Delivery of Funds. The Lenders will make Advances by depositing the same to a disbursement account created by Borrower for such purpose, as instructed by Borrower from time to time (the “Disbursement Account”). The Disbursement Account shall be maintained at a nationally recognized bank reasonably acceptable to Agent Lender (JPMorgan Bank being hereby approved). Separate Deposit Account shall be established for the purpose of holding Excess Cash Flows, Lessor Contributions and Borrower’s general operating purposes (as provided in Section 4.5 hereof), including for completed Projects, and the funds in such Deposit Account shall not be commingled with funds in the development disbursement account. Pursuant to the Assignment of Accounts, Borrower has pledged and assigned to Agent Lender a security interest in the Disbursement Account as additional collateral for the Loan Obligations. Borrower will assist Agent Lender in obtaining an executed account control agreement from the depository bank holding the Disbursement Account for purposes of perfecting Lenders’ security interest in the Disbursement Account. Such a control agreement must be in place before any Advances of the Loan are made into the Disbursement Account. After the occurrence and during continuation of any Event of Default, the Lenders may, in their discretion, make Advances through a disbursing agent appointed by the Agent Lender at the Borrower’s expense, and any Advance to such agent will be deemed to be an Advance to the Borrower. The making of an Advance by the Lenders shall not constitute the Lenders’ approval or acceptance of the construction theretofore completed. The Lenders’ inspection and approval of the Plans and Specifications, the construction of the Improvements, or the workmanship and materials used therein, shall impose no liability or fiduciary duty of any kind on the Lenders, the sole obligation of the Lenders as the result of such inspection and approval being to make the Advances if, and to the extent, required by this Agreement. The Lenders have not undertaken and hereby disclaim any duty or responsibility to inspect the construction progress or to monitor the proper application by the General Contractor or others of funds disbursed pursuant hereto, on behalf of the Borrower, and the Borrower acknowledges and agrees that it must satisfy itself as to the status of construction, the workmanship and materials used therein, and the application of moneys by the General Contractor or others.
Appears in 3 contracts
Samples: Master Loan and Security Agreement, Master Loan and Security Agreement (iPic Entertainment Inc.), Master Loan and Security Agreement (iPic Entertainment Inc.)
Delivery of Funds. The Lenders will make Advances by depositing the same to a disbursement account created by Borrower for such purpose, as instructed by Borrower from time to time Party A agrees that UBS Financial Services Inc. and/or certain of its affiliates (the “Disbursement "Selling Agent") will deliver to the Escrow Agent, promptly after receipt of any subscriptions for the Units, the subscription funds (which shall be equal to the gross offering price for the Units subscribed) in the form of a personal, bank, cashier check or wire transfer payable to "LaSalle Bank National Association, Escrow Agent, for UBS Managed Futures LLC (Aspect Series)" and to provide the Escrow Agent, in writing, with the name, address and Taxpayer Identification Number, if any, of each person or entity subscribing for Units ("Subscriber") and the total value of Units for which each Subscriber has subscribed. The Escrow Agent agrees to place any subscription funds so received (the "Escrow Funds") in an account maintained by the Escrow Agent under the designation LaSalle Bank National Association as Escrow Agent for UBS Managed Futures LLC (Aspect Series) (the "Escrow Account”"). The Disbursement Account Once all of the Escrow Funds and any interest or earnings accrued thereon have been disbursed pursuant to this Escrow Agreement, the Escrow Agent shall take all necessary action to close the Escrow Account. Unless otherwise specifically directed herein, the Escrow Agent shall proceed as soon as practicable to collect any checks or other collection items at any time deposited or received hereunder. All such collections shall be maintained at a nationally recognized bank reasonably acceptable subject to the usual collection agreement regarding items received by its commercial banking department for deposit or collection. The Escrow Agent Lender shall have no duty to (JPMorgan Bank being hereby approved)i) notify anyone of any payment or maturity under the terms of any instrument deposited or received hereunder or (ii) take any legal action to enforce payment of any check, note or security deposited or received hereunder. Separate Deposit In the event that any funds, including cleared