Agreement (Tenaya Acquisitions Co), Subscription Escrow Agreement (Tenaya Acquisitions Co)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only the ministerial duties as are expressly set forth herein and no other duties and obligations (fiduciary or otherwise) shall be implied. The Escrow Agent shall have no duty to enforce any obligation of any other person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any other person to perform any other act. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement (even though such agreement may be referenced in this Agreement) other than this Agreement. In the event of any conflict between the terms and provisions of this Agreement and any other agreement, as to the Escrow Funds Agent, the terms and conditions of this Agreement shall control subject to S ection 26 hereof. The Escrow Agent is not a party to the Underlying Agreement, is not bound by any of its terms, and has not undertaken in any way to effectuate, implement or comply with the Underlying Agreement. The Escrow Agent shall not be liable to Issuer or to anyone else for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct or gross negligencewas the primary cause of any loss to Issuer. The Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds Assets in accordance with the terms of this Agreement. The Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. The Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Assets or to confirm or verify the accuracy or correctness of any amounts deposited in accordance with this Agreement. The Escrow Agent may rely conclusively, and shall be protected in acting, upon any instrumentnotice, instruction (including a Written Direction (such as a wire transfer instruction)), request, order, judgment, certification, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, demand or other instrument or document, not only as to its due execution, validity (including the authority of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which the Escrow Agent shall believe in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall the Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action, absent gross negligence or willful misconduct by the Escrow Agent. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of the Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise, absent gross negligence or willful misconduct. The Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow FundsAssets, any account in which Escrow Funds Assets are deposited, this Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). The Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the written opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. . The Escrow Agent shall have no responsibility with respect to the use or application of any the Escrow Assets paid by the Escrow Agent pursuant to the provisions hereof. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow FundsAssets, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds Assets is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Safe & Green Development Corp), Escrow Agreement (Safe & Green Holdings Corp.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth hereinherein or in a written notice provided hereunder. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, therein which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Escrow Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, Funds or any account in which Escrow Funds are deposited, deposited or this Agreement or the Purchase Escrow Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Without limiting the generality of the foregoing, Escrow Agent shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer, Agent and/or any Subscriber. Escrow Agent shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of Issuer, Agent or any third party (including any Subscriber) to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified protected from any liability whatsoever in acting in good faith in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally Issuer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Subscription Escrow Agreement (Muscle Maker, Inc.), Subscription Escrow Agreement (Ronco Brands, Inc.)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds Funds, except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, deposit and disbursement of the Escrow Funds in accordance with the terms of this Agreementhereof. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Agreementhereof. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, or this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult with legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, hereunder and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such legal counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree as to which it is advised by legal counsel selected by it, is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto Company, Radical or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Radical Holdings Lp), Securities Purchase Agreement (Immediatek Inc)
Liability of Escrow Agent. a. A. It is agreed that the duties of Escrow Agent are purely ministerial in nature and shall have no liability or obligation with respect be expressly limited to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement safekeeping of the Escrow Funds Fund and for the disposition of same in accordance with the terms of this AgreementEscrow Agreement and the Acquisition Agreements. Each Party hereby indemnifies Escrow Agent and holds it harmless from and against any and all claims, liabilities, damages, costs, penalties, losses, actions, suits or proceedings at law or in equity, or any other expenses, fees or charges of any character or nature, which it may incur or with which it may be threatened directly or indirectly arising from or in any way connected with this Escrow Agreement or which may result from Escrow Agent’s following of instructions from a Party or Parties, and in connection therewith, indemnifies Escrow Agent against any and all expenses, including attorneys’ fees and the cost of defending any action, suit, or proceeding or resisting any claim, whether or not litigation is instituted. Escrow Agent shall have no implied duties be vested with a lien on all Escrow Funds held hereunder which is deliverable to Parties under the terms of this Escrow Agreement, for indemnification, attorneys’ fees, court costs arising from any suit, interpleader or obligations and shall not otherwise, or other expenses, fees or charges of any character or nature, which may be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. incurred by Escrow Agent may rely upon by reason of disputes arising between the Parties and/or any instrument, not only as to its due execution, validity and effectiveness, but also third party as to the truth correct interpretation of this Escrow Agreement and/or the Acquisition Agreements, and accuracy instructions given to Escrow Agent hereunder, or otherwise, with the right of Escrow Agent, regardless of the terms of the aforesaid instruments and without the necessity of instituting any information contained hereinaction, which suit, or proceeding, to hold the Escrow Fund until and unless said additional expenses, fees and charges shall be fully paid.
B. It is further agreed that Escrow Agent shall in good faith believe have the right to be genuineutilize the services of Xxxxxxx Law Group, to have been signed or presented by the person or parties purporting to sign the P.A. as its attorneys and same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, affect or in any case any order judgment way prejudice or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, limit Escrow Agent is authorized, in its sole discretion, Agent’s entitlement to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without reasonable attorney’s fees for the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason services of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, attorneys as set aside or vacatedforth in this Escrow Agreement.
