Establishment of Escrow Account; Delivery of Escrow Funds. (a) Company shall establish with Escrow Agent a non interest-bearing escrow account for the Offering entitled “WILMINGTON TRUST, N.A. as Escrow Agent for [name of Company/Offering] Escrow” (the “Escrow Account”) (b) Placement Agent and the Company shall instruct the Investor to deliver to Escrow Agent checks made payable to the order of “as Escrow Agent for ______Escrow”, or wire transfer, or other accepted modes of investment to: Wilmington Trust Company ABA #: 000000000 A/C #: TBD A/C Name: ______ Escrow Attn: Xxxxx Xxxxxxx International Wires: M&T Buffalo, New York ABA: 000000000 SWIFT: XXXXXX00 Beneficiary Bank: Wilmington Trust Beneficiary ABA: 000000000 A/C #: TBD A/C Name: _____Escrow All such payments remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The payments shall be deposited into the Escrow Account.
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Establishment of Escrow Account; Delivery of Escrow Funds. (a) Company hereby appoints Escrow Agent to act as escrow holder to receive and hold the proceeds of the Offering.
(b) Escrow Agent shall establish with Escrow Agent a non interest-bearing escrow account for the Offering at East West Bank, as depository, entitled “WILMINGTON TRUST, N.A. EAST WEST BANK as Escrow Agent for [name of Company/Offering] Escrow]” (the “Escrow Account”), subject to the Company’s provision of all information, agreements, documents and things required or requested by East West Bank to establish such account.
(bc) The Company and Placement Agent and the Company shall instruct the Investor Investors to deliver to Escrow Agent checks deposit checks, utilize a credit card, ACH, wire transfer or other accepted modes of investment for the payment of money made payable to the order of “EAST WEST BANK. as Escrow Agent for ______Escrow”Xxxxxx,” and the Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter set forth, or wire transferprovided however, or other accepted modes of investment tothe Escrow Agent will not accept Investor payments by credit card. Therefore, if the Company and Placement Agent choose to allow Investors to transmit funds by credit card, the Company and Placement Agent shall arrange for a third party merchant services provide to process such payments and transmit the proceeds to Escrow Agent. Escrow Agent’s delivery instructions for payments are as follows: Wilmington Trust Company ABA #: 000000000 A/C #: TBD 8003277814 A/C Name: ______ East West Bank as Escrow Agent for Majestic Funding Partners, LLC Attn: Xxxxx Xxxxxxx International Wires: M&T Buffalo, New York ABA: 000000000 SWIFT: XXXXXX00 Beneficiary Bank: Wilmington Trust Beneficiary ABA: 000000000 A/C #: TBD A/C Name: _____Escrow Department All such payments remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The payments shall be deposited into the Escrow Account.
(d) The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”
(e) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account. If, for any reason, any payment deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the payment to the Investor and advise the Company and Placement Agent promptly thereof.
(f) In the event that market conditions are such that negative interest applies to amounts deposited with the Escrow Agent, the Company shall be responsible for the payment of such interest and the Escrow Agent shall be entitled to deduct from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the indemnification protections afforded to the Escrow Agent under Section 2.2 of this Agreement shall cover any interest-related expenses (including, but not limited to, negative interest) incurred by the Escrow Agent in the performance of its duties hereunder.
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Establishment of Escrow Account; Delivery of Escrow Funds. (a) Company On or prior to the date of the commencement of the Offering, the parties shall establish with Escrow Agent a non interestnon-interest bearing escrow account for with the Offering entitled “WILMINGTON TRUST, N.A. as Escrow Agent for [name of Company/Offering] Escrow” (the “Escrow Account”)
(b) Agent. Placement Agent and the Company shall instruct the Investor to deliver to the Escrow Agent checks made payable to the order of “WILMINGTON TRUST, N.A. as Escrow Agent for ______EscrowMDB Capital Holdings, LLC”, or wire transfer, or other accepted modes of investment transfer to: Wilmington Trust Company ABA #: 000000000 A/C #: TBD 158630-000 A/C Name: ______ MDB Escrow Attn: Xxxxx Xxxxxxx Exxxx Xxxx-Xxxxxxxx International Wires: M&T Buffalo, New York ABA: 000000000 SWIFT: XXXXXX00 MXXXXX00 Beneficiary Bank: Wilmington Trust Beneficiary ABA: 000000000 A/C #: TBD 158630-000 A/C Name: _____MDB Escrow All such payments checks and wire transfers remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The payments checks or wire transfers shall be deposited into a non interest-bearing account at WILMINGTON TRUST, NATIONAL ASSOCIATION entitled “WILMINGTON TRUST, N.A. as Escrow Agent for MDB Capital Holdings, LLC” (the “Escrow Account”). Wilmington Trust, N.A. 1000 Xxxxx Xxxxxx Xxxxxx Wilmington, DE 19890 Attention: Workflow Management
(b) The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”
(c) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Investor and advise the Company and Placement Agent promptly thereof.
(d) All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON TRUST, NATIONAL ASSOCIATION.
