3.3 Following any payment made by the Escrow Agent pursuant to the provisions of this Article 3, the Escrow Agent shall continue to hold the balance (if any) of the amounts standing to the credit of the Escrow Account in accordance with the provisions of this Escrow Agreement.
3.4 After settlement of all Indemnity Claims, or expiry of this Escrow Agreement, the Escrow Agent shall transfer the balance (if any) of the Escrow Account to the account indicated by the SELLER.
4. MISCELLANEOUS PROVISIONS RELATING TO THE ESCROW ACCOUNT
4.1. The SELLER shall have ownership of the Escrow Account. The SELLER shall not be entitled to sell or otherwise dispose of or encumber the Escrow Account, except as expressly provided herein.
4.2. The SELLER hereby pledges to the BUYER, as security for the due fulfillment by the SELLER of its obligations under the Share Purchase Agreement, any and all of the SELLER's claims, rights and receivables (whether present or future, actual or contingent) in connection with the Escrow Account, including the balance from time to time, and as the case may be the final closing balance of the Escrow Account. The Escrow Agent hereby acknowledges the pledge created in favour of the BUYER pursuant to this Article 4.2.
4.3. The Escrow Account shall be considered as a trust account. The Escrow Agent hereby recognizes that it has no ownership interest or right whatsoever to any of the sums, interest, or other proceeds deposited in the Escrow Account otherwise than as expressly provided in this Escrow Agreement. The Escrow Agent hereby waives any rights it might, but for this waiver, have to claim any unity of account with respect to the Escrow Agreement or to compensate any claim it may have against the SELLER with any amount standing to the credit of the Escrow Account.
4.4. Any interest accrued, the case may be, on the Escrow Account shall be paid quarterly by the Escrow Agent to the SELLER within five (5) Business Days from the end of each quarter (whereby the first quarter starts as at the date of this Escrow Agreement).
5. PROVISIONS RELATING TO THE ESCROW AGENT
5.1. The Escrow Agent shall have no authority to sell or otherwise dispose of or encumber the Escrow Account, except as expressly provided herein.
5.2. Notwithstanding any other provisions herein contained, the Escrow Agent may at all times act upon and in accordance with the joint written instructions of the BUYER and the SELLER or on basis of the Instruction of the BUYER in accordance with the article 3.2 above. The Escrow Agent shall not be liable for any act done or omitted by it and/or any cost or expense incurred in accordance with such instructions.
5.3. The duties and responsibilities of the Escrow Agent shall be limited to those expressly set forth in this Escrow Agreement and such notices and instructions as are provided herein to be delivered to the Escrow Agent pursuant to this Escrow Agreement, and, unless otherwise provided for in this Escrow Agreement, the Escrow Agent shall not be subject to, nor obliged to recognize, any direction or instruction of the SELLER or the BUYER without the prior approval of the BUYER or the SELLER, respectively.
5.4. The Escrow Agent shall not be liable when relying upon any written notice, demand, certificate or document which is in good faith and reasonably believes to be genuine, true and correct.
5.5. The Escrow Agent is hereby authorized to disregard any and all notices or instructions given by any of the undersigned or by any other person or entity, except for such notices or instructions as are herein provided in compliance with the article 3.2 (Instruction) If the Escrow Account or any part thereof is at any time attached, legally impeded, garnished or levied upon under any court order, or in case any order, judgment or decree shall be made or rendered by any court affecting the Escrow Account or any part thereof, then and in any of such events (hereinafter the Escrow Events) the Escrow Agent is authorized to rely upon and comply with such order, judgment or decree as binding upon it; and if the Escrow Agent complies with any such order, judgment or decree, it shall not be liable to any of the parties hereto or to any person or entity by reason of such compliance even though such order, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated, except where such order, judgment or decree was entered or issued as a result of the Escrow Agent’s negligence and misconduct. The Escrow Agent will notify each Escrow Event to the SELLER and the BUYER in accordance with the terms and conditions set forth under Article 8.1 of this Escrow Agreement.
