Common use of Deposit of Escrow Funds Clause in Contracts

Deposit of Escrow Funds. a. Within 30 days of the Effective Date of the Settlement, (1) TIN will deposit $4,250,000 with the Escrow Agent to form the Real Property Owners Fund; (2) TIN will deposit $2,750,000 with the Escrow Agent to form the Business Entities Fund; (3) TIN will deposit $1,500,000 with the Escrow Agent to form the Other Impacted Persons Fund; and (4) TIN will deposit $500,000 with the Escrow Agent to form the Other Losses Fund. The deposits made by TIN are collectively referred to as the “Settlement Funds Escrow Deposits,” and, together with any investment income or proceeds received by the Escrow Agent from the investment thereof from time to time pursuant to Section 2 below, collectively, the “Settlement Funds Escrow Property.” The Escrow Agent agrees to hold the Settlement Funds Escrow Property in accounts established with the Escrow Agent (“Settlement Funds Escrow Accounts”), such that the Settlement Funds Escrow Property will be segregated from other assets of the Interested Parties pursuant to the Qualified Settlement Fund requirements in Treasury Regulation Section 1.468B-1 of the IRC. The Escrow Agent also agrees to administer the Settlement Funds Escrow Property in accordance with the terms of this Agreement. b. The Settlement Funds Escrow Property is to be held in the Settlement Funds Escrow Accounts until fully disbursed in accordance with the terms of the Amended Settlement Agreement, this Agreement and applicable orders of the Court. The Escrow Agent shall follow the directions given by the Special Master or the Settlement Administrator with respect to any disbursements of the Settlement Funds Escrow Property. The Escrow Agent shall notify the following representative of TIN whenever a disbursement is made: Xxx Xxxx, Xxxxxx Xxxxx Xxxxxxx Xxxxx & Xxxxx LLP, 000 Xxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxx, XX 00000.

Deposit of Escrow Funds. a. Within 30 days of (a) At the Effective Date of Closing (as defined in the SettlementPurchase Agreement), (1) TIN will deposit $4,250,000 with the Purchaser shall deliver to the Escrow Agent to form an aggregate amount of $492,225 (the Real Property Owners Fund; (2“Escrow Funds”) TIN will deposit $2,750,000 with the Escrow Agent to form the Business Entities Fund; (3) TIN will deposit $1,500,000 with the Escrow Agent to form the Other Impacted Persons Fund; and (4) TIN will deposit $500,000 with the Escrow Agent to form the Other Losses Fundby wire transfer of immediately available funds. The deposits made by TIN Escrow Funds are collectively referred to as the “Settlement Funds Escrow Deposits,” and, together with any investment income or proceeds received be held and disbursed by the Escrow Agent from the investment thereof from time to time pursuant to Section 2 below, collectively, the “Settlement Funds Escrow Property.” The Escrow Agent agrees to hold the Settlement Funds Escrow Property in accounts established with the Escrow Agent (“Settlement Funds Escrow Accounts”), such that the Settlement Funds Escrow Property will be segregated from other assets of the Interested Parties pursuant to the Qualified Settlement Fund requirements in Treasury Regulation Section 1.468B-1 of the IRC. The Escrow Agent also agrees to administer the Settlement Funds Escrow Property in accordance with the terms set forth herein. (b) During the term of this Escrow Agreement. b. The Settlement , the Escrow Funds Escrow Property is to shall be held in the Settlement Funds Escrow Accounts until fully disbursed in accordance a trust account at KeyBank National Association (“Trust Account”), together with the terms of the Amended Settlement Cash Escrow Funds subject to that certain Escrow Agreement, dated October 31, 2008, among Purchaser, Seller Representative and Escrow Agent (the “General Escrow Agreement”), segregated apart from the general funds of KeyBank National Association, pending disbursement pursuant to this Agreement and applicable orders of the CourtEscrow Agreement. The Escrow Agent shall follow cause the directions given Escrow Funds to be invested, to the maximum practical extent, in United States Treasury bills having a maturity of thirty-one (31) days or less or other similar short-term instruments, including, without limitation, the Victory Institutional Money Market Fund, payment of the principal and interest on which is backed by the Special Master or full faith and credit of the Settlement Administrator with respect United States. Any interest earned on the Escrow Funds shall be for the account of the Seller Representative. Accordingly, the Escrow Agent shall distribute to Seller Representative within five days following the end of each calendar quarter an amount equal to any disbursements of the Settlement Funds interest or other earnings on such Escrow PropertyFunds. The Escrow Agent shall notify not have any liability for any loss sustained as a result of any investment in an investment made pursuant to the following representative terms of TIN whenever a disbursement is made: Xxx Xxxx, Xxxxxx Xxxxx Xxxxxxx Xxxxx & Xxxxx LLP, 000 Xxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxx, XX 00000this Escrow Agreement. The Escrow Agent shall have the right to liquidate any investments held in order to provide funds necessary to make required payments under this Escrow Agreement.

