Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 3 contracts
Samples: Asset Purchase Agreement (Grey Wolf Inc), Consent Agreement (Greenbriar Corp), Escrow Agreement (American Telesource International Inc)
Right of Interpleader. Should any controversy arise involving Samsung, Staktek and the parties hereto or any of them Agent or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent the Agent fail to be designated as provided in Section 15 16 hereof, or if Escrow the Agent should be in doubt as to what action to take, Escrow the Agent shall have the right, but not the obligation, either to (a) withhold delivery disbursement of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court .court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow the Agent is a party to any dispute, Escrow the Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow the Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties Staktek and Samsung hereby agree, jointly and severally agree severally, to reimburse Escrow the Agent for its attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by Escrow the Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder. Each of Staktek and Samsung agree to contribute half of the funds necessary to comply with the reimbursement obligation of this Section 9.
Appears in 3 contracts
Samples: Agreement, Equity Purchase Agreement (Staktek Holdings Inc), Equity Purchase Agreement (Staktek Holdings Inc)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositEscrow Fund, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Escrow Fund in dispute until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved resolved, or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositEscrow Fund, the losing party of the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Pool Energy Services Co), Escrow Agreement (Gonsoulin Alton Anthony Jr)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 18 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit or the taking of any other action hereunder until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved resolved, in any event to the satisfaction of Escrow Agent, and Escrow Agent shall not in any event be or become liable for its refusal or failure to act during such period and/or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties Entity hereby jointly and severally agree agrees to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 2 contracts
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositEscrow Fund, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Escrow Fund in dispute until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved resolved, or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositEscrow Fund, the losing party of the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Escrow Agreement (Nabors Holding Co)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, then, as between (a) the Other Parties on the one hand and (b) Escrow Agent on the other, the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositAsset Purchase Agreement, or should a substitute escrow agent fail to be designated as provided in Section 15 14 hereof, or if the Escrow Agent should be in doubt as to what action to take, the Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit cash, or the taking of any other action hereunder until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved resolved, in any event to the satisfaction of the Escrow Agent, and the Escrow Agent shall not in any event be or become liable for its refusal or failure to act during such period and/or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event the Escrow Agent is a party to any dispute, the Escrow Agent shall have the additional right to refer such controversy to binding arbitrationarbitration by giving written notice to the Purchaser and the Seller (the “Arbitration Notice”) that the issue shall be determined by binding arbitration pursuant to the rules and procedures of the American Arbitration Association, which rules and procedures are hereby incorporated by reference for this purpose. Should a petition for interpleader be instituted, or should the Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties Purchaser and the Seller each hereby jointly and severally agree to reimburse the Escrow Agent for its attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by the Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder. 10.
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto Parties or any of them or any other person, firm or entity with respect to this Escrow Agreement Agreement, the Deposit or the Depositan Objection Notice, or should a substitute escrow agent fail to be designated as provided in Section 15 18 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties heretoParties. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitrationarbitration provided that in such circumstances, Escrow Agent shall institute a petition for interpleader. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositDeposit (other than in the case of Escrow Agent’s bad faith, willful misconduct or gross negligence), the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Escrow Agreement (Geokinetics Inc)
Right of Interpleader. Should any controversy arise involving the parties hereto Parties or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositEscrow Funds, or should a substitute escrow agent fail to be designated as provided in Section 15 hereof14, or if the Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) to withhold delivery of the Deposit Escrow Funds until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) to institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitrationParties. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositEscrow Funds, the Other Escrow Parties hereby jointly and severally agree to reimburse the Escrow Agent for its attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Membership Interest Contribution Agreement (Eagle Rock Energy Partners L P)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its reasonable attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Asset Purchase Agreement (Mississippi Chemical Corp /MS/)
Right of Interpleader. Should any controversy arise involving between or among the parties hereto or any of them Contract Parties or any other person, firm or entity with respect to this Escrow Agreement Agreement, the Deed, the Deposit, or any part thereof, or the right of any party or other person to receive the Deed or the Deposit, or should a substitute escrow agent the Escrow Agent resign and the Contract Parties fail to be designated as provided in Section 15 hereofdesignate another escrow agent, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to to: (a) withhold delivery of the Deposit Assignment until the controversy is resolved, the conflicting demands are withdrawn withdrawn, or its doubt is resolved resolved, or (b) institute a petition for bill of interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for bill of interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with on account of this Agreement, then, as between themselves and Escrow Agreement or the DepositAgent, the Other Contract Parties hereby jointly and severally agree hereby bind and obligate themselves, their successors and assigns, to reimburse pay to Escrow Agent for its attorneys' attorney’s fees and any and all other disbursements, expenses, losses, costs and damages incurred by of Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunderlitigation.
