Escrow Requirement. Unless, (a) at the origination of a Mortgage Loan the Borrower is not required to make Escrow Item payments thereafter, (b) Escrow Funds collection has been waived pursuant to Section 10.5.1 hereof, or (c) the collection of Escrow Funds is precluded by applicable law, the Servicer must continue to collect 1/12th of the annual total for all Escrow Items with each Monthly Payment on such Mortgage Loan, as determined pursuant to Section 10.3.1 hereof.
Escrow Requirement. 10.1.2. Mortgage Loans without Escrow...............................
Escrow Requirement. The Option shall vest immediately on the completion of the IPO and shall be exercisable on the Listing Date. If the Optionee exercises any Options subject to this Agreement prior to the Corporation completing its Qualifying Transaction and the issuance of the Final Exchange Bulletin therefor, the Optionee acknowledges and agrees that the Optionee shall deposit any and all such Optioned Shares issued into escrow with Pacific Corporate Trust Corporation (the “Escrow Agent”) subject to the terms and conditions of the Escrow Agreement and the Optionee covenants to the Corporation that the Optionee shall take all action necessary to cause the Optioned Shares to be deposited into escrow with the Escrow Agent.
Escrow Requirement. The Complete Indenture provides that:
(a) Certain of the net proceeds of the Program Bonds must be held in Escrow (as defined below) until, with respect to all or the relevant portion of the Program Bonds, (i) the Market Bond Requirement is satisfied and (ii) the Program Bonds are tax-exempt. “Market Bond Ratio Requirement” means the requirement that the HFA issue and deliver Market Bonds in conjunction with and as a condition to each Release Date, the principal amount of such Market Bonds being not less than two-thirds (2/3) of the principal amount of Program Bonds the proceeds of which are proposed to be released on such Release Date.
Escrow Requirement. The Complete Indenture provides that:
(b) The net proceeds of all taxable Program Bonds must be escrowed (“Escrowed Proceeds”).
(c) The Escrowed Proceeds will be held in escrow under the Complete Indenture (“Escrow”) pending the satisfaction of the requirements set forth in Section 4(e) below.
(d) Escrowed Proceeds must be invested in such investments as permitted by Treasury and set forth in the Supplemental Indenture (“Permitted Escrow Investments”). Permitted Escrow Investments are pledged exclusively to the repayment of the Program Bonds unless and until there is a default under the Complete Indenture, in which case such funds will be applied as required by the Complete Indenture.
Escrow Requirement. The Complete Indenture provides that:
(b) The net proceeds of all taxable Program Bonds must be escrowed (“Escrowed Proceeds”).
(c) The Escrowed Proceeds will be held in escrow under the Complete Indenture (“Escrow”) pending the satisfaction of the requirements set forth in Section 4(e) below.
(d) Escrowed Proceeds must be invested in such investments as permitted by Treasury and set forth in the Supplemental Indenture (“Permitted Escrow Investments”). Permitted Escrow Investments are pledged exclusively to the repayment of the Program Bonds unless and until there is a default under the Complete Indenture, in which case such funds will be applied as required by the Complete Indenture.
(e) Escrowed Proceeds may be released from Escrow, subject to, among other things, the condition that the HFA delivers a bond counsel opinion to the HFA Trustee to the effect that interest on the Program Bonds related to the Escrowed Proceeds to be released is exempt from federal income taxation under Section 103 of the Code.
(f) If any Escrowed Proceeds remain in Escrow on January 1, 2011, such Escrowed Proceeds must be used to redeem outstanding Program Bonds at par on February 1, 2011 (or an earlier date selected by the HFA).
Escrow Requirement. The Complete Indenture provides that:
(a) Certain of the net proceeds of the Program Bonds must be held in Escrow (as defined below) to the extent that, at issuance, the Program Bonds will not be tax-exempt.
(b) The net proceeds of all taxable Program Bonds must be escrowed (“Escrowed Proceeds”).
(c) The Escrowed Proceeds will be held in escrow under the Complete Indenture (“Escrow”) pending the satisfaction of the requirements set forth in Section 4(e) below.
(d) Escrowed Proceeds must be invested in such investments as permitted by Treasury and set forth in the Supplemental Indenture (“Permitted Escrow Investments”). Permitted Escrow Investments are pledged exclusively to the repayment of the Program Bonds unless and until there is a default under the Complete Indenture, in which case such funds will be applied as required by the Complete Indenture.
(e) Escrowed Proceeds may be released from Escrow, subject to, among other things, the condition that the HFA delivers a bond counsel opinion to the HFA Trustee to the effect that interest on the Program Bonds related to the Escrowed Proceeds to be released is exempt from federal income taxation under Section 103 of the Code.
(f) If any Escrowed Proceeds remain in Escrow on January 1, 2011, such Escrowed Proceeds must be used to redeem outstanding Program Bonds at par on February 1, 2011 (or an earlier date selected by the HFA).
Escrow Requirement. 10.1.2. Mortgage Loans without Escrow............................... Section 10.2 Payment of Escrow Items 10.2.1.
Escrow Requirement. If the Offering Member does not deliver the required documentation at the closing, then:
(i) The Company and/or any Accepting Member shall deposit the Offer Price with a Third Party national banking institution escrow agent of the Company’s choosing (the “Escrow Agenf’); and
(ii) The Company shall adjust its transfer books to reflect that the Offered Units have been Transferred.
Escrow Requirement. 63 10.1.2 Mortgage Loans without Escrow. . . . . . . . . . . . . . . 63