5.6. The Escrow Agent may resign by delivering 6 months advance written notice to the BUYER and the SELLER and thereafter shall deliver the Escrow Account to such substitute escrowed as the BUYER and the SELLER shall jointly direct in writing. If no particular notice or direction to deliver to a substitute escrowed is received by the Escrow Agent within six months after mailing its notice of resignation, the Escrow Agent is unconditionally and irrevocably authorized, to deliver all cash and assets held by it under this Escrow Agreement to any other reputable credit institution in Thailand who agrees to hold, and thereby shall hold, the Escrow Amount as the Escrow Agent subject to the provisions hereof or to provisions substantially similar to this Escrow Agreement as the case may be.
6. COSTS AND EXPENSES
All costs and expenses incurred in respect of the Escrow Account and all fees for services offered by the Escrow Agent under this Escrow Agreement shall be split between the SELLER (50%) and the BUYER (50%).
7. NOTICES
7.1. All notices, consents, waivers and other communications under this Escrow Agreement must be in writing and will be deemed given to a Party when (a) delivered to the appropriate address by hand or by a nationally or internationally recognized overnight courier service (cost prepaid), (b) sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment by registered mail, (c) sent by registered mail with a copy by ordinary letter to the following addresses or facsimile numbers and marked to the attention of the individual (by name or title) designated below (or to such other address, facsimile number, e-mail address or individual as a Party may designate by notice to the other Parties):
Notices to the BUYER,
Attention:
Address:
E mail Adress:
Notices to the SELLER :
Mr
Residing at
Address:
Notices to the SELLER :
Ms.
Residing at
Address:
Notices to the Escrow Agent:
Attention: [______________________________]
Address: [______________________________]
E-mail Address: [______________________________]
7.2. Any notice given in accordance with the above will be deemed served the first Business Day after its first delivery or dispatch. In proving service, it shall be sufficient to prove that the notice was properly addressed and delivered, or faxed / e-mailed and the confirmation copy (where required) was properly posted.
7.3. Each Party may at any time change its address, facsimile number, e-mail address or individual by notice given in accordance to Article 7.1 of this Escrow Agreement. Such change will only take effect five Business Days after the notice has been served.
8. EFFECTIVENESS
This Escrow Agreement will automatically become effective as soon as the BUYER will have paid the Escrow Amount into the Escrow Account.
9. MISCELLANEOUS PROVISIONS
9.1. Late Payment Interest
Interest shall accrue automatically (without any formal notice to pay being required) on any overdue amount under this Escrow Agreement at the interest-rate of % per annum, calculated on the basis of a year of 365 days, from the due date up to the date of payment (whether before or after judgment).
9.2. Entire Agreement
This Escrow Agreement represents the entire understanding and agreement among the Parties with respect to the subject matter thereof and supersedes and replaces any and all prior negotiations, arrangements and understandings, whether or not in writing, between the Parties with respect to the subject matter of the Escrow Agreement. This Escrow Agreement may not be amended or modified except by a written instrument executed by the Parties.
9.3. Amendments
This Escrow Agreement may not be amended, supplemented or otherwise modified, except by a written instrument executed by all Parties directly or indirectly affected by such amendment, supplement or modification.
9.4. Severability
(a) The invalidity or unenforceability of any provision or clause of this Escrow Agreement shall not result in the invalidity or unenforceability of any other provision of this Escrow Agreement or of this Escrow Agreement as a whole.
(b) In the event that the validity or enforceability of any provision of this Escrow Agreement is jeopardized or seriously challenged, the Parties undertake to do whatever is reasonably necessary or advisable, including effecting such applications or filings, or restructurings of the provision in question, so as to be able to lawfully maintain such provision in full force and effect or to substitute another provision that has economically the same effect for all Parties.
9.5. Assignability
(a) Neither the SELLER nor the BUYER may assign, delegate or otherwise transfer this Escrow Agreement nor any right or obligation hereunder in whole or in part without the prior written consent of each and any of the other Parties and any such attempted assignment or delegation without such consent shall be null, void, and without effect, except that the BUYER will be entitled to charge and/or assign at any time any of its rights under this Escrow Agreement by way of security to (a) any person acting as facility agent or security agent for all amounts due and owing in connection with the financing of the BUYER or any of its subsidiaries, (b) any other
3.3 Following any payment made by the Escrow Agent pursuant to the provisions of this Article 3, the Escrow Agent shall continue to hold the balance (if any) of the amounts standing to the credit of the Escrow Account in accordance with the provisions of this Escrow Agreement.
