Discharge of Escrow Agent Sample Clauses
The "Discharge of Escrow Agent" clause defines the conditions and process by which the escrow agent is formally released from their duties and obligations under the escrow agreement. Typically, this occurs once the agent has fulfilled all responsibilities, such as transferring funds or documents to the appropriate parties as specified in the agreement. The clause may also outline any required notifications or documentation to confirm the agent's discharge. Its core function is to provide clarity and finality regarding the escrow agent's role, ensuring that all parties understand when the agent's involvement ends and limiting the agent's ongoing liability.
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Discharge of Escrow Agent. Upon the delivery of all of the subject matter or monies pursuant to the terms of this Escrow Agreement, the duties of Escrow Agent shall terminate and Escrow Agent shall be discharged from any further obligation hereunder.
Discharge of Escrow Agent. Upon delivery of all of the Escrow Fund pursuant to the terms of Section 3 above or to a successor escrow agent, the Escrow Agent shall thereafter be discharged from any further obligations hereunder. The Escrow Agent is hereby authorized, in any and all events, to comply with and obey any and all final judgments, orders and decrees of any court of competent jurisdiction which may be filed, entered or issued, and all final arbitration awards and, if it shall so comply or obey, it shall not be liable to any other person by reason of such compliance or obedience.
Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.
Discharge of Escrow Agent. Purchaser and the Seller may, upon joint written instructions executed by each of Purchaser and Seller, discharge the Escrow Agent and appoint a new escrow agent. The Escrow Agent shall, upon receipt of such instructions and payment of any fees and costs then due, transfer the Escrow Fund in accordance with such instructions, and thereafter, the Escrow Agent shall have no further liability with respect to the Escrow Fund. If the Escrow Agent at any time is discharged, then a successor Escrow Agent shall be jointly selected by Purchaser and Seller, or if Purchaser and Seller cannot agree, the successor Escrow Agent shall be selected by the existing Escrow Agent. Any successor Escrow Agent shall be a title insurance company or a national banking association with its principal place of business located in the United States.
Discharge of Escrow Agent. Upon the delivery of all of the Aggregate Indemnity Shares and Aggregate Cash Amount pursuant to the terms of Section 3 above or to a successor escrow agent, the Escrow Agent shall thereafter be discharged from any further obligations hereunder. The Escrow Agent is hereby authorized, in any and all events, to comply with and obey any and all final judgments, orders and decrees of any court of competent jurisdiction which may be filed, entered or issued, and all final arbitration awards and, if it shall so comply or obey, it shall not be liable to any other Person by reason of such compliance or obedience.
Discharge of Escrow Agent. Upon disbursement of all of the Deposit pursuant to the terms of Sections ARTICLE V and ARTICLE VI above or delivery thereof to a successor escrow agent in accordance with this Agreement, Escrow Agent shall thereafter be discharged from any further obligations hereunder, except pursuant to Section 8.2. With respect to the Primary Escrow Account, Escrow Agent is hereby authorized, in any and all events, to comply with and obey any and all Orders and, if it shall so comply or obey, it shall not be liable to any other person or entity by reason of such compliance or obedience.
Discharge of Escrow Agent. Notwithstanding anything in this Agreement to the contrary, upon the distribution of the Escrow Deposit in accordance with the terms and conditions of this Agreement, the Escrow Agent shall be released, relieved and discharged from all duties and obligations hereunder.
Discharge of Escrow Agent. Upon completion of the disbursement of the Defeasance Deposit and delivery of instruments, if any, in accordance with this Agreement, Escrow Agent shall be automatically released and discharged of its escrow obligations hereunder.
Discharge of Escrow Agent. Escrow Agent agrees that Agent (on behalf of the Shareholders) and Purchaser may, by mutual written agreement at any time, remove Escrow Agent as escrow agent under this Agreement, and substitute any bank or trust company therefor, in which event, upon receipt of such written notice thereof, payment of any accrued but unpaid fees, and reimbursement of Escrow Agent's other fees and expenses from the Closing Escrow Fund in accordance with paragraph 4.1 of this Agreement, Escrow Agent shall account for and deliver to such substituted escrow agent the Escrow Fund held by it, and Escrow Agent shall thereafter be discharged from liability under this Agreement.
Discharge of Escrow Agent. Upon delivery of all of the Escrow Funds pursuant to the terms of Section 4 above or to a successor Escrow Agent appointed pursuant to the terms of Section 5(c) above, the Escrow Agent shall thereafter be discharged from any further obligations hereunder. The Escrow Agent is hereby authorized, in any and all events, to comply with and obey any and all final judgments, orders and decrees of any court of competent jurisdiction which may be filed, entered or issued, and all final arbitration awards (if applicable) and, if it shall so comply or obey, it shall not be liable to any other person by reason of such compliance or obedience.