Initial Escrow Deposit definition
Examples of Initial Escrow Deposit in a sentence
In the event of termination of this Agreement by Buyer pursuant to this Section, the Initial Escrow Deposit together with all interest accrued thereon shall be returned to Buyer and the parties shall be released and discharged from any further obligation hereunder.
If, after the expiration of such extension period the lost or damaged property has not been fully repaired, replaced or restored to Buyer's satisfaction, Buyer may terminate this Agreement, in which event the Initial Escrow Deposit and all interest earned thereon shall be returned to Buyer and the parties shall be released and discharged from any further obligation hereunder.
The Initial Escrow Deposit shall be held in an interest-bearing account and disbursed by Initial Escrow Agent pursuant to the terms of an escrow agreement in the form attached hereto as Exhibit 1 (the "Initial Escrow Agreement"), which Initial Escrow Agreement has been entered into by Seller, Buyer and Initial Escrow Agent simultaneously herewith.
The Escrow Agent acknowledges receipt of an executed copy of the Stockholders' Agreement and the amount set forth opposite each Stockholder's name under the "Initial Escrow Deposit" column of Schedule A hereto (with respect to each Stockholder, such Stockholder's "Initial Escrow Deposit") from or on behalf of the Stockholders as provided in Section 9 of the Stockholders' Agreement.
As used herein, the term "Escrow Deposit" shall mean the Initial Escrow Deposit and, from and after the deposit thereof, the Additional Escrow Deposit, together with all interest earned on such deposits while the same are held by Escrow Holder hereunder.