Distribution of Escrow Account Sample Clauses

Distribution of Escrow Account. The Escrow Account shall be distributed as follows:
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Distribution of Escrow Account. Within three (3) Business Days after the first year anniversary of the Closing Date, Parent and the Stockholders shall direct the Escrow Agent (as defined in the Escrow Agreement) to deliver, in accordance with the terms of the Escrow Agreement, to the Stockholders the amount of Escrow Shares held in the Escrow Account in excess of the aggregate amount of unsatisfied or disputed claims for Indemnifiable Amounts made by Parent pursuant to Article VIII.
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Distribution of Escrow Account. The Escrow Account shall be held by the Agent until the final disposition of the monies and properties held in escrow hereunder (the "Termination Date").
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Distribution of Escrow Account. (a) Funds shall be disbursed from the Escrow Account to the Buyer following resolution of a Claim Notice follows: (i) first, if there is any Escrow Cash held in the Escrow Account, an amount of Escrow Cash up to the total amount of Escrow Cash held in the Escrow Account; (ii) second, if there are any Escrow Notes held in the Escrow Account, Escrow Notes with a Note Indemnity Value equal to the remaining Indemnifiable Losses claimed in such Claim Notice; and (iii) third, if there are any Escrow Shares held in the Escrow Account, a number of Escrow Shares with a Share Indemnity Value equal to the remaining Indemnifiable Losses claimed in such Claim Notice, provided, however, that until the Objection Deadline (as defined below), no delivery of Escrow Property shall be made to the Buyer unless the Escrow Agent shall have received written instructions from the Seller’s Guarantor to make such delivery; provided, further, that prior to any distribution of Escrow Property to the Buyer by the Escrow Agent, the Seller’s Guarantor shall have the right, in its sole discretion, to (x) change the mix of Escrow Property to be distributed to the Buyer by the Escrow Agent by delivering written notice to the Buyer and the Escrow Agent, or (y) pay or cause to be paid to the Buyer an amount of cash equal to all or 189 any portion of the Indemnifiable Losses claimed in such Claim Notice to reduce the amount of Indemnifiable Losses to be paid from the Escrow Account. For the avoidance of doubt, to the extent the value of all Escrow Property held in the Escrow Account (as determined pursuant hereto) is not sufficient to satisfy the Indemnifiable Losses payable by the Seller’s Guarantor pursuant to the Share Purchase Agreement in respect of a Claim Notice, then the remaining Escrow Property held in the Escrow Account shall be delivered to the Buyer and the Seller’s Guarantor shall remain liable for the remainder of such Indemnifiable Loss if and to the extent provided in the Share Purchase Agreement.
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Distribution of Escrow Account. On the 180th day after the ------------------------------ Closing Date, the Purchaser shall direct the escrow agent under the Escrow Agreement to pay to the Representative an amount equal to the amount of the Escrow Account, if any, remaining after (i) all amounts owing to the Purchaser pursuant to Section 2.3 have been satisfied and (ii) all claims of the Purchaser under Section 9.2 which have theretofore been finally resolved have been satisfied (the "Remaining Escrow") less any amount for which the Purchaser ---------------- claims, prior to such 180th day, that it is entitled to receive indemnification pursuant to Section 9.2 (each, a "Pending Claim"). As soon as practicable ------------- following final resolution of all Pending Claims, the Purchaser shall direct the escrow agent under the Escrow Agreement to pay to the Representative an aggregate amount equal to the portion, if any, of the Escrow Account which remains after payment of the Remaining Escrow and final resolution of all Pending Claims.
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Related to Distribution of Escrow Account

  • Creation of Escrow Funds On or prior to the date of the commencement of the Offering, the parties shall establish an escrow account with the Escrow Agent, which escrow account shall be entitled as follows: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account for the deposit of the Escrow Funds. The Investor(s) will instruct subscribers to wire funds to the account of the Escrow Agent as follows: Bank: Wachovia, N.A. of New Jersey Routing #: 000000000 Account #: 2000014931134 Name on Account: Xxxxx Xxxxxxxx Attorney Trust Account Name on Sub-Account: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account

  • Investment of Escrow Account The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a non-interest-bearing bank account at SunTrust Bank.

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • Creation of Escrow Account/Common Stock Account a. On or prior to the date of this Agreement the Escrow Agent shall establish an escrow account for the deposit of the Escrow Funds entitled as follows: eTotalSource, Inc./Cornell Capital Partners, LP. The Investor will wire funds to the account of the Escrow Agent as follows: Bank: Wachovia, N.A. of New Jersey Routing #: 031201467 Account #: 2020000659170 Name on Account: David Gonzalez Attorney Trust Accoxxx Xxxx xx Xxb-Account: eTotalSource, Inc./Cornell Capital Partners, LP Escrow account

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Protection of Escrow Fund (i) The Escrow Agent shall hold and safeguard the Escrow Fund during the Escrow Period, shall treat such fund as a trust fund in accordance with the terms of this Agreement and not as the property of Parent and shall hold and dispose of the Escrow Fund only in accordance with the terms hereof.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Establishment of Escrow Accounts; Deposits in Escrow Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 8.

  • Investment of Escrow Amount Escrow Agent may, at its’ discretion, invest any or all of the Escrow Account balance as permitted by banking or trust company regulations. No interest shall be paid to Issuer or Subscribers on balances in the Escrow Account or in Issuers custodial account.

  • Investment of Escrow Funds The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent may retain the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in a non-interest bearing money market account.

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