Creation of Escrow. Parent hereby directs the Escrow Agent, at the Effective Time, in its capacity as trustee under the Trust Agreement, to transfer to the Escrow Agent, out of the Trust Funds otherwise payable to Parent pursuant to the Trust Agreement, an amount equal to the Escrowed Amount. The Escrow Agent hereby agrees to accept the Escrowed Amount and hold the same in escrow pursuant to the terms of this Agreement. The Escrow Agent and the other parties hereto agree that all Escrowed Funds held hereunder shall be held for the account of the Parent Indemnified Stockholders for purposes of payment to the Parent Indemnified Stockholders as required under Article IV hereunder and, if not so paid, for the account of Parent to be used as Parent shall determine.
Appears in 3 contracts
Samples: Indemnification and Escrow Agreement (Millstream Acquisition Corp), Indemnification and Escrow Agreement (Millstream Acquisition Corp), Indemnification and Escrow Agreement (RGGPLS Holding, Inc.)
