Establishment and Use Clause Samples
Establishment and Use. Choose the appropriate version of (i):
(i) Lender acknowledges that Borrower has established the Repair Escrow Fund by depositing the amount of the Repair Escrow Deposit with Lender.
(i) Upon the occurrence of one or more conditions specified in Section 3(b) and/or 3(c) below, Lender may require Borrower to establish a Repair Escrow Fund.
(ii) Borrower and Lender agree that Lender will hold all moneys deposited into the Repair Escrow Fund in an interest bearing account if Lender estimates that the Repairs will require longer than ninety (90) days to complete. Lender will not be required to hold the Repair Escrow Deposit in an interest bearing account if the Repairs are required to be completed in ninety (90) days or less. Any interest earned on such moneys will be added to the principal balance of the Repair Escrow Fund and disbursed in accordance with the provisions of this Agreement. Lender will be entitled to deduct from the Repair Escrow Fund a one- time fee in the amount of Dollars ($ ) for establishing the Repair Escrow Fund. Lender will not be responsible for any losses resulting from investment of moneys in the Repair Escrow Fund or for obtaining any specific level or percentage of earnings on such investment.
(iii) The Repair Escrow Deposit will, except as otherwise stated in this Agreement, be used for the purpose of paying, or reimbursing Borrower for, the costs of the Repairs.
Establishment and Use. (i) Lender acknowledges that Borrower has established the Repair Escrow Fund by depositing the amount of the Repair Escrow Deposit with Lender.
(ii) Borrower acknowledges that Lender will deposit the Repair Escrow Fund in an Eligible Account at an Eligible Institution or will invest the Repair Escrow Fund in “permitted investments” as then defined and required by the Rating Agencies, and, unless applicable law requires, Lender will not be required to pay Borrower any interest, earnings or profits on the Repair Escrow Fund. Lender will be entitled to deduct from the Repair Escrow Fund a one-time fee in the amount $ for establishing the Repair Escrow Fund.
(iii) The Repair Escrow Deposit will, except as otherwise stated in this Agreement, be used for the purpose of paying, or reimbursing Borrower for, the costs of the Repairs.
Establishment and Use. At the direction of the Officers, on or before the Effective Date, the Manager shall establish and maintain one or more bank accounts in the name of the Company and any Company Subsidiary, and may collect and deposit funds into any such account, and disburse funds from such accounts (including, without limitation, for reimbursement of payments to which the Manager is entitled) subject to the terms and conditions of this Agreement and such additional terms and conditions as the Officers may establish consistent with this Agreement. The Manager shall from time to time render appropriate accountings of such collections and payments to the Officers and, upon request of the Officers, to the Auditors.
Establishment and Use. At the direction of the Board, on or --------------------- before the Effective Date, ▇▇▇. ▇▇▇▇▇▇ shall establish and maintain one or more bank accounts in the name of TCBY and any subsidiary thereof, and may collect and deposit funds into any such account, and disburse funds from such accounts (including, without limitation, for reimbursement of payments to which ▇▇▇. ▇▇▇▇▇▇ is entitled) subject to the terms and conditions of this Agreement and such additional terms and conditions as the Board may establish consistent with this Agreement. ▇▇▇. ▇▇▇▇▇▇ shall from time to time render appropriate accountings of such collections and payments to the Board and, upon request of the Board, to the Auditors.