Appointment of an Escrow Agent. The parties shall appoint Maitre Thierry Assant-Lechevallier, notary, who participates herein and agrees to act as the Escrow Agent for the funds corresponding to the price mentioned above. The Escrow Agent shall hold in escrow the funds until they become available to the Vendor after the completion of the legal formalities. The Vendor shall not receive the funds being held in escrow until he proves that there is no encumbrance upon the assets sold or objection to the payment of the price. Furthermore, he may collect the price only upon evidence of the performance of his tax obligations, and of payment of any taxes relating to the operation of the business and sales taxes. Upon completion of his assignment, the Escrow Agent may deliver to the Vendor, without the presence of the Purchaser, either the full price in the event that there has been no encumbrance or objection, or the amount remaining after the payment of debts and costs.
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Appointment of an Escrow Agent. The parties shall appoint Maitre Thierry Assant-Lechevallier, notary, who participates herein and agrees to act as the Escrow Agent for of the funds corresponding to the price mentioned above. The Escrow Agent shall hold in escrow the funds until they become available to the Vendor after the completion of the legal formalities. The Vendor shall not receive the funds being held in escrow until he proves that there is no encumbrance upon the assets sold or objection to the payment of the price. Furthermore, he may collect the price only upon evidence of the performance of his tax obligations, and of payment of any taxes relating to the operation of the business and sales taxes. UNOFFICIAL TRANSLATION COPY Upon completion of his assignment, the Escrow Agent may deliver to the Vendor, without the presence of the Purchaser, either the full price in the event that there has been no encumbrance or objection, or the amount remaining after the payment of debts and costs.
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