Appears in 2 contracts
Samples: Asset Purchase Agreement (Ark Restaurants Corp), Asset Purchase Agreement (Ark Restaurants Corp)
Liability of Escrow Agent. a. (a) Escrow Agent shall have no liability duties or obligation with respect to responsibilities other than the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility ministerial duties as expressly set forth herein and no other duties and obligations shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreementimplied (fiduciary or otherwise). Escrow Agent shall have no implied duties duty to enforce any obligation of any person to make any payment or delivery, or to direct or cause any payment or delivery to be made, or to enforce any obligation of any person to perform any other act. Escrow Agent shall be under no liability to the other parties hereto or to anyone else by reason of any failure on the part of any party hereto or any maker, guarantor, endorser or other signatory of any document or any other person to perform such person’s obligations under any such document. Except for amendments to this Agreement referred to below, and except for instructions given to Escrow Agent pursuant to a Joint Written Direction, Escrow Agent shall not be charged with obligated to recognize any agreement between any and all of the persons referred to herein, notwithstanding that references thereto may be made herein and whether or not it has knowledge or notice or thereof. In the event of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon conflict between the terms and provisions of this Agreement and any instrumentother agreement, not only as to its due executionEscrow Agent, validity the terms and effectiveness, but also as conditions of this Agreement shall control subject to the truth and accuracy of any information contained herein, which Section 28 hereof.
(b) Escrow Agent shall not be liable to the Company or the Placement Agent or to anyone else for any action taken or omitted by it in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform except to the provisions extent that a court of this Agreementcompetent jurisdiction determines that Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to the Company or the Placement Agent. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages of any kind whatsoever (including lost profits), even if Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. The officers, directors, members, partners, trustees, employees, agents, attorneys or other representatives and Affiliates of Escrow Agent owe no duty or obligation to any party hereunder and shall have no liability to any person by reason of any error of judgment, for any act done or not done, for any mistake of fact or law, or otherwise. Escrow Agent may rely conclusively, and shall be protected in acting, upon any order, notice, instruction (including a Joint Written Direction (such as a wire transfer instruction)), request, demand, certificate, opinion or advice of counsel (including counsel chosen by Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity (including the authority of the person signing or presenting the same) and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained), which is believed by Escrow Agent to be genuine and to be signed or presented by the proper person or persons. Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms thereof, unless evidenced by a writing delivered to Escrow Agent signed by the proper party or parties and, if the duties or rights of Escrow Agent are affected, unless it shall give its prior written consent thereto.
(c) Escrow Agent shall not be obligated to take any legal or other action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreementany other agreement, or to appear in, prosecute or defend any such legal action or proceedingproceeding (whether or not it shall have been furnished with acceptable indemnification and advancement). Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute or question involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees fees, costs and expenses of any such counsel.
b. (d) Escrow Agent shall not be responsible for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of, any document or property received, held or delivered by it hereunder, or of any signature or endorsement thereon, or for any lack of endorsement thereon, or for any description therein; nor shall Escrow Agent be responsible or liable to the other parties hereto or to anyone else in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document or property or this Agreement. Escrow Agent shall have no responsibility with respect to the use or application of any Escrow Funds paid by Escrow Agent pursuant to the provisions hereof. Escrow Agent shall have no duty to solicit any payment which may be due to be paid in Escrow Funds or to confirm or verify the accuracy or correctness of any amounts delivered in accordance with this Agreement or the calculation of the Offering Amount in respect to the Escrow Funds. Escrow Agent shall not be liable to the Company or to anyone else for any loss which may be incurred by reason of any investment of any monies which it holds hereunder.
(e) Escrow Agent shall have the right to assume in the absence of written notice to the contrary from the proper person or persons that a fact or an event by reason of which an action would or might be taken by Escrow Agent does not exist or has not occurred, without incurring liability to the other parties hereto or to anyone else for any action taken or omitted, or any action suffered by it to be taken or omitted, in good faith, in reliance upon such assumption.
(f) Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Subscription Escrow Agreement, Subscription Escrow Agreement (Ampio Pharmaceuticals, Inc.)
