Escrow of Auction Proceeds Sample Clauses

Escrow of Auction Proceeds. Xxxxxx shall cause the Auction Proceeds to be deposited by wire transfer directly into an escrow or trust account (the “Escrow Account”) with an escrow agent or trustee that is a nationally recognized U.S. bank mutually agreed to by Sharer and Xxxxxx (the “Escrow Agent”), to be held and distributed pursuant to the terms and conditions of an escrow or trust agreement, which the parties shall use commercially reasonable efforts to execute on or before the Submission Deadline (as defined in Section 1.5 below) and in any event no later than ten days following the Results Public Notice, by and among Xxxxxx, the Qualified Intermediary (as defined in Section 1.4(c) below) and the Escrow Agent, in a standard and customary form as may be required by the Escrow Agent and approved by the parties in writing (the “Escrow Agreement”), which shall provide for disbursement of Sharer’s portion of the Escrow Proceeds within five (5) business days following receipt of Auction Proceeds; provided, that if, for any reason, the Auction Proceeds are not deposited directly into the Escrow Account, then Xxxxxx shall immediately (but not later than one (1) business day following receipt of the Auction Proceeds) remit (or cause the qualified intermediary to remit) the Auction Proceeds to the Escrow Account by wire transfer, without deduction, setoff or counterclaim. The form of the Escrow Agreement shall be mutually agreed to by Sharee, Sharer, the Qualified Intermediary and the Escrow Agent prior to execution thereof. The parties shall use their commercially reasonable efforts to ensure that the Escrow Agreement complies with the Channel Sharing Rules for payment of Auction Proceeds to a third party, without holdback, offset or other deduction. Xxxxxx shall obtain from the Escrow Agent any certifications required by the FCC to permit payment to the Escrow Agent. The escrowed funds shall be held as a trust fund and the amount to be distributed to Sharer shall not be subject to any lien, attachment, trustee process or any other judicial process of any creditor of either party hereto. The escrowed funds shall be deposited by the Escrow Agent in an interest-bearing account in the manner specified in the Escrow Agreement, with any interest accruing thereon to be shared equally by the parties. The parties shall jointly instruct the Escrow Agent not to distribute or release the escrowed funds except in accordance with the express terms and conditions of the Escrow Agreement and the Exchang...

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Escrow of Auction Proceeds. Xxxxxx shall cause the Auction Proceeds to be deposited by wire transfer directly into an escrow or trust account (the “Escrow Account”) with an escrow agent or trustee that is a nationally recognized U.S. bank mutuall...

Related to Escrow of Auction Proceeds

Liquidation Proceeds Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted payoff or otherwise, or the sale of the related Mortgaged Property if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan, including any amounts remaining in the related Escrow Account.
Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.
Escrow of Funds Subject to the terms and conditions of the Grant Agreement, OPWC will disburse to Escrow Agent Grant funds available to Recipient, which disbursement shall be made by a check sent to Escrow Agent via regular U.S. Mail, or by such other means determined by the Director in the Director’s sole discretion, prior to the closing date as scheduled under the Contract (the “Escrow Funds”). The Escrow Funds shall be held by Escrow Agent, together with any funds of Recipient made available prior to closing on the terms and conditions hereinafter set forth.
Disbursement of Loan Proceeds (a) The Trustee, as the agent of the Trust, shall disburse the amounts on deposit in the Project Loan Account to the Borrower upon receipt of a requisition executed by an Authorized Officer of the Borrower, and approved by the Trust, in a form meeting the requirements of Section 5.02(3) of the Bond Resolution. (b) The Trust and Trustee shall not be required to disburse any Loan proceeds to the Borrower under this Loan Agreement, unless: (i) the proceeds of the Trust Bonds shall be available for disbursement, as determined solely by the Trust; (ii) in accordance with the Bond Act, and the Regulations, the Borrower shall have timely applied for, shall have been awarded and, prior to or simultaneously with the Loan Closing, shall have closed a Fund Loan for a portion of the Allowable Costs (as defined in such Regulations) of the Project in an amount not in excess of the amount of Allowable Costs of the Project financed by the Loan from the Trust; (iii) the Borrower shall have on hand moneys to pay for the greater of (A) that portion of the total Costs of the Project that is not eligible to be funded from the Fund Loan or the Loan, or (B) that portion of the total Costs of the Project that exceeds the actual amounts of the loan commitments made by the State and the Trust, respectively, for the Fund Loan and the Loan; and (iv) no Event of Default nor any event that, with the passage of time or service of notice or both, would constitute an Event of Default shall have occurred and be continuing hereunder.
Loan Proceeds Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.
Disbursement of Advance Proceeds All Advances shall be disbursed from whichever office or other place Agent may designate from time to time and, together with any and all other Obligations of Borrowers to Agent or Lenders, shall be charged to Borrowers' Account on Agent's books. During the Term, Borrowers may use the Revolving Advances by borrowing, prepaying and reborrowing, all in accordance with the terms and conditions hereof. The proceeds of each Revolving Advance requested by Borrowers or deemed to have been requested by Borrowers under Section 2.2(a) hereof shall, with respect to requested Revolving Advances to the extent Lenders make such Revolving Advances, be made available to the applicable Borrower on the day so requested by way of credit to such Borrower's operating account at PNC, or such other bank as Borrowing Agent may designate following notification to Agent, in immediately available federal funds or other immediately available funds or, with respect to Revolving Advances deemed to have been requested by any Borrower, be disbursed to Agent to be applied to the outstanding Obligations giving rise to such deemed request.
Working Capital Trust Account Proceeds Upon consummation of the Offering, $250,000 of the proceeds from the sale of the Firm Units will be released to the Company to fund the working capital requirements of the Company, and the remainder of the proceeds from the sale of the Firm Units will be deposited into the Trust Account and held pursuant to the terms of the Trust Agreement.
Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account. (b) The Trustee shall establish and maintain on behalf of the Certificateholders a Special Payments Account as one or more accounts, which shall be non-interest bearing except as provided in Section 4.
Escrowed Funds Upon receipt of the Escrowed Funds, the Escrow Agent shall hold the Escrowed Funds in escrow pursuant to the terms of this Agreement. Until such time as the Escrowed Funds shall be distributed by the Escrow Agent as provided herein, the Escrowed Funds shall be deposited by the Escrow Agent in an interest bearing account or as may otherwise be directed by the Corporation in writing. The Escrow Agent shall be entitled to sell or redeem any investment of the Escrowed Funds as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Interest, if any, resulting from any investment of the Escrowed Funds shall be retained by the Escrow Agent, and shall be distributed according to this Agreement.
Direct Deposit If you have arranged to have a direct deposit made to your account at least once every 60 days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling (000) 000-0000. This does not apply to transactions occurring outside the United States.