Escrow Funds definition
Examples of Escrow Funds in a sentence
Notwithstanding the above, to the extent any Escrow Funds are released to the Exchange Agent for further delivery to the Stockholders, Agent shall not be responsible for any required reporting with respect to such release to the Stockholders.
Depositor shall report all interest or other income, if any, that is earned on the Escrow Funds as income of Depositor in the taxable year or years in which such income is properly includable in Depositor’s gross income and shall pay any and all taxes attributable thereto.
This Agreement constitutes the entire agreement between the signatory parties hereto relating to the holding and disbursement of the Escrow Funds and sets forth in their entirety the obligations and duties of Agent with respect to the Escrow Funds.
Agent may resign and be discharged from the performance of its duties hereunder at any time by giving thirty (30) days’ prior written notice to Depositor and Recipient specifying a date when such resignation shall take effect and, after the date of such resignation notice, notwithstanding any other provision of this Agreement, Agent’s sole obligation will be to hold the Escrow Funds pending appointment of a successor Agent.
Agent shall have no liability to Depositor or Recipient for suspension of performance or deposit of the Escrow Funds with the court, specifically including any liability or claimed liability that may arise due to any delay in any other action required or requested of Agent caused by the Agent’s good faith actions in accordance with this Section 5, except for such delays or actions resulting from Agent’s fraud, gross negligence or willful misconduct.