Cash Escrow. The Seller herewith deposits with the Escrow Agent, and the Escrow Agent acknowledges receipt of the sum of ($) which said sum shall be held by the Escrow Agent and disbursed as follows:
(1) In the event the Seller completes the work and improvements in full accordance with the plans and specifications referred to above and upon Seller presenting to the Escrow Agent satisfactory evidence to assure that no mechanics' liens are outstanding or can attach on account of such work and/or improvements, the Escrow Agent shall thereupon pay to the Seller the sum deposited, or such lesser sum as the Loan Guaranty Officer may have approved, without interest, provided the Escrow Agent is in receipt of advice from the Loan Guaranty Officer of the Department of Veterans Affairs that the improvements have been satisfactorily completed.
(2) In the event the Seller fails to complete all or any part of the improvements specified herein in full accordance with the said plans and specifications on or before the date specified in Paragraph 1 hereof, the Lender, with the approval of the Loan Guaranty Officer of the Department of Veterans Affairs, shall have the right to enter into a contract with any third party for the completion of such part of the work as the Seller has failed adequately to perform. In such event the Escrow Agent shall pay over, at the joint direction of the Lender and the Loan Guaranty Officer, all or any part of the escrowed funds in such amounts and to such persons as may be specified in such joint direction. The Seller hereby releases the Lender from any liability whatsoever to pay over or account for all or such part of the funds deposited hereunder as may be expended at the joint direction of the Lender and the Loan Guaranty Officer as provided herein. VA FORM MAY 2005 EXISTING STOCKS OF VA FORM 26-1849, APR 1999, WILL BE USED.
(3) In the event the Lender, pursuant to the provisions of paragraph (2) hereof, proceeds to complete any of the uncompleted improvements, the Seller hereby irrevocably authorizes and empowers the Lender, its agents, employees, contractors and laborers to enter into and upon said premises for the purpose of carrying such work and improvements to completion and further authorizes and empowers the Lender to take charge of the property affected and all lands belonging to the Seller appurtenant thereto and which are a part of the total project as described and proposed in the loan application, loan report, plans and specifications, ...
Cash Escrow. Within sixty (60) days of the Effective Date of this ----------- Agreement, or such other time period as mutually agreed by the parties, CP and NSI shall enter into an escrow deposit agreement ("Escrow Agreement") with a mutually agreeable escrow agent for the establishment of an escrow account. CP shall deposit the amount of Two Hundred Fifty Thousand Dollars (US $250,000) (the "Deposit") in such escrow account and shall list NSI as the beneficiary thereof upon occurrence of a Release Condition as defined below. NSI agrees to pay all applicable fees for the establishment and maintenance of the escrow account.
Cash Escrow. Within ten Business Days of the one-year anniversary of the Closing Date (or in the case of the earlier release of a portion of the Holdback Amount pursuant to Section 1.10(d), within ten Business Days of such release), Acquiror shall cause the Cash Escrow (less the value of any amount of cash already paid to the Indemnified Parties pursuant to Section 8.4(a)) to be deposited with the Escrow Agent.
Cash Escrow. An assurance of completion of HUD required repairs. The amount(s) identified in the Property at a Glance. The cash escrow shall be held by HUD.
Cash Escrow. An escrow account established by Contractor in a commercial bank or trust company organized under the laws of the United States of America or a political subdivision thereof, whose long-term senior unsecured debt is rated at least “A” by S&P and “A2” by Xxxxx’x, and with assets (net of reserves) of at least $10,000,000,000. Cash deposited to the escrow account shall earn interest at the rate applicable to money market deposits at the banking institution from time to time, and the interest shall be retained in the escrow account as additional security for Contractor’s performance under this Agreement.
Cash Escrow. Svenxxxxxxx xxxnowledges that the purpose of the Loan is to enable Rittxxxxxx xx pay the income taxes due on the Shares to be issued to Rittxxxxxx xxxsuant to the Stock Agreement. In order to insure that the funds for the Loan will be available to Rittxxxxxx xx the Loan Advancement Dates, Svenxxxxxxx xxxees to deposit with the Escrow Agent within five (5) business days after the closing of the IPO, a sum (the "Fund") equal to the Maximum Amount of the Loan, which sum shall be held, invested and disbursed by the Escrow Agent as provided in this Agreement.
Cash Escrow. 2 (b) ADDITIONAL CASH AMOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 (c) PURCHASER SHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 (d) STOCK ADJUSTMENT; ESCROW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 (e)
Cash Escrow. Upon execution of this Agreement, Purchaser shall pay an amount equal to Seven Hundred Fifty Thousand Dollars ($750,000) (the "Escrow Funds") to the escrow agent (the "Escrow Agent") under the escrow agreement executed and delivered simultaneously herewith (the "Escrow Agreement"), which amount shall be payable by the Escrow Agent to the Shareholders, at the Closing, subject to the provisions of, and as provided in, the Escrow Agreement, if and only if either (i) the Closing occurs or (ii) the Closing does not occur as a result of Purchaser's failure to obtain financing as specified in Section 7.1(i) or Purchaser's refusal to close the transactions contemplated by this Agreement in breach of this Agreement. Notwithstanding any other provision of this Agreement, the Escrow Funds represent liquidated damages in the event of, and constitute the sole remedy for, Purchaser's failure to close the transactions contemplated by this Agreement in breach of this Agreement.
Cash Escrow. $1.0 million of the Acquisition Consideration shall be placed into an interest bearing escrow account (the "Escrow Account") on the Closing Date with the Escrow Agent (the "Escrow Agent") pursuant to an escrow agreement in the form of Exhibit B (the "Escrow Agreement"). The Escrow Agreement shall provide that the cash deposited into the Escrow Account, plus interest accrued thereon (the "Cash Escrow"), shall be distributed within 10 days following the final approval of the Transferor's Closing Balance Sheet pursuant to Section 2.6. The Cash Escrow shall be distributed as follows:
Cash Escrow. Security provided as cash pursuant to this Section 8.1 shall be United States currency, deposited with a financial institution or company acceptable to Seller (“Buyer Issuer”), either: (i) in an account under which Seller is designated as beneficiary with sole authority to draft from the account or otherwise access the security; or (ii) held by Buyer Issuer as agent pursuant to a control agreement in a form reasonably acceptable to Seller. Security provided in this form shall include a requirement for immediate Notice to Seller from Buyer Issuer and Buyer in the event that the sums held as security in the account or trust are less than the then-current amount of Performance Assurance. Funds held in the account may be deposited in a money-market fund, short- term treasury obligations, investment-grade commercial paper and other liquid investment-grade investments with maturities of three months or less, with all investment income thereon to be taxable to, and to accrue for the benefit of, Buyer. Quarterly account sweeps by Buyer for recovery of interest earned by the cash escrow shall be allowed; it being understood that Seller shall draw and remit to Buyer, on demand by Buyer (which demand may be made at least quarterly), any excess in the account above the then-current amount of Performance Assurance.
