Transfer of Escrow Receipt Clause Samples
The Transfer of Escrow Receipt clause defines the process by which the rights to an escrowed item, such as funds or documents, are formally transferred from one party to another. Typically, this clause outlines the conditions under which the escrow agent will issue a receipt confirming the transfer, and may specify the documentation or approvals required for the transfer to be recognized. Its core practical function is to provide a clear and verifiable record of the transfer, ensuring that all parties have evidence of the transaction and reducing the risk of disputes regarding ownership or delivery.
Transfer of Escrow Receipt. At the Escrow Agent’s request under the Escrow Agreement, the Trustee shall affix the corresponding Escrow Receipt to each Applicable Certificate. In any event, any transfer or exchange of any Applicable Certificate shall also effect a transfer or exchange of the related Escrow Receipt. Prior to the Final Withdrawal Date, no transfer or exchange of any Applicable Certificate shall be permitted unless the corresponding Escrow Receipt is attached thereto and is also so transferred or exchanged. By acceptance of any Applicable Certificate to which an Escrow Receipt is attached, each Holder of such a Applicable Certificate acknowledges and accepts the restrictions on transfer of the Escrow Receipt set forth herein and in the Escrow Agreement.