Deposit of Escrow Funds. a. Within 30 days of the Effective Date of the Settlement, (1a) TIN will Lender shall deposit $4,250,000 with the Escrow Agent to form the Real Property Owners Fund; amount of twenty million dollars (2$20,000,000) TIN will in immediately available funds (the “Escrow Amount”) no later than one (1) Business Day following the date of this Agreement. (b) In the event Lender exercises the Final Outside Date Extension Option in accordance with the Merger Agreement, then upon the Option Date, Lender shall deposit $2,750,000 with the Escrow Agent to form the Business Entities Fund; additional amount of eight million dollars (3$8,000,000) TIN will deposit $1,500,000 in immediately available funds (the “Additional Escrow Amount” and collectively, with the Escrow Agent to form Amount, the Other Impacted Persons Fund; “Escrow Funds”). (c) Upon receipt of each of the Escrow Amount and (4) TIN will deposit $500,000 with the Additional Escrow Amount, the Escrow Agent shall send a notice to form Lender and Borrower, in each case acknowledging receipt of the Other Losses FundEscrow Amount or the Additional Escrow Amount, respectively, and the Escrow Agent shall hold such Escrow Funds in escrow pursuant to the terms of this Agreement. The deposits made by TIN are collectively referred Escrow Agent agrees to as hold the “Settlement Funds Escrow Deposits,” andFunds, together with any investment income or proceeds received by the Escrow Agent from the investment thereof from time to time pursuant to Section 2 below4 (the “Escrow Earnings”, and, collectively, with the Escrow Funds, the “Settlement Funds Escrow Property.” The Escrow Agent agrees to hold the Settlement Funds Escrow Property ”) in accounts a separate account established with the Escrow Agent (the “Settlement Funds Escrow AccountsAccount”), such that the Settlement Funds Escrow Property will be segregated from other assets of the Interested Parties pursuant to the Qualified Settlement Fund requirements in Treasury Regulation Section 1.468B-1 of the IRC. The Escrow Agent also agrees and to administer the Settlement Funds Escrow Property in accordance with the terms of this Agreement. b. . The Settlement Funds Interested Parties agree and acknowledge that Borrower shall have no ownership interest in the Escrow Account and Escrow Property is to be held in the Settlement Funds Escrow Accounts until fully disbursed in accordance with the terms of the Amended Settlement Agreement, this Agreement and applicable orders of the Court. The Escrow Agent shall follow the directions given by the Special Master or the Settlement Administrator other than with respect to any disbursements the rights of payment in accordance with, and subject to, the Settlement Funds Escrow Property. The Escrow Agent shall notify the following representative terms and conditions of TIN whenever a disbursement is made: Xxx Xxxx, Xxxxxx Xxxxx Xxxxxxx Xxxxx & Xxxxx LLP, 000 Xxxxxxx Xxxxxx, Xxxxx 0000, Xxx Xxxxxxx, XX 00000this Agreement.