funds, deposited in the Escrow Account prove uncollectible after the funds represented thereby have been released by the Escrow Agent pursuant to this Agreement, the Party A shall be established immediately reimburse the Escrow Agent upon request for the purpose face amount of holding Excess Cash Flowssuch check or checks, Lessor Contributions together with reasonable and Borrower’s general operating purposes (as provided in Section 4.5 hereof), including for completed Projectscustomary charges and expenses related thereto, and the funds Escrow Agent shall deliver the returned checks or other instruments to the Party A. The Party A acknowledges that its obligation in such Deposit Account the preceding sentence shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. The Escrow Agent shall have no liability for, or obligation to pay, interest on any money deposited or received hereunder. The Escrow Agent will not be commingled with required to lend to, or advance, or pay out of its own funds in the development disbursement account. Pursuant to the Assignment of Accounts, Borrower has pledged and assigned to Agent Lender a security interest in the Disbursement Account as additional collateral any sums whatsoever for the Loan Obligations. Borrower will assist Agent Lender in obtaining an executed account control agreement from the depository bank holding the Disbursement Account for purposes of perfecting Lenders’ security interest in the Disbursement Account. Such a control agreement must be in place before any Advances of the Loan are made into Party A. If the Disbursement Account. After the occurrence and during continuation of any Event of Default, the Lenders may, in their discretion, make Advances through a disbursing agent appointed by the Agent Lender at the Borrower’s expense, and any Advance to such agent will be deemed to be an Advance to the Borrower. The making of an Advance by the Lenders shall not constitute the Lenders’ approval or acceptance of the construction theretofore completed. The Lenders’ inspection and approval of the Plans and Specifications, the construction of the Improvements, or the workmanship and materials used therein, shall impose no liability or fiduciary duty of any kind on the Lenders, the sole obligation of the Lenders as the result of such inspection and approval being to make the Advances if, and to the extent, required by this Agreement. The Lenders have not undertaken and hereby disclaim any duty or responsibility to inspect the construction progress or to monitor the proper application by the General Contractor or others of funds disbursed pursuant hereto, Sponsor rejects on behalf of the BorrowerParty A any subscription for which the Escrow Agent has already collected funds, and the Borrower Escrow Agent shall promptly issue a refund check (including any accrued interest applicable to such subscription) to the Selling Agent, which shall then transfer such check to the rejected Subscriber. If the Sponsor rejects on behalf of the Party A any subscription for which the Escrow Agent has not yet collected funds but has submitted the Subscriber's check for collection, the Escrow Agent shall promptly issue a check in the amount of the Subscriber's check to the Selling Agent, which shall then transfer such check to the rejected Subscriber after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted a rejected Subscriber's check for collection, the Escrow Agent shall promptly remit the Subscriber's check to the Selling Agent, which shall then remit such check directly to the Subscriber. The Selling Agent acknowledges and agrees that the method established pursuant to this Escrow Agreement for the refund of rejected subscriptions and of interest earned on subscriptions is only acceptable under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended, provided that the Selling Agent informs Subscribers of when their customer securities accounts at the Selling Agent will be credited with such refunded subscription payments and/or interest income. Accordingly, the Selling Agent undertakes that it must satisfy itself will (a) credit the appropriate Subscribers' customer securities accounts as promptly as practicable (and in no event more than five business days) after receipt of the necessary funds from the Escrow Agent and information indicating the amounts so due, and (b) inform all Subscribers as soon as practicable of the date that the amounts to be credited will be available in their respective customer accounts. Prior to delivery as described above, the Party A shall not have title to or interest in the funds on deposit in the Escrow Account, and such funds shall under no circumstances be subject to the status liabilities or indebtedness of construction, the workmanship and materials used therein, and the application of moneys by the General Contractor or others.Party A.
