Escrow Establishment Clause Samples
The Escrow Establishment clause defines the requirement for setting up an escrow account to hold funds or assets during the course of a transaction. Typically, this clause outlines the responsibilities of the parties in selecting an escrow agent, depositing the agreed-upon assets, and specifying the conditions under which the escrowed items will be released. By doing so, it ensures that both parties are protected against non-performance or breach, providing a neutral mechanism to safeguard interests until contractual obligations are fulfilled.
Escrow Establishment. If, pursuant to Section 6(a) (Seller's Obligation to Provide Models) of this Attachment B (Facility Owned by Seller), the Required Models are provided to the Company in a form other than Source Code, Seller shall arrange for and ensure that the Source Code for the relevant Required Model is deposited into the Source Code Escrow as set forth below in Section 6(b)(i) (Source Code Escrow) of this Attachment B (Facility Owned by Seller) no later than the time periods set forth in Section 6(a) (Seller's Obligation to Provide Models) of this Attachment B (Facility Owned by Seller) for delivery of the Required Models. Seller shall be responsible for all costs associated with establishing and maintaining the Source Code Escrow. If, however, Seller is unable to deposit the required Source Code into the Source Code Escrow within the time periods set forth in Section 6(a) (Seller's Obligation to Provide Models), Seller shall, no later than such time periods, instead establish a monetary escrow as set forth below in Section 6(b)(ii) (Monetary Escrow) of this Attachment B (Facility Owned by Seller).
Escrow Establishment. If Supplier is unable to provide the Source Code directly to Company, due to its agreement with the Source Code Owner or otherwise, Supplier shall arrange for and ensure that the Source Code is deposited into the Source Code Escrow as set forth in Section 5.1(b)(1) (Source Code Escrow) no later than the time periods set forth in Section 5.1(a) (Supplier’s Obligation to Provide Source Code). Supplier shall be responsible for all costs associated with establishing and maintaining the Source Code Escrow.
Escrow Establishment. In accordance with Section 2.10 of the Master Restructuring Agreement, if XL does not receive an SCA Shareholder Entity Formation Conditions Certificate from SCA and XLCA at or prior to the Closing, XL shall deliver the Escrow Property to the Escrow Agent, the delivery of which by XL shall be absolute, irrevocable and unconditional. Upon the receipt of the Escrow Property at the Closing, the Escrow Agent shall acknowledge receipt of the Escrow Property by delivering the acknowledgment attached hereto as Schedule A.
Escrow Establishment. The Compliance Attorney shall receive the Certificate of 500,000 shares of Company's Series C Preferred Stock, par value $0.001 per share and shall hold those shares in escrow and subject to the terms of this agreement. The Certificate representing the escrowed Series C Preferred Stock ("Certificate" and collectively "Certificates") shall be accompanied by proper documentation to allow the Compliance Attorney to fulfill their obligations under Section II of this Agreement such as Stock Powers.
Escrow Establishment. If, pursuant to Section 6.a. (Seller's Obligation to Provide Models) of this Attachment B (Facility Owned by Seller), the Required Models are provided to the Company in a form other than Source Code, Seller shall arrange for and ensure that the Source Code for the relevant Required Model is deposited into the Source Code Escrow as set forth below in Section 6.b.i. (Source Code Escrow) no later than the time periods set forth in Section 6.a. (Seller's Obligation to Provide Models) for delivery of the Required Models. Seller shall be responsible for all costs associated with establishing and maintaining the Source Code Escrow. If, however, ▇▇▇▇▇▇ is unable to deposit the required Source Code into the Source Code Escrow within the time periods set forth in Section 6.a. (Seller's Obligation to Provide Models), Seller shall, no later than such time periods, instead establish a monetary escrow as set forth below in Section 6.b.ii. (Monetary Escrow) of this Attachment B (Facility Owned by Seller).