Delivery by the Escrow Agent. The Escrow Agent shall hold, deliver and otherwise deal with the Escrowed Property as follows: (a) Upon receipt of a certificate in the form of Exhibit A hereto, signed by Buyer and Sellers, the Escrow Agent promptly shall release and deliver: (i) from the Deposit to an account(s) specified by Sellers, by wire transfer of immediately available funds, the amount specified in such certificate; (ii) the balance of the Deposit to an account specified by Buyer, by wire transfer of immediately available funds; and (iii) the Shares to Buyer. (b) Upon receipt of a certificate in the form of Exhibit B hereto, signed by Sellers, the Escrow Agent promptly shall notify Buyer of its intent to release and deliver the Shares to Sellers and to release and deliver the Deposit to Buyer. If Buyer does not object in writing to Escrow Agent to such intent within five days after receiving notice thereof, the Escrow Agent shall release and deliver (i) the Shares to Sellers, and (ii) the Deposit to an account specified by Buyer, by wire transfer of immediately available funds. (c) Upon receipt of a certificate in the form of Exhibit C hereto, signed by Buyer, the Escrow Agent promptly shall notify Sellers of its intent to release and deliver the Shares to Sellers and to release and deliver the Deposit to Buyer. If Sellers do not object in writing to Escrow Agent to such intent within five days after receiving notice thereof, the
Appears in 2 contracts
Sources: Escrow Agreement (FMCC Acquisition Corp), Escrow Agreement (First of Michigan Capital Corp)