Appears in 1 contract
Samples: Escrow Agreement
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositSource Code, or should a substitute escrow agent fail to be designated as provided in Section 15 17 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Source Code until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositSource Code, then, as between (a) Licensor and Licensee on the Other Parties one hand and (b) Escrow Agent on the other, Licensor and Licensee hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Field Development Agreement (Geopetro Resources Co)
Right of Interpleader. Should any controversy arise involving the parties hereto between or any of them among Seller and Buyer or any other person, firm or entity with respect to this Agreement, the Escrow Agreement Account or the Deposit, or any part thereof, or the right of any party or other person to receive the Deposit, or should a substitute escrow agent Seller and Buyer fail to be designated designate another Escrow Agent as provided in Section 15 16 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn withdrawn, or its doubt is resolved resolved, or (b) institute a petition for xxxx of interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In The right of the event Escrow Agent to institute such a xxxx of interpleader shall not, however, be deemed to modify the manner in which Escrow Agent is a party entitled to any dispute, Escrow Agent shall have make disbursements of the additional right Deposit as hereinabove set forth other than to refer tender the Deposit into the registry of such controversy to binding arbitrationcourt. Should a petition for xxxx of interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with on account of this Agreement, the Escrow Agreement Account or the Deposit, the Other Parties hereby then, as between themselves and Escrow Agent, Seller and Buyer jointly and severally agree hereby bind and obligate themselves, their successors and assigns, to reimburse pay to Escrow Agent for its attorneys' fees and any and all other disbursements, expenses, losses, costs and damages incurred by of Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunderlitigation.
Appears in 1 contract
Samples: Escrow Agreement (Nathaniel Energy)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties Company and each of the Investors hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Escrow Agreement (Vialink Co)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositDeposits, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if the Escrow Agent should be in doubt as to what action to take, the Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event the Escrow Agent is a party to any dispute, the Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should the Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositDeposits, the Other Parties Company hereby jointly and severally agree agrees to reimburse the Escrow Agent for its reasonable attorneys' ’ fees and any and all other expenses, losses, costs and damages incurred by the Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder, except as such fees, expenses, losses, costs and damages result from the willful misconduct or gross negligence of the Escrow Agent.
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto between or any of them among Depositors or any other person, firm or entity with respect to this Escrow Agreement or the DepositEscrowed Documents, or any part thereof, or the right of any party or other person to receive the Escrowed Documents, or should a substitute escrow agent Depositors fail to be designated designate another Escrow Agent as provided in Section 15 17 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Escrowed Documents until the controversy is resolved, the conflicting demands are withdrawn withdrawn, or its doubt is resolved resolved, or (b) institute a petition for xxxx of interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In The right of the event Escrow Agent to institute such a xxxx of interpleader shall not, however, be deemed to modify the manner in which Escrow Agent is a party entitled to any dispute, Escrow Agent shall have make disbursements of the additional right Escrowed Documents as hereinabove set forth other than to refer tender the Escrowed Documents into the registry of such controversy to binding arbitrationcourt. Should a petition for xxxx of interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with on account of this Escrow Agreement or the DepositEscrowed Documents, the Other Parties hereby then, as between themselves and Escrow Agent, Depositors jointly and severally agree hereby bind and obligate themselves, their successors and permitted assigns, to reimburse pay to Escrow Agent for its attorneys' ’ fees and any and all other disbursements, expenses, losses, costs and damages incurred by of Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunderlitigation.
