Common use of Right of Interpleader Clause in 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 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either to (a) withhold delivery of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court of competent jurisdiction to determine the rights of the parties hereto.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.

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to (a) withhold delivery disbursement of the Deposit until the controversy is resolved, the conflicting demands are withdrawn or its doubt is resolved or (b) institute a petition for interpleader in any court .court of competent jurisdiction to determine the rights of the parties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.