Disbursement by the Escrow Agent. Upon receipt of a Bond Proceeds Requisition or Developer Funds Requisition signed by the Town, the Escrow Agent shall make disbursement of the authorized amount of Escrow Funds to the District or the Developer, as appropriate, within two (2) business days. Upon receipt of a Bond Proceeds Requisition or Developer Funds Requisition that is not signed by the Town and a certification by the District and the Developer attesting to the delivery of the Bond Proceeds Requisition or Developer Funds Requisition to the Town and the Town’s failure to respond within thirty (30) days of delivery (“Certification”), which Certification shall also be provided to the Town, and the proof of such delivery provided to the Escrow Agent, the Escrow Agent shall make disbursement to District or the Developer, as appropriate, of the full amount of the Bond Proceeds Requisition or Developer Funds Requisition after two (2) business days but less than four (4) business days, to provide an adequate opportunity for the Town to comment and, if it so desires, object to the Disbursement Request. If there is a Town Objection, the Escrow Agent shall release funds for any undisputed portion of the Requisition to District or the Developer, as appropriate, within two (2) business days. The Escrow Agent may conclusively rely as to the completeness and accuracy of all statements in a Bond Proceeds Requisition or Developer Funds Requisition or Certification if executed by the proper parties and the Escrow Agent, in good faith, believes the Bond Proceeds Requisition or Developer Funds Requisition or Certification is genuine. The Escrow Agent shall not be required to make any independent investigation in connection therewith.
Disbursement by the Escrow Agent of the Escrow Sum shall be made in accordance with and at the time or times specified in Sections 3.1 and 3.2 of this Agreement.
Disbursement by the Escrow Agent. Upon the Escrow Agent's receipt of the -------------------------------- Executed Agreements, the Escrowed Funds and the Escrowed Note as set forth above, the Escrow Agent shall promptly disburse those items as follows:
Disbursement by the Escrow Agent. The Escrow Agent shall disburse the Escrow Fund only in accordance with (i) a written instrument delivered to the Escrow Agent, that is executed by both Buyer and Seller and that instructs the Escrow Agent as to the disbursement of some or all of the Escrow Fund, (ii) a Project Claim Notice delivered to the Escrow Agent by Buyer, including a certification by Buyer that such Project Claim Notice was delivered to Seller (indicating the date of such delivery to Seller), provided, however, that no Project Objection Notice is delivered to the Escrow Agent by Seller within fourteen (14) days following the receipt by Seller of the Project Claim Notice from the Escrow Agent, (iii) a written notice from Buyer or Seller, certifying that attached thereto is a true, accurate and complete copy of the final decision of the Arbitrator declaring the respective rights of Buyer and Seller with respect to the Escrow Fund, or (iv) the provisions of Section 5(b) hereof. If one of the foregoing conditions are met, the Escrow Agent shall promptly (and in any event within five (5) days) disburse the Escrow Fund in accordance with such instructions, order or decision, unless such instructions or decision otherwise provide. In the event the Escrow Agent receives a Project Claim Notice from Buyer, the Escrow Agent shall within two (2) business days of receipt, deliver a copy of the Project Claim Notice to the Seller. Should the Escrow Agent receive within fourteen (14) days of its delivery of the Project Claim Notice to the Seller, a Project Objection Notice from Seller, the Escrow Agent shall retain the Escrow Fund and shall disburse the Escrow Fund only in accordance with the terms of Sections 5(a)(i) or 5(a)(iii) hereof.
Disbursement by the Escrow Agent. The Escrow Agent shall hold the Confession of Judgment and shall not deliver it, other than (i) pursuant to Sections 3.1, 3.2 or 3.3 of this Escrow Agreement, (ii) pursuant to a final order of a court having jurisdiction in accordance with the provisions of Section 8.1 of this Escrow Agreement, (iii) by delivering the Confession of Judgment into the U.S. Bankruptcy Court pursuant to the provisions of Section 4 of this Escrow Agreement, or (iv) by delivering the Confession of Judgment to a successor Escrow Agent pursuant to the provisions of Section 5.5 of this Escrow Agreement.
