Establishment of the Escrow Account. 2.1 The Issuer shall establish a non-interest-bearing Escrow Account at the Escrow Agent. The purpose of the Escrow Account is for (a) the deposit of all subscription funds (checks, cash or wire transfers) which are received by the Issuer from prospective purchasers of the Securities and are delivered by the Issuer to the Escrow Agent; (b) the holding of amounts of subscription funds which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.
2.2 On or before the date of the initial deposit in the Escrow Account pursuant to this Agreement, the Issuer shall notify the Escrow Agent in writing of the effective date (the "Effective Date") of the Registration Statement, and the Escrow Agent shall not be required to accept any amounts for credit to the Escrow Account or for deposit in the Escrow Account prior to its receipt of such notification.
2.3 The offering period (the "Offering Period"), which shall be deemed to commence on the Effective Date, shall consist of the number of calendar days or business days as set forth in the Registration Statement. The Offering Period shall be extended by an extension period only if the Escrow Agent shall have received written notice thereof at least five business days prior to the expiration of the Offering Period. The extension period, which shall be deemed to commence the next calendar day following the expiration of the Offering Period, shall consist of the number of calendar days or business days set forth in the Registration Statement. The last day of the Offering Period, or the last day of the extension period, is referred to herein as the "Termination Date." Except as provided in Section 4.3 hereof, after the Termination Date, the Issuer shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by prospective purchasers.
Establishment of the Escrow Account. On or prior to the date of ----------------------------------- commencement of the Offering, the parties shall establish a non-interest-bearing account with the Escrow Agent, which escrow account shall be entitled "Commonwealth Bankshares Capital Trust I, Escrow Account" (the "Escrow Account"). The Underwriter shall make, and shall instruct purchasers and Selected Dealers to make payment for the Preferred Securities by wire transfer of immediately available funds as follows:
Establishment of the Escrow Account. Contemporaneously herewith, the parties have established a non-interest-bearing account with the Escrow Agent, which escrow account is entitled “Homeowners Choice, Inc. Preferred Offering Escrow Account” (the “Escrow Account”). The Placement Agent will transfer funds directly to the Escrow Agent as directed by its customers and will instruct other purchasers of the Shares to make checks payable to “SunTrust Bank – Homeowners Choice, Inc. Preferred Offering Escrow Account.”
Establishment of the Escrow Account. Contemporaneously herewith, the parties have established a non-interest-bearing escrow account with the Escrow Agent, which escrow account is entitled “LM Funding America Escrow Account” (the “Escrow Account”). Payment for the Units may be made (i) by check, bank draft or money order made payable to “SunTrust Bank, as Escrow Agent for–LM Funding America, Inc.and delivered to the Sales Agent no less than four Business Days before the Closing Date (as defined below), IAA will cause the Sales Agent to transfer these funds directly to the Escrow Agent (“Monies Delivered”), (ii) by authorization of withdrawal from securities accounts maintained with the Sales Agent, or (iii) by wire transfer to the Escrow Agent pursuant to the instructions set forth on Exhibit “C”. If payment is made by authorization of withdrawal from securities accounts, the funds authorized to be withdrawn from a securities account will continue to accrue interest while held in the securities account, if any interest is to accrue on such amounts, at the contractual rates until closing or termination of the Offering (“Monies Authorized”). No interest will accrue on any Monies Authorized which are delivered to the Escrow Agent for deposit in the Escrow Account. If a purchaser authorizes the Sales Agent to withdraw the amount of the purchase price from a securities account, IAA will cause the Sales Agent to deliver the Monies Authorized to the Escrow Agent for deposit in the Escrow Account by 2:00 PM eastern daylight savings time on the Closing Date. Any check received which is made payable to any party other than the Escrow
Establishment of the Escrow Account. Contemporaneously herewith, the Parties have established a non-interest-bearing account with the Escrow Agent, which escrow account is entitled “Sxxxxx Online Entertainment Limited IPO Escrow Account” (the “Escrow Account”). The subscribers will transfer funds directly to the Escrow Account or make checks payable to the Escrow Agent for deposit into the Escrow Account. The Escrow Agent agrees to hold all funds (the “Funds”) so deposited in the Escrow Account for the benefit of the Parties and subscribers until authorized to disburse such Funds under the terms of this Agreement.
