Common use of Establishment of Escrow Accounts Clause in Contracts

Establishment of Escrow Accounts. Concurrently with the execution hereof and pursuant to the Merger Agreement, Acquiror will deliver (a) $1,500,000 in cash (the "▇▇▇▇▇▇▇▇ Escrow Amount") to an account designated by the Escrow Agent as the "▇▇▇▇▇▇▇▇ Escrow Account, which amount shall be held as security for certain payment obligations, if any, due from Acquiror to ▇▇▇▇▇▇▇▇ in accordance with the Amended Employment Agreement, and (b) $2,000,000 in cash (the "Indemnification Escrow Amount") to an account designated by the Escrow Agent as the "▇▇▇▇▇▇ Escrow Account," which amount shall be held as security for the indemnification obligations of the Target's shareholders to Acquiror Indemnified Parties in accordance with Article II of the Merger Agreement. The ▇▇▇▇▇▇▇▇ Escrow Amount, together with any Interest (as hereinafter defined) earned thereon from any investment thereof hereunder, is hereinafter referred to as the "▇▇▇▇▇▇▇▇ Escrowed Property," and the Indemnification Escrow Amount, together with any Interest thereon from any investment thereof hereunder, is hereinafter referred to as the "Indemnification Escrowed Property and the sum of the foregoing amounts is hereinafter referred to as the "Escrowed Property." The Escrowed Property and any interest, dividends, income, or other proceeds earned thereon from and after the Closing Date (the "Interest") shall be held, administered and disposed of by the Escrow Agent in accordance with the terms and conditions hereinafter set forth.

Establishment of Escrow Accounts. Concurrently with the execution hereof and pursuant to the Merger Agreement, Acquiror will deliver (a) $1,500,000 in cash (the "▇▇▇▇▇▇▇▇ Escrow Amount") to an account designated by the Escrow Agent as the "▇▇▇▇▇▇▇▇ Escrow Account, ," which amount shall be held as security for certain payment obligations, if any, due from Acquiror to ▇▇▇▇▇▇▇▇ in accordance with the Amended Employment Agreement, and (b) $2,000,000 in cash (the "Indemnification Escrow Amount") to an account designated by the Escrow Agent as the "▇▇▇▇▇▇ Escrow Account," which amount shall be held as security for the indemnification obligations of the Target's shareholders to Acquiror Indemnified Parties in accordance with Article II 11 of the Merger Agreement. The ▇▇▇▇▇▇▇▇ Escrow Amount, together with any Interest (as hereinafter defined) earned thereon from any investment thereof hereunder, is hereinafter referred to as the "▇▇▇▇▇▇▇▇ Escrowed Property," and the Indemnification Escrow Amount, together with any Interest earned thereon from any investment thereof hereunder, is hereinafter referred to as the "Indemnification Escrowed Property Property," and the sum of the foregoing amounts is hereinafter referred to as the "Escrowed Property." The Escrowed Property and any interest, dividends, income, or other proceeds earned thereon from and after the Closing Date (the "Interest") shall be held, administered and disposed of by the Escrow Agent in accordance with the terms and conditions hereinafter set forth.