3.4 After settlement of all Indemnity Claims, or expiry of this Escrow Agreement, the Escrow Agent shall transfer the balance (if any) of the Escrow Account to the account indicated by the SELLER.
4. MISCELLANEOUS PROVISIONS RELATING TO THE ESCROW ACCOUNT
4.1. The SELLER shall have ownership of the Escrow Account. The SELLER shall not be entitled to sell or otherwise dispose of or encumber the Escrow Account, except as expressly provided herein.
4.2. The SELLER hereby pledges to the BUYER, as security for the due fulfillment by the SELLER of its obligations under the Share Purchase Agreement, any and all of the SELLER's claims, rights and receivables (whether present or future, actual or contingent) in connection with the Escrow Account, including the balance from time to time, and as the case may be the final closing balance of the Escrow Account. The Escrow Agent hereby acknowledges the pledge created in favour of the BUYER pursuant to this Article 4.2.
4.3. The Escrow Account shall be considered as a trust account. The Escrow Agent hereby recognizes that it has no ownership interest or right whatsoever to any of the sums, interest, or other proceeds deposited in the Escrow Account otherwise than as expressly provided in this Escrow Agreement. The Escrow Agent hereby waives any rights it might, but for this waiver, have to claim any unity of account with respect to the Escrow Agreement or to compensate any claim it may have against the SELLER with any amount standing to the credit of the Escrow Account.
4.4. Any interest accrued, the case may be, on the Escrow Account shall be paid quarterly by the Escrow Agent to the SELLER within five (5) Business Days from the end of each quarter (whereby the first quarter starts as at the date of this Escrow Agreement).
5. PROVISIONS RELATING TO THE ESCROW AGENT
5.1. The Escrow Agent shall have no authority to sell or otherwise dispose of or encumber the Escrow Account, except as expressly provided herein.
5.2. Notwithstanding any other provisions herein contained, the Escrow Agent may at all times act upon and in accordance with the joint written instructions of the BUYER and the SELLER or on basis of the Instruction of the BUYER in accordance with the article 3.2 above. The Escrow Agent shall not be liable for any act done or omitted by it and/or any cost or expense incurred in accordance with such instructions.
5.3. The duties and responsibilities of the Escrow Agent shall be limited to those expressly set forth in this Escrow Agreement and such notices and instructions as are provided herein to be delivered to the Escrow Agent pursuant to this Escrow Agreement, and, unless otherwise provided for in this Escrow Agreement, the Escrow Agent shall not be subject to, nor obliged to recognize, any direction or instruction of the SELLER or the BUYER without the prior approval of the BUYER or the SELLER, respectively.
5.4. The Escrow Agent shall not be liable when relying upon any written notice, demand, certificate or document which is in good faith and reasonably believes to be genuine, true and correct.
5.5. The Escrow Agent is hereby authorized to disregard any and all notices or instructions given by any of the undersigned or by any other person or entity, except for such notices or instructions as are herein provided in compliance with the article 3.2 (Instruction) If the Escrow Account or any part thereof is at any time attached, legally impeded, garnished or levied upon under any court order, or in case any order, judgment or decree shall be made or rendered by any court affecting the Escrow Account or any part thereof, then and in any of such events (hereinafter the Escrow Events) the Escrow Agent is authorized to rely upon and comply with such order, judgment or decree as binding upon it; and if the Escrow Agent complies with any such order, judgment or decree, it shall not be liable to any of the parties hereto or to any person or entity by reason of such compliance even though such order, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated, except where such order, judgment or decree was entered or issued as a result of the Escrow Agent’s negligence and misconduct. The Escrow Agent will notify each Escrow Event to the SELLER and the BUYER in accordance with the terms and conditions set forth under Article 8.1 of this Escrow Agreement.
