Reporting of Income. The Escrow Agent shall report to the Sellers and the Internal Revenue Service, as of each calendar year-end, all income earned from the investment of any sum held in the Escrow Account as income of the Sellers, whether or not said income has been distributed during such year, as and to the extent required by law. Escrow Agent shall withhold any taxes it deems appropriate in its reasonable discretion and shall remit such taxes to the appropriate authorities.
Appears in 3 contracts
Samples: Equity Purchase Agreement (Mine Safety Appliances Co), Asset Purchase Agreement (Mine Safety Appliances Co), Share Purchase Agreement (Mine Safety Appliances Co)
Reporting of Income. The Escrow Agent shall report to the Sellers and the Internal Revenue Service, as of each calendar year-end, all income earned from the investment of any sum held in the Escrow Account as income of the against Sellers, whether or not said income has been distributed during such year, as and to the extent required by law. Escrow Agent shall withhold any taxes it deems appropriate in its reasonable discretion and shall remit such taxes to the appropriate authorities.
Appears in 1 contract
Reporting of Income. The Escrow Agent shall report to the Sellers and the ------------------- Internal Revenue Service, as of each calendar year-end, all income earned from the investment of any sum held in as the Escrow Account as income of Funds against the SellersSellers in accordance with their Percentage Interests, whether or not said income has been distributed during such year, as and to the extent required by law. Escrow Agent shall withhold any taxes it deems appropriate in its reasonable discretion and shall remit such taxes to the appropriate authorities.
Appears in 1 contract
Samples: Stock Purchase Agreement (Windy Hill Pet Food Co Inc)
