Escrow Agent definition
Examples of Escrow Agent in a sentence
Subject to and immediately following the Closing, Parent, Buyer and Guarantor shall direct the Escrow Agent to release the Escrow Amount to Guarantor, to be delivered pursuant to the terms of the Escrow Agreement.
The Escrow Agent shall release funds from the Escrow Accounts only upon the receipt of (i) joint written instructions executed by the Sellers’ Representatives and Purchaser directing funds to be distributed to Purchaser, by the Sellers’ Representatives (on behalf of Sellers) or any other identified party, or (ii) a written order from an arbitrator or court of competent jurisdiction with directions to disburse such funds to the parties indicated in such order.
Each Stockholder further agrees that Stockholders’ Representative shall be entitled to cause the Escrow Agent to pay over to Stockholders’ Representative, from the amounts then held in the Escrow Account, the amount of any fees or expenses for which Stockholders’ Representative is entitled to reimbursement pursuant to this Agreement or any other amount payable by such Stockholder hereunder.
The foregoing fees are due and payable to the Placement Agent immediately upon the Closing and shall be disbursed to the Placement Agent by the Escrow Agent (as that term is defined in the Escrow Agreement) simultaneously with the delivery of the proceeds of the Financing Transaction into the bank account of the Company.
Effective as of the Closing, Seller and Buyer shall enter into the Escrow Agreement with the Escrow Agent.