Escrow Agent’s Compensation. New Account Acceptance Fee $ One-time fee payable upon Account Opening A New Account Acceptance Fee will be charged for the Bank’s review of the Escrow Agreement along with any related account documentation. Minimum Administrative Fee $ Payable upon Account Opening and in Advance of each year of service as Escrow Agent The Administrative Fee will cover the Bank’s standard Escrow services including, but not limited to, account setup, safekeeping of assets, investment of funds, collection of income and other receipts, preparation of statements comprising account activity and asset listing, and distribution of assets in accordance with the specific terms of the Escrow Agreement. These fees cover a full year, or any part thereof, and thus are not prorated in the year of termination. The account will be invoiced in the month in which the account is opened and annually thereafter. Payment of the invoice is due 30 days following receipt.
Appears in 4 contracts
Samples: Agreement and Plan of Merger (American Land Lease Inc), Agreement and Plan of Merger (GCP Sunshine Acquisition, Inc. A Delaware Corp), Escrow Agreement (GCP Sunshine Acquisition, Inc. A Delaware Corp)
