Common use of Escrow Documents Clause in Contracts

Escrow Documents. The Escrow Agent shall hold the documents delivered to it by Sellers pursuant to Article 6.03(a) ("Sellers' Documents") and by Buyer, pursuant to Article 6.03(b) ("Buyers' Documents") in escrow subject to the terms of an escrow agreement ("Escrow Agreement") in the form annexed hereto as Schedule 7.04. The Sellers' Documents and the Buyers' Documents are jointly referred to herein as the "Escrow Documents". The Escrow Agreement shall incorporate by reference the following terms and conditions; (a) Upon receipt prior to 5:00 p.m. on September 30, 1997, of (i) confirmation of the Wire Transfers; (ii) either confirmation from Blue Bird of the extension of the Blue Bird Franchise Agreements through the period ending August 30, 1998 or a notice from Buyer stating that it has waived such confirmation; and (iii) confirmation either of (x) satisfaction of all indebtedness of the Companies for borrowed money and all performance bonds, payment for which is guaranteed by the Sellers; or (y) confirmation that such guarantees have been terminated; the Escrow Agent shall simultaneously: (i) deliver the Sellers' Documents to Buyer by delivery of same to Silverman, Collura, ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇ at the address provided in Section 9.05; (ii) deliver the Buyers' Documents to Sellers' by delivery to same to ▇▇▇▇▇ ▇▇▇▇▇▇▇, Esq. at the address provided in Section 9.05. (b) In the event the Escrow Agent has not received, by 5:00 p.m., September 30, 1997, the confirmations referred to in subparagraph (a) of this section, the Escrow Agent shall (x) deliver the Sellers' Documents to Sellers by delivery of the same to ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇; and (ii) deliver the Buyer's Documents to Buyer by delivery of the same to Silverman, Collura, ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, P.C.