Common use of The Escrow Clause in Contracts

The Escrow. 3.1 The Respondent shall be required, in accordance with the CRTSA, to deposit an amount equal to the Security Amount as escrow amount to the account number [●] of the Escrow Agent with [●] (bank clearing Nr. [●], SWIFT code: [●]) (the “Escrow Account”) in accordance with GC 16.2(v) of the CRTSA, i.e., within 10 (ten) calendar days after the appointment of the arbitrators becoming effective pursuant to Art. 5.1 of the Swiss Rules. 3.2 Carrier and Shipper hereby undertake to provide the Escrow Agent at the Escrow Agent's first written request with any such information and documentation as the Escrow Agent at its sole discretion may require in order to comply with applicable Swiss law regarding the prevention of money laundering, including, but not limited to, the disclosure of Carrier's and Xxxxxxx's beneficial owners. 3.3 Any interest paid by the bank carrying the Escrow Account in respect of the Security Amount and interest generated by investing the Security Amount in fiduciary deposits pursuant to article 5.1 hereinafter, less applicable taxes, fees and charges, shall upon credit to the Escrow Account automatically become part of the Security Amount and shall be distributed as provided for hereinafter.

The Escrow. 3.1 The Respondent shall be required, in accordance with the CRTSA, to deposit an amount equal to the Security Amount as escrow amount to the account number [●] of the Escrow Agent with [●] (bank clearing Nr. [●], SWIFT code: [●]) (the “Escrow Account”) in accordance with GC 16.2(v) of the CRTSA, i.e., within 10 (ten) calendar days after the appointment of the arbitrators becoming effective pursuant to Art. 5.1 of the Swiss Rules. 3.2 Carrier and Shipper hereby undertake to provide the Escrow Agent at the Escrow Agent's first written request with any such information and documentation as the Escrow Agent at its sole discretion may require in order to comply with applicable Swiss law regarding the prevention of money laundering, including, but not limited to, the disclosure of Carrier's and XxxxxxxShipper's beneficial owners. 3.3 Any interest paid by the bank carrying the Escrow Account in respect of the Security Amount and interest generated by investing the Security Amount in fiduciary deposits pursuant to article 5.1 hereinafter, less applicable taxes, fees and charges, shall upon credit to the Escrow Account automatically become part of the Security Amount and shall be distributed as provided for hereinafter.