Common use of Operation of the Escrow Account Clause in Contracts

Operation of the Escrow Account. 2.1 No part of the Escrow Amount shall be released from the Escrow Account except as provided in this schedule. 2.2 Any bank or other charges arising on the Escrow Account shall be charged to the Escrow Account. 2.3 Any interest or profit accruing to the Escrow Account (subject to any deduction of tax at source) and any bank or other charges properly charged to the Escrow Account) shall be retained in the Escrow Account. Each time part of the Escrow Amount is paid out of the Escrow Account it shall have added to it the corresponding proportion of the interest and profit accrued to the Escrow Account (subject to any deductions as above). 2.4 The Sellers and the Purchaser agree that the debt owed to the holders of the Escrow Account by the Bank by virtue of its receipt of the Retained Consideration shall be held by them on trust for the benefit of the Sellers and the Purchaser and on the terms set out in this schedule. The Sellers and the Purchaser agree that they will procure that the Bank designates the Escrow Account accordingly

Operation of the Escrow Account. 2.1 No part of the Escrow Amount shall be released from the Escrow Account except as provided for in this schedule. 2.2 Any bank or other charges arising on the Escrow Account shall be charged to the Escrow Account. 2.3 Any interest or profit accruing to on the Escrow Account Amount (subject to any deduction of tax at source) source and any bank or other charges properly charged to the Escrow Account) shall be retained in the Escrow Account. Each time part of the Escrow Amount is paid out of the Escrow Account Account, it shall have added to it the corresponding proportion of the interest and profit accrued to on the Escrow Amount while in the Escrow Account (subject to any deductions as set out above). 2.4 The Sellers and the Purchaser agree that the debt owed to the holders beneficiaries of the Escrow Account by the Bank by virtue of its receipt of the Retained Consideration Escrow Amount shall be held by them the Bank on trust for the benefit of the Sellers and the Purchaser and on the terms set out in this schedule. The Sellers and the Purchaser agree that they will procure that the Bank designates the Escrow Account accordingly.