Common use of Interpleader Action Clause in Contracts

Interpleader Action. In the event of any disagreement between Sellers and Purchaser about the interpretation of this Agreement, or about the rights and obligations or the propriety of any action contemplated by the Escrow Agent hereunder or upon the resignation of the Escrow Agent and the failure of the parties hereto to timely engage a successor, the Escrow Agent may, at its sole discretion, file an action or bill in interpleader in the U.S. Bankruptcy Court to determine the rig▇▇▇ of the parties hereto and deposit the balance of the Escrow Account with such court. The Escrow Agent shall be indemnified by the parties hereto, jointly and severally, for all costs, including reasonable attorney's fees, in connection with the aforesaid interpleader action.

Interpleader Action. In the event of any disagreement between Sellers and Purchaser the Lenders about the interpretation of this Agreement, or about the rights and obligations or the propriety of any action contemplated by the Escrow Agent hereunder or upon the resignation of the Escrow Agent and the failure of the parties hereto to timely engage a successor, the Escrow Agent may, at its sole but reasonable discretion, file an action or bill b▇▇▇ in interpleader in the U.S. Bankruptcy Court any court of competent jurisdiction to determine the rig▇▇▇ rights of the parties hereto and deposit the balance of the Escrow Account with such court. The Escrow Agent shall be indemnified by the parties hereto, jointly and severally, for all costs, including reasonable attorney's ’s fees, in connection with the aforesaid interpleader action.