Common use of Permitted Transfers Within Escrow Clause in Contracts

Permitted Transfers Within Escrow. Notwithstanding subsection 9(a), the Escrow Shares may be transferred within escrow to: (i) any entity designated by a final order, decree or judgment of a court or arbitrator of competent jurisdiction, the time for perfection of an appeal of such order, decree or judgment having expired provided such order, decree or judgment authorizes and directs the Escrow Agent to effect such transfer; or, (ii) a trustee in bankruptcy or another person or company entitled to the Escrow Shares on bankruptcy provided that prior to the transfer, the Escrow Agent shall have received a certified copy of: (w) the assignment in bankruptcy filed with the Superintendent of Bankruptcy; (x) the receiving order adjudging the registered holder of the Escrow Shares bankrupt; or, (y) a certificate of appointment of the trustee in bankruptcy; and, (z) a transfer power of attorney, duly completed and executed by the transferor or its/their legal representative in accordance with the requirements of the transfer agent of the issuer of the Escrow Shares.