Establishment of the Escrow Account. 1.1 The parties hereto shall establish a non-interest-bearing, bank escrow account at the office of the Escrow Agent located at 000 Xxxx Xxxxxx, Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx (the "Escrow Account"). The name of the Escrow Account shall be "Harbor National Bank as Escrow Agent for Network Printing Solutions, Inc.," The Issuer will instruct subscribers to make checks for subscriptions payable to the order of "Harbor National Bank as Escrow Agent for Network Printing Solutions, Inc." or to the order of the Escrow Agent or the Issuer, with reference to the account number of the Escrow Account. Any checks received that are made payable to a party other than the Escrow Agent or the Issuer, shall be returned to the subscriber who submitted the check.
Establishment of the Escrow Account. (a) Pursuant to Section 1.8 of the Acquisition Agreement, the Purchaser shall deliver to the Escrow Agent at the Closing the Escrowed Shares and the Escrowed Cash. The Escrow Agent shall hold in escrow pursuant to this Agreement: (i) the Escrowed Shares, all dividends and other distributions received by the Escrow Agent in respect of such shares, all proceeds from the sale of such shares, all payments made by the Purchaser to the Sellers in respect of such Escrowed Shares pursuant to Section 2(a) of the Share Disposition Agreement, and all interest and other amounts earned on such proceeds, and (ii) the Escrowed Cash and all interest and other amounts earned thereon ((i) and (ii) together, the "Escrow Fund"). On the date hereof, the Sellers shall deliver to the Escrow Agent stock transfer powers duly executed in blank with respect to the Escrow Shares in such number as may reasonably be requested by the Purchaser to allow for subdividing the certificates for Escrowed Shares into smaller denominations in connection with any distributions of such Escrowed Shares that may be required pursuant to this Agreement. Each of the Sellers hereby agrees to execute and deliver to the Escrow Agent, upon the request of the Purchaser or the Escrow Agent, additional stock transfer powers and other documents and instruments to be held by the Escrow Agent, in order to permit the Escrow Agent to distribute or transfer Escrowed Shares as contemplated by this Agreement.
(b) Each of the Purchaser and the Sellers confirms to the Escrow Agent and to each other that the Escrowed Shares and the Escrowed Cash is free and clear of any pledge, lien, security interest, mortgage, charge, adverse claim of ownership or use, or other encumbrance of any kind, except as may be created by this Agreement and the Acquisition Agreement.
(c) The Sellers hereby authorize the Purchaser to deliver directly to the Escrow Agent all dividends and other distributions made in respect of any Escrowed Shares (whether paid in cash, securities or other property) held in the Escrow Account, and all proceeds from the sale of any such Escrowed Shares, which dividends, distributions and proceeds shall be added to and become part of the Escrow Fund of which the respective Escrowed Shares are or were a part, as the case may be.
(d) While any Escrowed Shares are held in escrow in the Escrow Account, and pending the distribution or sale thereof pursuant to this Agreement or the Acquisition Agreement, the Sellers will...
Establishment of the Escrow Account. On the Effective Date, the Managing Broker-Dealer and the Issuer shall and do hereby establish the Escrow Account as an interest-bearing escrow account with the Escrow Agent. The Escrow Account shall be styled “Proinvest Realty Fund LLC Escrow Account.” All Subscribers shall be instructed to make checks for subscriptions to a purchase of the Units payable to the Escrow Account. Any checks received that are made payable to a party other than the Escrow Account shall be returned to the Subscriber who submitted the check. The other terms and conditions of the Escrow Account shall be as agreed among the Escrow Agent, the Managing Broker-Dealer, and the Issuer.
Establishment of the Escrow Account. 2.1. The Escrow Agent shall hold all shares in escrow for the Issuer and the Purchaser, or Purchaser’s assigns. The placement of the shares into the escrow account is to provide for the immediate delivery of the shares upon the take down of shares by Purchaser pursuant to the Purchase Agreement.
Establishment of the Escrow Account. On the Effective Date, the Escrow Agent shall open a special interest bearing Escrow Account at its branch located at 300 Xxxxxxxx Xx Xxx xxxxxx, Xxxxx, Xxxxx, Xxxxx with the following details: Account Name: Ridgewood Escrow Account Account Number: The Escrow Agent shall take no action in relation to the Escrow Account except as provided in this Agreement or as otherwise required by law or order of a court of competent jurisdiction.
