Escrow Account definition
Examples of Escrow Account in a sentence
The powers, immunities and rights to indemnification granted to the Representative Group hereunder: (i) are coupled with an interest and shall be irrevocable and survive the death, incompetency, bankruptcy or liquidation of any Stockholders and shall be binding on any successor thereto, (ii) shall survive the Closing and (iii) shall survive the delivery of an assignment by any Stockholder of the whole or any fraction of his, her or its interest in the Escrow Account.
The foregoing includes, but is not limited to, recovery for claims that are not limited by the Escrow Account, and fee shifting and/or prevailing party provisions in connection with any dispute.
Agent is authorized to, and may deduct from any cash in the Escrow Account, from time to time, the amount of any compensation and reimbursement of expenses due and payable hereunder (including any amount to which Agent or any other Indemnified Party is entitled to seek indemnification hereunder).
Agent shall notify Depositor and Recipient of any release from the Escrow Account to itself or any other Indemnified Party in respect of any compensation or reimbursement hereunder and shall furnish Depositor and Recipient copies of related invoices and other statements.
Any cash held in the Escrow Account pursuant to Section 3(d) shall be deemed “Escrow Funds” for all purposes of this Agreement and shall be subject to the same terms, conditions, restrictions, and disbursement provisions applicable to the Depositor Common Stock originally deposited.