Common use of Establishment of Escrow; Appointment of Escrow Agent Clause in Contracts

Establishment of Escrow; Appointment of Escrow Agent. (a) On the date of this Agreement, or as agreed to by the Parties, pursuant to Section 2.3(c)(i) of the Purchase Agreement, Purchaser will deliver to the Escrow Agent cash in the amount of $18,000,000 (the “Escrow Property”). The Escrow Agent hereby accepts and agrees to hold the Escrow Property and all dividends, interest and earnings thereon in a separate and distinct account (the “Escrow Account”) on behalf of the Parties pursuant to the provisions of this Agreement. (b) The Parties appoint the Escrow Agent as their agent solely for the purposes of holding, investing, administering, safeguarding and disbursing the Escrow Property pursuant to the provisions of this Agreement. The Escrow Agent, by executing this Agreement, acknowledges it will receive the Escrow Property and deposit the Escrow Property in the Escrow Account, accepts the appointment as the Escrow Agent and agrees to receive, hold, invest, administer, safeguard and disburse all of the Escrow Property, in each case, in accordance with the provisions of this Agreement.

Establishment of Escrow; Appointment of Escrow Agent. (a) On the date of this Agreement, or as agreed to by the Parties, pursuant to Section 2.3(c)(i3(c) of the Purchase Agreement, Purchaser Buyer will deliver transfer, by wire transfer of immediately available funds, $200,000 for the purpose of purchase price adjustment obligations that may become due to Buyer pursuant to the Escrow Agent cash in the amount of $18,000,000 Purchase Agreement (the “Escrow PropertyAmount”, and together with any interest and other income thereon, the “Escrow Funds”). The Escrow Agent hereby accepts and agrees , to hold the Escrow Property and all dividends, interest and earnings thereon in a separate and distinct following account (the “Escrow Account”) ), to be held on behalf of the Parties pursuant to the provisions of this Agreement.: ABA: AC Name: Ac #: 1 FFC: Attn: (b) The Parties hereby appoint the Escrow Agent as their agent solely for the purposes of holding, investing, administering, safeguarding and disbursing the Escrow Property Funds pursuant to the provisions of this Agreement. The Escrow Agent, by executing this Agreement, acknowledges it will receive receipt of the Escrow Property Funds and the deposit of the Escrow Property Funds in the Escrow Account, accepts the appointment as the Escrow Agent and agrees to receive, hold, invest, administer, safeguard and disburse all of the Escrow PropertyFunds, in each case, in accordance with the provisions of this Agreement.