Common use of Termination of Escrow Account Clause in Contracts

Termination of Escrow Account. (a) Except as hereinafter provided, the Escrow Account shall terminate without further action of parties upon the later of: (i) the date on which the Escrow Agent completes paying out all of the Escrow Account to the recipients, or (ii) nine (9) months from the date hereof, at which time the balance of the Escrow Account shall be distributed to the recipients. (b) In the event of any dispute or misunderstanding, Escrow Agent shall have the option to pursue any legal remedies that may be available to it, including the right to deposit the subject matter hereof in interpleader in the U.S. District Court having jurisdiction of the subject matter, and upon doing so to be absolved from all further obligations or liability hereunder. Quadriga Superfund agrees to pay to Escrow Agent all costs and expenses, including reasonable attorney’s fees, incurred by Escrow Agent in any interpleader action.

Termination of Escrow Account. (a) Except as hereinafter provided, the Escrow Account shall terminate without further action of parties upon the later of: (i) the date on which the Escrow Agent completes paying out all of the Escrow Account to the recipients, or (ii) nine (9) months from the date hereof, at which time the balance of the Escrow Account shall be distributed to the recipients. (b) In the event of any dispute or misunderstanding, Escrow Agent shall have the option to pursue any legal remedies that may be available to it, including the right to deposit the subject matter hereof in interpleader in the U.S. District Court having jurisdiction of the subject matter, and upon doing so to be absolved from all further obligations or liability hereunder. Quadriga Superfund agrees to pay to Escrow Agent all costs and expenses, including reasonable attorney’s 's fees, incurred by Escrow Agent in any interpleader action.