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent has no fiduciary or discretionary duties of any kind. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct was the sole cause of any loss to the Buyer or gross negligenceSeller Representative. Escrow Agent's sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds Amount in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall not be responsible for delays or failures in performance resulting from acts beyond its control, including without limitation acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow FundsAmount, any account in which the Escrow Funds are Amount is deposited, this Escrow Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions advice of such counsel. The Company Buyer and the Investor(s) Seller Representative, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . Buyer and Seller Representative agree to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as Escrow Agent may reasonably request in connection with its duties hereunder. The Escrow Agent is hereby authorized, in its sole discretion, to comply with final orders issued or process entered by any court with respect to the Escrow FundsAmount, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds Amount is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Equity Interest Purchase Agreement, Equity Interest Purchase Agreement
Liability of Escrow Agent. a. Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. Escrow Agent has no fiduciary or discretionary duties of any kind. Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Agreement, including without limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. Escrow Funds Agent shall not be liable for any action taken or omitted by it in good faith in accordance with the terms of this Agreement except for to the extent that a court of competent jurisdiction determines that Escrow Agent's ’s fraud, bad faith, gross negligence or willful misconduct was the cause of any loss to Purchaser or gross negligenceSellers. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds and the Deposit Amount in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person Person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including, but not limited to lost profits), even if Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall not be responsible for delays or failures in performance of its obligations under this Agreement resulting from acts beyond its control, including without limitation acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters; it being understood that Escrow Agent shall use commercially reasonable efforts that are consistent with accepted practices in the banking industry to resume performances as soon as reasonably practicable under the circumstances. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof of this Agreement or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 2 contracts
Samples: Escrow Agreement (Concordia Healthcare Corp.), Escrow Agreement
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's ’s gross negligence or willful misconduct was the primary cause of any loss to Vince or gross negligenceKellwood. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent shall not be responsible or liable in any manner for the performance by any party of their respective obligations under the Underlying Agreement nor shall Escrow Agent be responsible or liable in any manner for the failure of any party to honor any of the provisions of this Escrow Agreement. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions instruction of such counsel. The Company Vince and the Investor(s) Kellwood, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised in writing by outside legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 1 contract
Liability of Escrow Agent. a. The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties shall be implied. The Escrow Agent has no fiduciary or discretionary duties of any kind. The Escrow Agent shall have no liability or obligation with respect under and no duty to inquire as to the provisions of any agreement other than this Escrow Funds Agreement, including without limitation any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except for to the extent that a court of competent jurisdiction determines that the Escrow Agent's gross negligence or willful misconduct was the sole cause of any loss to the Purchaser or gross negligenceSeller. Escrow Agent's sole responsibility shall be for the safekeeping, investment, safekeeping and disbursement of the Escrow Funds in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or of any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, genuine and to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreementsame. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages or penalties (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. Escrow Agent shall not be responsible for delays or failures in performance resulting from acts beyond its control, including without limitation acts of God, strikes, lockouts, riots, acts of war or terror, epidemics, governmental regulations, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Escrow Agreement or the Purchase Underlying Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions advice of such counsel. The Company Purchaser and the Investor(s) Seller, jointly and severally severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. . Purchaser and Seller agree to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as Escrow Agent may reasonably request in connection with its duties hereunder. The Escrow Agent is hereby authorized, in its sole discretion, to comply with final orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ writ, judgment or decree which it is advised by legal counsel selected by it, it is binding upon it, it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 1 contract
Samples: Escrow Agreement (Photomedex Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's ’s willful misconduct or gross negligence. Escrow Agent's ’s sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase 4 Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Buyer jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's ’s jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
c. Escrow Agent holds Company and Buyer harmless and indemnifies them for any claims, losses, charges, expenses, fines, or penalties, including, but not limited to, the reasonable attorneys fees and costs incurred, which may arise related to acts or omissions which are caused directly by Escrow Agent's gross negligence and intentional misconduct related to Escrow Agent's services under this Escrow Agreement.
Appears in 1 contract
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained hereintherein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and to conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damagesdamages other than for reasons of gross negligence or willful misconduct. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Standby Equity Distribution Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any the event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) Investor jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counselcounsel and Escrow Agent is hereby authorized to pay such fees and expenses from funds held in escrow.
b. The Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by the Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon itEscrow Agent, without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decreedecree in accordance with it's legal counsel's interpretation of said order, writ or decree , it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 1 contract
Samples: Escrow Agreement (American Consolidated Management Group Inc)
Liability of Escrow Agent. a. Escrow Agent shall have no liability or obligation with respect to the Escrow Funds except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent's sole responsibility shall be for the safekeeping, investment, and disbursement of the Escrow Funds in accordance with the terms of this Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice or any fact or circumstance not specifically set forth herein. Escrow Agent may rely upon any instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained herein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by the person or parties purporting to sign the same and conform to the provisions of this Agreement. In no event shall Escrow Agent be liable for incidental, indirect, special, and consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Purchase Agreement, or to appear in, prosecute or defend any such legal action or proceeding. Escrow Agent may consult legal counsel selected by it in any event of any dispute or question as to construction of any of the provisions hereof or of any other agreement or its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instructions of such counsel. The Company and the Investor(s) jointly and severally shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel.
b. Escrow Agent is hereby authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by Escrow Agent of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in any case any order judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, Escrow Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ judgment or decree which it is advised by legal counsel selected by it, binding upon it, without the need for appeal or other action; and if Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated.
Appears in 1 contract
Samples: Escrow Agreement (Alfa International Holdings Corp.)