Initial Escrow Agent definition
Examples of Initial Escrow Agent in a sentence
The Initial Escrow Deposit shall be held in an interest-bearing account and disbursed by Initial Escrow Agent pursuant to the terms of an escrow agreement in the form attached hereto as Exhibit 1 (the "Initial Escrow Agreement"), which Initial Escrow Agreement has been entered into by Seller, Buyer and Initial Escrow Agent simultaneously herewith.
Buyer has deposited the sum of One Hundred Fifty Thousand Dollars ($150,000) as an ▇▇▇▇▇▇▇ money deposit (the "Deposit") with U.S. Bank Trust, N.A., of Lincoln, Nebraska, (the " Initial Escrow Agent") pursuant to the terms of an Escrow Agreement dated May 12, 1999.
Simultaneously with the execution and delivery ---------------------- of this Agreement by both parties, Buyer has deposited with Media Venture Partners ("Initial Escrow Agent"), a cash deposit of Two Hundred Thousand Dollars ($200,000) (the "Initial Escrow Deposit").
Notice of the Special Mandatory Redemption will be mailed promptly to each Holder, the Trustee and to the Initial Escrow Agent.
The Initial Escrow Agent hereby agrees that it will not make any claims of any nature against the Escrow Funds.
The remaining Escrow Funds (the "Released Amount") shall be released to the account or accounts specified in the Release Notice only upon receipt by the Initial Escrow Agent, and in accordance with the provisions of, of a written direction from the Trustee substantially in the form of Exhibit G hereto (the "Second Escrow Direction").
On or prior to 10:00 A.M., New York City time, on the Special Mandatory Redemption Date, the Company shall direct the Initial Escrow Agent in writing, pursuant to Section 2(a) of the Initial Escrow Agreement, to deposit with the Paying Agent the applicable Special Mandatory Redemption Price.
As set forth in Section 2 of this Amendment, the Working Capital Cash Holdback ($450,000) and the Indemnification Cash Holdback ($450,000) will be funded into an escrow account to be established by a wire transfer of $900,000 from Buyer to the Initial Escrow Agent (as defined in Section 2 of this Amendment).
Pursuant to the Initial Escrow Agreement, the Initial Escrow Agent will hold the Escrow Amount in trust for the benefit of the Buyers until returned to the Buyers or delivered to the Sellers as herein required.
Upon receiving the $260,000 balance of the Purchase Price from Buyers, Initial Escrow Agent will immediately forward such funds to the Sellers in accordance with the Initial Escrow Agreement.