CONTINUANCE OF ESCROW Sample Clauses

CONTINUANCE OF ESCROW. Unless the Escrow Account has been closed as described in Paragraphs 5(a) and (b) above, the Partnership shall continue to deposit with the Escrow Agent all Distributions which ICN would otherwise be entitled to receive from the Partnership, less the Tax Amount as estimated by the Shareholders for the year during which the applicable deposit is being made, and ICN shall continue to deposit with the Escrow Agent any amounts which it is entitled to receive from the sale of any portion of its interest in the Partnership, until such time as the Purchaser has received the Rate of Return on its investment in all of the First Purchaser Units and the Rate of Return on its investment in all of the Additional Purchaser Units or the Escrow Account has been closed in accordance with this Paragraph 5(c), whichever first occurs. As soon as possible after the end of each month after the Target Date, the Escrow Agent shall notify the Purchaser, the Partnership and ICN of the balance of the Escrow Account as of the end of such month (the "Monthly Balance Notice"), and after receipt of each Monthly Balance Notice, the Purchaser shall determine the number of Purchaser Units, considered in the order of purchase, with respect to which there are Escrowed Funds sufficient in amount, when added to the Receipts, to provide the Purchaser with the Rate of Return (the "Monthly Number"). Each month until such time as the Purchaser owns less than ten (10) Purchaser Units, if the Monthly Number is less than ten (10), the Escrowed Funds shall remain in the Escrow Account. If the Monthly Number is ten (10) or more, the Purchaser shall so certify to the Escrow Agent, ICN and the Partnership, and the Purchaser, at its option, may certify to the Escrow Agent, ICN and the Partnership, the amount of the Escrowed Funds which is sufficient, when added to the Receipts, to provide the Purchaser with the Rate of Return on the number of Purchaser Units, considered in the order of purchase, which is a multiple of ten (10) and is closest to, but not greater than, the Monthly Number (the "Monthly Satisfied Units") and direct the Escrow Agent to release such amount to the Purchaser. Upon receipt of such certification and direction from the Purchaser, the Escrow Agent shall release such amount of the Escrowed Funds to the Purchaser, and any Escrowed Funds then remaining in the Escrow Account shall continue to be held in the Escrow Account; provided, however, that if any Monthly Number is ten (10) or more...
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Related to CONTINUANCE OF ESCROW

  • Term of Escrow Unless otherwise provided in this Escrow Agreement, final termination of this Escrow Agreement shall occur on the date that (a) all funds held in the Escrow Account are distributed either to the Company or to Subscribers and the Company has informed the Escrow Agent in writing to close the Escrow Account, (b) all funds held in the Escrow Account are distributed to a successor escrow agent upon written instructions from the Company or (c) the Escrow Agent receives written notice from the Company or the Dealer Manager that the Company terminated the Offering. After the termination of this Escrow Agreement, the Company and the Dealer Manager shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective Subscribers.

  • Disbursement of Escrow Funds (a) Subject to Section 3(b) and Section 10, NCPS shall promptly disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents:

  • Deposit of Escrow Funds Escrow Holder acknowledges the receipt from Seller of _________________ Thousand and No/100 Dollars ($____________.00) (the “Escrow Funds”). The Escrow Funds are the property of Guarantor subject to the terms of this Agreement. Escrow Holder shall disburse the Escrow Funds in strict accordance with the terms of this Agreement.

  • Creation of Escrow Funds On or prior to the date of the commencement of the Offering, the parties shall establish an escrow account with the Escrow Agent, which escrow account shall be entitled as follows: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account for the deposit of the Escrow Funds. The Investor(s) will instruct subscribers to wire funds to the account of the Escrow Agent as follows: Bank: Wachovia, N.A. of New Jersey Routing #: 000000000 Account #: 2000014931134 Name on Account: Xxxxx Xxxxxxxx Attorney Trust Account Name on Sub-Account: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account

  • Release of Escrow Subject to the provisions of Section 4.2, the Escrow Agent shall release the Company Documents and Subscriber Documents as follows:

  • Appointment of Escrow Agent The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

  • Investment of Escrow Account The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a non-interest-bearing bank account at SunTrust Bank.

  • Fees of Escrow Agent All fees, if any, of the Escrow Agent for service as escrow agent hereunder shall be paid by the Purchaser.

  • Investment of Escrow Funds The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent may retain the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in a non-interest bearing money market account.

  • Delivery of Escrow Funds (a) Placement Agent and the Company shall instruct the Investor to deliver to Escrow Agent checks made payable to the order of “WILMINGTON TRUST, N.A. as Escrow Agent for Muscle Maker, Inc Escrow,” or wire transfer to: Wilmington Trust Company ABA #: 000000000 A/C # 124288-000 A/C Name: Muscle Maker Escrow Attn: Bxxxx Xxxxxxx International Wires: M&T Buffalo, New York ABA: 000000000 SWIFT: MXXXXX00 Beneficiary Bank: Wilmington Trust Beneficiary ABA: 000000000 A/C #: 124288-000 A/C Name: Muscle Maker Escrow All such checks and wire transfers remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into a non interest-bearing account at WILMINGTON TRUST, NATIONAL ASSOCIATION entitled “WILMINGTON TRUST, N.A. as Escrow Agent for Muscle Maker Escrow” (the “Escrow Account”).

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