Appears in 2 contracts
Samples: Form of Escrow Agreement (UBS Managed Futures LLC (Aspect Series)), Escrow Agreement (UBS Managed Futures LLC (Aspect Series))
Delivery of Funds. The Lenders Company agrees that the Company will make Advances by depositing deliver to the same Escrow Agent, promptly after receipt of any subscriptions for the Shares, the subscription funds (which shall be equal to the gross offering price for the Shares subscribed) in the form of a disbursement account created by Borrower personal, bank, cashier's check or wire transfer payable to "LaSalle Bank National Association, Escrow Agent, for such purposeEntropin, as instructed by Borrower from time Inc.," and to time provide the Escrow Agent, in writing, with the name, address and Taxpayer Identification Number of each subscriber and the number of Shares for which each subscriber has subscribed. The Escrow Agent agrees to place any subscription funds so received (the “Disbursement "Escrow Funds") in an account maintained by the Escrow Agent under the designation "Entropin, Inc." (the "Escrow Account”"). The Disbursement Account Following the Termination Date and once all of the Escrow Funds and any interest or earnings accrued thereon have been disbursed pursuant to this Escrow Agreement, the Escrow Agent shall take all necessary action to close the Escrow Account. Unless otherwise specifically directed herein, the Escrow Agent shall proceed as soon as practicable to collect any checks or other collection items at any time deposited or received hereunder. All such collections shall be maintained at a nationally recognized bank reasonably acceptable subject to the usual collection agreement regarding items received by its commercial banking department for deposit or collection. The Escrow Agent Lender shall have no duty to (JPMorgan Bank being hereby approved)i) notify anyone of any payment or maturity under the terms of any instrument deposited or received hereunder or (ii) take any legal action to enforce payment of any check, note or security deposited or received hereunder. Separate Deposit In the event that any funds, including cleared funds, deposited in the Escrow Account prove uncollectible after the funds represented thereby have been released by the Escrow Agent pursuant to this Agreement, the Company shall be established immediately reimburse the Escrow Agent upon request for the purpose face amount of holding Excess Cash Flowssuch check or checks, Lessor Contributions together with reasonable and Borrower’s general operating purposes customary charges and expenses related thereto, and the Escrow Agent shall deliver the returned checks or other instruments to the Company. The Company acknowledges that its obligation in the preceding sentence shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent. The Escrow Agent (in its capacity as escrow agent hereunder) shall have no liability for, or obligation to pay, interest on any money deposited or received hereunder, except as provided in Section 4.5 hereof), including for completed Projects, and the funds in such Deposit Account shall Section5. The Escrow Agent will not be commingled with required to lend to, or advance, or pay out of its own funds any sums whatsoever for the account of the Company. If the Company rejects any subscription for which the Escrow Agent has already collected funds, the Escrow Agent shall promptly issue a refund check to the rejected subscriber. If the Company rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriber's check for collection, the Escrow Agent shall promptly issue a check in the development disbursement account. Pursuant amount of the subscriber's check to the Assignment of Accounts, Borrower rejected subscriber after the Escrow Agent has pledged and assigned to cleared such funds. If the Escrow Agent Lender has not yet submitted a security interest in the Disbursement Account as additional collateral rejected subscriber's check for the Loan Obligations. Borrower will assist Agent Lender in obtaining an executed account control agreement from the depository bank holding the Disbursement Account for purposes of perfecting Lenders’ security interest in the Disbursement Account. Such a control agreement must be in place before any Advances of the Loan are made into the Disbursement Account. After the occurrence and during continuation of any Event of Defaultcollection, the Lenders may, in their discretion, make Advances through a disbursing agent appointed by Escrow Agent shall promptly remit the Agent Lender at the Borrower’s expense, and any Advance to such agent will be deemed to be an Advance subscriber's check directly to the Borrower. The making of an Advance by the Lenders shall not constitute the Lenders’ approval or acceptance of the construction theretofore completed. The Lenders’ inspection and approval of the Plans and Specifications, the construction of the Improvements, or the workmanship and materials used therein, shall impose no liability or fiduciary duty of any kind on the Lenders, the sole obligation of the Lenders as the result of such inspection and approval being to make the Advances if, and to the extent, required by this Agreement. The Lenders have not undertaken and hereby disclaim any duty or responsibility to inspect the construction progress or to monitor the proper application by the General Contractor or others of funds disbursed pursuant hereto, on behalf of the Borrower, and the Borrower acknowledges and agrees that it must satisfy itself as to the status of construction, the workmanship and materials used therein, and the application of moneys by the General Contractor or otherssubscriber.
Appears in 1 contract
Samples: Escrow Agreement (Entropin Inc)