(e) In the event that market conditions are such that negative interest applies to amounts deposited with the Escrow Agent, the Company and Placement Agent jointly and severally shall be responsible for the payment of such interest and the Escrow Agent shall be entitled to deduct from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the indemnification protections afforded to the Escrow Agent under Section 2.2 of this Agreement shall cover any interest-related expenses (including, but not limited to, negative interest) incurred by the Escrow Agent in the performance of its duties hereunder.
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Establishment of Escrow Account; Delivery of Escrow Funds. (a) Company shall establish with Escrow Agent a non interest-bearing escrow account for the Offering entitled “WILMINGTON TRUST, N.A. as Escrow Agent for [name of Company/Offering] GB8 Residential, LLC - Escrow” (the “Escrow Account”).
(b) Placement Agent and the Company shall instruct the Investor to deliver to Escrow Agent checks made payable to the order of “as Escrow Agent for ______GB8 Residential, LLC Escrow”, or wire transfer, or other accepted modes of investment to: Wilmington Trust Company ABA #: 000000000 [OMITTED] A/C #: TBD [OMITTED] A/C Name: ______ GB8 Residential, LLC – Escrow Attn: Xxxxx Xxxxxxx Xxxx-Xxxxxxxx International Wires: M&T Buffalo, New York ABA: 000000000 [OMITTED] SWIFT: XXXXXX00 [OMITTED] Beneficiary Bank: Wilmington Trust Beneficiary ABA: 000000000 [OMITTED] A/C #: TBD [OMITTED] A/C Name: _____GB8 Residential, LLC – Escrow All such payments remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The payments shall be deposited into the Escrow Account. Wilmington Trust, N.A. 0000 Xxxxx Xxxxxx Xxxxxx Xxxxxxxxxx, XX 00000 Attention: Workflow Management
(c) The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.” All Escrow Funds will be held uninvested by the Escrow Agent.
(d) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account. If, for any reason, any payment deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the payment to the Investor and advise the Company and Placement Agent promptly thereof. ALL ESCROW FUNDS SHALL REMAIN THE PROPERTY OF THE INVESTORS ACCORDING TO THEIR RESPECTIVE INTERESTS AND, EXCEPT AS PROVIDED IN SECTION 2.6 HEREIN, SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST ISSUER UNTIL RELEASED OR ELIGIBLE TO BE RELEASED TO THE COMPANY IN ACCORDANCE WITH SECTION 1.2 HEREOF.
(e) In the event that market conditions are such that negative interest applies to amounts deposited with the Escrow Agent, the Company shall be responsible for the payment of such interest and the Escrow Agent shall be entitled to deduct from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the indemnification protections afforded to the Escrow Agent under Section 2.2 of this Agreement shall cover any interest-related expenses (including, but not limited to, negative interest) incurred by the Escrow Agent in the performance of its duties hereunder.
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Establishment of Escrow Account; Delivery of Escrow Funds. (a) Company On or prior to the date of the commencement of the Offering, the parties shall establish with Escrow Agent a non interestnon-interest bearing escrow account for with the Offering entitled “WILMINGTON TRUST, N.A. as Escrow Agent for [name of Company/Offering] Escrow” (the “Escrow Account”)
(b) Agent. Placement Agent and the Company shall instruct the Investor to deliver to the Escrow Agent checks made payable to the order of “WILMINGTON TRUST, N.A. as Escrow Agent for ______EscrowMDB Capital Holdings, LLC”, or wire transfer, or other accepted modes of investment transfer to: Wilmington Trust Company ABA #: 000000000 A/C #: TBD 158630-000 A/C Name: ______ MDB Escrow Attn: Xxxxx Xxxxxxx Exxxx Xxxx-Xxxxxxxx International Wires: M&T Buffalo, New York ABA: 000000000 SWIFT: XXXXXX00 MXXXXX00 Beneficiary Bank: Wilmington Trust Beneficiary ABA: 000000000 A/C #: TBD 158630-000 A/C Name: _____MDB Escrow All such payments checks and wire transfers remitted to the Escrow Agent shall be accompanied by information identifying each Investor, subscription, the Investor’s social security or taxpayer identification number and address. In the event the Investor’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Investor, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with such information in writing. The payments checks or wire transfers shall be deposited into a non interest-bearing account at WILMINGTON TRUST, NATIONAL ASSOCIATION entitled “WILMINGTON TRUST, N.A. as Escrow Agent for MDB Capital Holdings, LLC” (the “Escrow Account”). Wilmington Trust, N.A. 1000 Xxxxx Xxxxxx Xxxxxx, 5th Floor Wilmington, DE 19890 Attention: Pxxxxxx Xxxxxxx
(b) The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”
(c) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Investor and advise the Company and Placement Agent promptly thereof.
(d) All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON TRUST, NATIONAL ASSOCIATION.
(e) In the event that market conditions are such that negative interest applies to amounts deposited with the Escrow Agent, the Company and Placement Agent jointly and severally shall be responsible for the payment of such interest and the Escrow Agent shall be entitled to deduct from amounts on deposit with it an amount necessary to pay such negative interest. For the avoidance of doubt, the indemnification protections afforded to the Escrow Agent under Section 2.2 of this Agreement shall cover any interest-related expenses (including, but not limited to, negative interest) incurred by the Escrow Agent in the performance of its duties hereunder.
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