DEPOSITS TO THE ESCROW ACCOUNT. The Master Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Master Servicer's receipt thereof, and shall thereafter deposit in the Escrow Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property.
DEPOSITS TO THE ESCROW ACCOUNT. 3.1 The Issuer shall promptly deliver to the Escrow Agent all funds which it receives from prospective purchasers of the Securities, which funds shall be in the form of checks, cash or wire transfers. Upon the Escrow Agent's receipt of such funds, they shall be credited to the Escrow Account. All checks delivered to the Escrow Agent shall be made payable to the "Xxxxx Bank, N.A. / The American Corporation Escrow Account." Any checks payable other than to the Escrow Agent as required hereby shall be returned to the prospective purchaser.
3.2 Promptly after receiving subscription funds as described in Section 3.1, the Escrow Agent shall deposit the same into the Escrow Account. Amounts of funds so deposited are hereinafter referred to as "Escrow Amounts." The Escrow Agent shall cause to process all Escrow Amounts for collection through the banking system. Simultaneously with each deposit to the Escrow Account, the Issuer shall inform the Escrow Agent in writing of the name and address of the prospective purchaser, the amount of Securities subscribed for by such purchaser, and the aggregate dollar amount of such subscription (collectively, the "Subscription Information").
3.3 The Escrow Agent shall not be required to accept for credit to the Escrow Account checks which are not accompanied by the appropriate Subscription Information. Wire transfers and cash representing payments by prospective purchasers shall not be deemed deposited in the Escrow Account until the Escrow Agent has received in writing the Subscription Information required with respect to such payments.
3.4 The Escrow Agent shall not be required to accept in the Escrow Account any amounts representing payments by prospective purchasers, whether by check, cash or wire, except during the Escrow Agent's regular business hours.
3.5 Only those Escrow Amounts, which have been deposited in the Escrow Account and which have cleared the banking system and have been collected by the Escrow Agent, are herein referred to as the "Fund."
3.6 All Securities issued in connection with the offering, whether or not for cash consideration, and any other securities issued with respect to such securities, including securities issued with respect to stock splits, stock dividends or similar rights, shall be deposited directly into the Escrow Account promptly upon issuance. The identity of the purchaser of the securities shall be included on the stock certificates or other documents evidencing such securities.
3.7 If t...
DEPOSITS TO THE ESCROW ACCOUNT. The Master Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Master Servicer’s receipt thereof, and shall thereafter deposit in the Escrow Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, and retain therein:
(i) all Escrow Payments collected on account of the Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement; and
(ii) all Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property.
DEPOSITS TO THE ESCROW ACCOUNT. The Master Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the
DEPOSITS TO THE ESCROW ACCOUNT. 3.1 The Issuer shall promptly deliver to the Escrow Agent all funds which it receives from prospective purchasers of the Securities, which funds shall be in the form of checks or wire transfers. Upon the Escrow Agent's receipt of such funds, they shall be credited to the Escrow Account. All checks delivered to the Escrow Agent shall be made payable to the " Manufacturers and Traders Trust Company / M.E.
DEPOSITS TO THE ESCROW ACCOUNT. The Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Servicer’s receipt thereof, and shall thereafter deposit in the Escrow Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, and retain therein:
(i) all amounts constituting taxes, and/or fire and hazard insurance premiums escrowed by the Mortgagor with the mortgagee pursuant to a voluntary escrow agreement related to any Loan (collectively, “Escrow Payments”) collected on account of the Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Servicing Agreement; and
(ii) all Insurance Proceeds which are to be applied to the restoration or repair of any Mortgaged Property.
DEPOSITS TO THE ESCROW ACCOUNT continued
3.4 The Escrow Agent shall not be required to accept in the Escrow Account any amounts representing payments by prospective purchasers, whether by check, or wire, except during the Escrow Agent's regular business hours.
3.5 Only those Escrow Amounts, which have been deposited in the Escrow Account and which have cleared the banking system and have been collected by the Escrow Agent, are herein referred to as the "Fund."
3.6 If the proposed offering is terminated before the Termination Date, the Escrow Agent shall refund any portion of the Fund prior to disbursement of the Fund in accordance with Article 4 hereof upon instructions in from the Issuer.
DEPOSITS TO THE ESCROW ACCOUNT. At the Closing on the date hereof, Buyer will deposit to the Escrow Account an amount equal to One Million Four Hundred Forty One Thousand Two Hundred Dollars ($1,441,200) in cash. It is hereby understood and agreed that Escrow Agent is not responsible for the sufficiency of the amount of deposited assets.
DEPOSITS TO THE ESCROW ACCOUNT. On the date of any Sale Transaction Closing that is subject to Section 9(b)(ii) of the Guarantee Agreement, in accordance with the Guarantee Agreement, Buyer will deposit to the Escrow Account an amount equal to the Escrow Amount as of the date of such Sale Transaction Closing, in cash. It is hereby understood and agreed that Escrow Agent is not responsible for the sufficiency of the amount of deposited assets.
DEPOSITS TO THE ESCROW ACCOUNT. (a) Within five (5) business days of the Court's entry of an order granting preliminary approval of the Agreement of Settlement, the Block Defendants and the Beneficial Defendants shall deliver to the Escrow Agent for deposit into the Escrow Account the amount of Thirty-Nine Million Dollars ($39,000,000) (the "Escrow Amount") required to be placed in escrow pursuant to the terms of the Agreement of Settlement.
(b) The Escrow Amount shall be transferred to the Escrow Agent by wire transfer of immediately available funds to the following account: HSBC Bank USA, N.A. ABA# 000-000-000 ACCT. NAME: Corporate Trust A/C #002600161 FFC: Carnegie RAL Settlement Fund, Account No. 10-879425
(c) Upon receipt by the Escrow Agent of the Escrow Amount, the Escrow Agent shall send a notice, in the form of Annex II attached hereto, to the Plaintiffs' Representatives, the Block Defendants' Representative, and the Beneficial Defendants' Representative.