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositEscrowed Interest, or should a substitute escrow agent fail to be designated as provided in Section 15 5 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Escrowed Interest until the controversy is resolved, the conflicting demands are withdrawn withdrawn, or its doubt is resolved resolved, or (b) institute a petition for xxxx of interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party Any dispute arising under or relating to any dispute, Escrow Agent this Agreement shall have the additional right to refer such controversy be referred to binding arbitrationarbitration in accordance with the terms of the Purchase and Sale Agreement. Should a petition for xxxx of interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositEscrowed Interest, the Other Parties hereby jointly and severally parties agree to reimburse that Escrow Agent for shall be entitled to receive its attorneys' attorney's fees and any and all other disbursements, expenses, losses, costs and damages incurred by of Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Delta Petroleum Corp/Co)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the DepositEscrowed Stock, or should a substitute escrow agent fail to be designated as provided in Section 15 17 hereof, or if the Escrow Agent should shall be in doubt as to what action to take, the Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Escrowed Stock until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event the Escrow Agent is a party to any dispute, the Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should the Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositEscrowed Stock, then, as between (a) TBC and LG Chem on the Other Parties one hand and (b) the Escrow Agent on the other, TBC and LG Chem hereby jointly and severally agree to reimburse the Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by the Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunderarbitration.
Appears in 1 contract
Samples: Common Stock Purchase Agreement (Texas Biotechnology Corp /De/)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if the Escrow Agent should be in doubt as to what action to take, the Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any a court of competent jurisdiction to determine the rights of the parties hereto. In hereto and pay into such court all applicable funds held by the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitrationfor holding and disbursement. Should a petition for interpleader be instituted, or should the Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties hereby jointly and severally agree to reimburse the Escrow Agent for its reasonable attorneys' ’ fees and any and all other reasonable and documented expenses, losses, costs and damages incurred by the Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunderhereunder (other than any such threatened or actual litigation that results from a material breach by the Escrow Agent of this Escrow Agreement or the gross negligence, willful misconduct or fraud of the Escrow Agent).
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 16 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved resolved, or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, then, as between (a) the Other Parties other parties hereto on the one hand and (b) Escrow Agent on the other, such other parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder. The parties agree that upon any interpleader of the Arkansas Deposit or the Litigation Deposit, or any portion thereof, such assets shall remain subject to this Escrow Agreement, mutatis mutandis, notwithstanding the fact that the Escrow Agent is no longer in possession of them.
Appears in 1 contract
Samples: Agreement and Plan of Exchange (Advanced Communications Group Inc/De/)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 12 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties ATSI and Xxxxxx hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Samples: Escrow Agreement (American Telesource International Inc)
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm or entity with respect to this Escrow Agreement or the Deposit, or should a substitute escrow agent fail to be designated as provided in Section 15 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved resolved, or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the Deposit, the Other Parties hereby jointly and severally agree to reimburse Escrow Agent for its attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.to
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving the parties hereto or any of them or any other person, firm firm, or entity with respect to this Escrow Agreement or the DepositEscrowed Funds, or should a substitute escrow agent fail to be designated as provided in Section 15 hereof, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to (a) withhold delivery of the Deposit Escrowed Funds until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with this Escrow Agreement or the DepositEscrowed Funds, the Other Parties Redwood and Hanover hereby jointly and severally agree to reimburse Escrow Agent for its reasonable attorneys' fees and any and all other expenses, losses, costs and damages incurred by Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunder.
Appears in 1 contract
Right of Interpleader. Should any controversy arise involving between or among the parties hereto or any of them Contract Parties or any other person, firm or entity with respect to this Escrow Agreement Agreement, the Deed, the Deposit, or any part thereof, or the right of any party or other person to receive the Deed or the Deposit, or should a substitute escrow agent the Escrow Agent resign and the Contract Parties fail to be designated as provided in Section 15 hereofdesignate another escrow agent, or if Escrow Agent should be in doubt as to what action to take, Escrow Agent shall have the right, but not the obligation, either to to: (a) withhold delivery of the Deposit Assignment until the controversy is resolved, the conflicting demands are withdrawn withdrawn, or its doubt is resolved resolved, or (b) institute a petition for xxxx of interpleader in any court of competent jurisdiction to determine the rights of the parties hereto. In the event Escrow Agent is a party to any dispute, Escrow Agent shall have the additional right to refer such controversy to binding arbitration. Should a petition for xxxx of interpleader be instituted, or should Escrow Agent be threatened with litigation or become involved in litigation or binding arbitration in any manner whatsoever in connection with on account of this Agreement, then, as between themselves and Escrow Agreement or the DepositAgent, the Other Contract Parties hereby jointly and severally agree hereby bind and obligate themselves, their successors and assigns, to reimburse pay to Escrow Agent for its attorneys' attorney’s fees and any and all other disbursements, expenses, losses, costs and damages incurred by of Escrow Agent in connection with or resulting from such threatened or actual litigation or arbitration prior to any disbursement hereunderlitigation.
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Samples: Escrow Agreement