5.6. The Escrow Agent may resign by delivering 6 months advance written notice to the BUYER and the SELLER and thereafter shall deliver the Escrow Account to such substitute escrowed as the BUYER and the SELLER shall jointly direct in writing. If no particular notice or direction to deliver to a substitute escrowed is received by the Escrow Agent within six months after mailing its notice of resignation, the Escrow Agent is unconditionally and irrevocably authorized, to deliver all cash and assets held by it under this Escrow Agreement to any other reputable credit institution in Thailand who agrees to hold, and thereby shall hold, the Escrow Amount as the Escrow Agent subject to the provisions hereof or to provisions substantially similar to this Escrow Agreement as the case may be.
6. COSTS AND EXPENSES
All costs and expenses incurred in respect of the Escrow Account and all fees for services offered by the Escrow Agent under this Escrow Agreement shall be split between the SELLER (50%) and the BUYER (50%).
7. NOTICES
7.1. All notices, consents, waivers and other communications under this Escrow Agreement must be in writing and will be deemed given to a Party when (a) delivered to the appropriate address by hand or by a nationally or internationally recognized overnight courier service (cost prepaid), (b) sent by facsimile or e-mail with confirmation of transmission by the transmitting equipment by registered mail, (c) sent by registered mail with a copy by ordinary letter to the following addresses or facsimile numbers and marked to the attention of the individual (by name or title) designated below (or to such other address, facsimile number, e-mail address or individual as a Party may designate by notice to the other Parties):
Notices to the BUYER,
Attention:
Address:
E mail Adress:
Notices to the SELLER :
Mr
Residing at
Address:
Notices to the SELLER :
Ms.
Residing at
Address:
Notices to the Escrow Agent:
Attention: [______________________________]
Address: [______________________________]
E-mail Address: [______________________________]
7.2. Any notice given in accordance with the above will be deemed served the first Business Day after its first delivery or dispatch. In proving service, it shall be sufficient to prove that the notice was properly addressed and delivered, or faxed / e-mailed and the confirmation copy (where required) was properly posted.
7.3. Each Party may at any time change its address, facsimile number, e-mail address or individual by notice given in accordance to Article 7.1 of this Escrow Agreement. Such change will only take effect five Business Days after the notice has been served.
8. EFFECTIVENESS
This Escrow Agreement will automatically become effective as soon as the BUYER will have paid the Escrow Amount into the Escrow Account.
9. MISCELLANEOUS PROVISIONS
9.1. Late Payment Interest
Interest shall accrue automatically (without any formal notice to pay being required) on any overdue amount under this Escrow Agreement at the interest-rate of % per annum, calculated on the basis of a year of 365 days, from the due date up to the date of payment (whether before or after judgment).
9.2. Entire Agreement
This Escrow Agreement represents the entire understanding and agreement among the Parties with respect to the subject matter thereof and supersedes and replaces any and all prior negotiations, arrangements and understandings, whether or not in writing, between the Parties with respect to the subject matter of the Escrow Agreement. This Escrow Agreement may not be amended or modified except by a written instrument executed by the Parties.
9.3. Amendments
This Escrow Agreement may not be amended, supplemented or otherwise modified, except by a written instrument executed by all Parties directly or indirectly affected by such amendment, supplement or modification.
9.4. Severability
(a) The invalidity or unenforceability of any provision or clause of this Escrow Agreement shall not result in the invalidity or unenforceability of any other provision of this Escrow Agreement or of this Escrow Agreement as a whole.
(b) In the event that the validity or enforceability of any provision of this Escrow Agreement is jeopardized or seriously challenged, the Parties undertake to do whatever is reasonably necessary or advisable, including effecting such applications or filings, or restructurings of the provision in question, so as to be able to lawfully maintain such provision in full force and effect or to substitute another provision that has economically the same effect for all Parties.
9.5. Assignability
(a) Neither the SELLER nor the BUYER may assign, delegate or otherwise transfer this Escrow Agreement nor any right or obligation hereunder in whole or in part without the prior written consent of each and any of the other Parties and any such attempted assignment or delegation without such consent shall be null, void, and without effect, except that the BUYER will be entitled to charge and/or assign at any time any of its rights under this Escrow Agreement by way of security to (a) any person acting as facility agent or security agent for all amounts due and owing in connection with the financing of the BUYER or any of its subsidiaries, (b) any other
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