Disbursement of Escrowed Funds. Escrow agent shall hold the escrow funds until it receives written notice from County that a building permit (as described in Paragraph 1 above) for the development has been approved. Within ten (10) days after receipt of notice from County, escrow agent shall disburse the funds to the County. Building permits to be issued simultaneous with dispersal of funds. Any accrued interest earned on the escrow account shall be disbursed to the County.
Disbursement of Escrowed Funds. The Escrow Agent shall disburse the Escrowed Funds as follows:
Disbursement of Escrowed Funds. (a) In the event the Escrow Agent receives written notice from the Company substantially in the form of Exhibit A hereto (a “Purchaser Rejection Disbursement Notice”) the Escrow Agent shall disburse to the Purchaser solely in accordance with and pursuant to the terms of the Purchaser Rejection Disbursement Notice all collected sums paid by the Purchaser for Shares and received by the Escrow Agent.
Disbursement of Escrowed Funds. If at any time on or prior to the Closing Date the Minimum Offering Requirement has been met, then upon the happening of such event, the principal amount of the Escrowed Funds shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company or the Dealer Manager instructing the Escrow Agent to deliver the principal amount, or a portion thereof, of such Escrowed Funds as the Company or the Dealer Manager, as the case may be, shall direct in writing. An affidavit or certification from an officer of the Company or the Dealer Manager to the Escrow Agent stating that the Minimum Offering Requirement has been timely met, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Affidavit”). The Break Escrow Affidavit shall indicate: (i) the date on which the Minimum Offering Requirement has been met (the “Break Escrow Date”); (ii) the actual total number of Shares sold as of the Break Escrow Date; and (iii) if not all, that portion of the Escrowed Funds to be transferred. Upon the receipt by the Escrow Agent of the Break Escrow Affidavit, the Escrow Agent will deliver to U.S. Bank (the “Custodian”), as directed by the Company, on the date of the first closing following the receipt of the Break Escrow Affidavit, the principal and interest earned on such Escrowed Funds to be transferred and the Escrow Agent shall from that point forward, transfer on the first business day following each subsequent closing all principal and interest earned on the Escrowed Funds for the prior subscription period to the Custodian, as directed by the Company. Additionally, the Company hereby directs the Escrow Agent to provide the Transfer Agent with all electronic files and information needed by the Transfer Agent to perform its duties as record keeper under its agreement with the Company. If the Escrow Agent has not received a Break Escrow Affidavit on or prior to the Closing Date, the Escrow Agent shall promptly return the Escrowed Funds, including interest, if any, thereon, to the subscribers, per the name, address and in the amounts provided to the Escrow Agent without deduction, penalty or expense, and the Escrow Agent shall notify the Company and the Dealer Manager in writing of its distribution of the funds. The subscription payments returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors. The parties hereto hereby ag...
Disbursement of Escrowed Funds. Escrow Agent shall disburse the Escrowed Funds at the times, to the party and in the amounts set forth in the Escrow Agreement Supplement which is attached hereto. The procedure to be followed relative to disbursements shall be as follows:
Disbursement of Escrowed Funds. Provided the ------------------------------ requirement for disbursement set forth in Section 3 above have been satisfied, Escrow Agent shall disburse the escrowed funds as follows:
Disbursement of Escrowed Funds. On or before the Effective Date, L&F and COR shall execute and deliver joint instructions, in form and substance reasonably satisfactory to each of them, directing the Escrow Agent to disburse, on the Effective Date, all of the escrowed funds under the Escrow Agreement and terminate such escrow.
Disbursement of Escrowed Funds. The Escrow Agent shall hold the escrowed funds until it receives written notice from the County as to the amount of impact fees due. The notice from the County shall establish the amount due the County from escrow funds. Within ten (10) days after receipt of notice from the County as to the impact fees due and payable, the Escrow Agent shall disburse the required impact fees to the County and shall disburse the remaining amount, if any, to the Builder. All accrued interest earned on the escrow account shall be prorated between the Builder and the County based upon the amount due to each.
Disbursement of Escrowed Funds. Within two (2) Business Days following receipt of Lessee's written request, Escrow Agent shall disburse to Lessee or to such payees as may be designated by Lessee in its request for disbursement, out of the funds held in escrow, the out-of-pocket costs and expenses incurred by Lessee in connection with the performance by it of its obligations under Paragraph 2 (the "Capital Expenditures"), upon presentation of a request for disbursement, provided:
Disbursement of Escrowed Funds. The Escrowed Funds, including interest earned thereon that shall be accumulated in the escrow account, after expiration of such reasonable time (not exceeding thirty days) as shall be required to permit orderly liquidation of any investments thereof made in accordance with Section 2 hereof, shall be held by the Escrow Agent and not disbursed until one of the following events has occurred, in which event the Escrow Agent is authorized and directed to disburse the Escrowed Funds, or a portion thereof, in the manner indicated:
