Escrow Foundation definition
Examples of Escrow Foundation in a sentence
The Escrow Foundation has granted a power of attorney to Issuer to vote these 10 shares.
Upon payment of the purchase price for the NedCar Shares held by Snede Holding B.V., transfer by Snede Holding B.V. to Issuer of the NedCar Shares held by Snede Holding B.V. and retransfer of the 20 NedCar Class A Shares held by the Escrow Foundation, Issuer and MMC Investment Europe B.V. will be the sole owners of all issued NedCar Shares (not including the NedCar Shares owned by NedCar), free from any Liens.
On November 29, 1991, Issuer transferred 10 NedCar Class A Shares (the "MMC ESCROW SHARES") to the Stichting Escrow Foundation NedCar (the "ESCROW FOUNDATION") in accordance with the Escrow Agreement, dated November 29, 1991, among Issuer, Volvo Car Corporation ("VCC"), the State of The Netherlands, and the Escrow Foundation.
Issuer has duly and validly exercised its rights to purchase the issued NedCar Shares currently held by Snede Holding B.V. (an affiliate of VCC), which, together with 10 NedCar Class A Shares transferred to the Escrow Foundation in respect of which VCC has been granted a power of attorney, constitute the remaining 50% of the issued NedCar Shares (not including the NedCar Shares owned by NedCar).