Common use of Establishment of the Escrow Clause in Contracts

Establishment of the Escrow. Escrow Bank will open one (1) non-interest bearing escrow account (the “Escrow”), and the Managing Broker-Dealer will promptly deliver to Escrow Bank for deposit into the Escrow the full amount of each payment received from each subscriber (the “Subscription Price”), together with a list of each subscriber from which funds are being deposited, showing the name, address, and taxpayer identification number of such subscriber, the number of Shares subscribed for, the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank shall have no obligation to accept monies, documents, or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, with respect to the Escrow. All monies so deposited will be in the form allowed in the Prospectus and made payable to “Bank of Texas as Escrow Bank for New School Properties, Inc.” Should any such check be returned to Escrow Bank as uncollectable for any reason, Escrow Bank will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the Company. Escrow Bank will hold all monies and other property in the Escrow free from any lien, claim, or offset, except as set forth herein, and such monies and other property shall not become the property of the Company or any other entity, nor subject to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfied.

Appears in 1 contract

Samples: Escrow Agreement (New School Properties, Inc.)

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Establishment of the Escrow. Escrow Bank Holder will open one (1) non-interest bearing or more escrow account accounts (the "Escrow"), and either the Managing BrokerCompany or the Placement Agents, in accordance with Rule 15c2-Dealer 4 under the Securities Exchange Act of 1934, as amended, will promptly deliver to Escrow Bank Holder from time to time, and in no event later than noon on the next business day following receipt, for deposit into the Escrow the full amount of each payment received from each subscriber (the "Subscription Price"), together with a list of each subscriber from which funds are being deposited, showing the name, address, address and taxpayer identification number of such subscriber, the number of Shares Units subscribed for, for and the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank Holder shall have no obligation to accept monies, documents, documents or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, or a Placement Agent with respect to the Escrow. All monies so deposited will be in the form allowed of a subscriber's personal check in favor of "Branch Banking & Trust Company - comsxxx.xxx, xxc." or by wire transfer. Any check received from a subscriber that is not made payable as described in the Prospectus and made payable preceding sentence shall be returned by the Company or a Placement Agent, as applicable, directly to “Bank the subscriber by the end of Texas as Escrow Bank for New School Properties, Inc.” the next business day following its receipt. Should any such check be returned to Escrow Bank Holder as uncollectable for any reason, Escrow Bank Holder will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the CompanyCompany or the Placement Agents. Escrow Bank will hold all No monies and other property in the Escrow free from shall be subject to any lien, claim, claim or offset, except as set forth herein, offset by Escrow Holder or other creditors of the Company until and to the extent such monies and other property shall become available for distribution to Company pursuant to the terms of this Agreement. Escrow Holder, Placement Agents and the Company agree that this Agreement may be waived and not implemented if all subscribers in this offering consent to depositing the Subscription Price directly into a separate bank account of the Company until subscriptions for at least $4,000,000 have been received pursuant to this offering, at which time the funds will become the property of the Company or any other entityCompany, nor subject provided that if the Minimum Subscriptions have not been received by the offering period as described in Section 5(c) of this Agreement, then such funds shall be returned to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfiedpersons entitled thereto.

Appears in 1 contract

Samples: Escrow Agreement (Comstar Net Inc)

Establishment of the Escrow. Escrow Bank will open one (1) non-interest bearing escrow account (the “Escrow”), and the Managing Broker-Dealer will promptly deliver to Escrow Bank for deposit into the Escrow the full amount of each payment received from each subscriber (the “Subscription Price”), together with a list of each subscriber from which funds are being deposited, showing the name, address, and taxpayer identification number of such subscriber, the number of Shares subscribed for, the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank shall have no obligation to accept monies, documents, or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, with respect to the Escrow. All monies so deposited will be in the form allowed in the Prospectus and made payable to “U.S. Bank of Texas as Escrow Bank for New School PropertiesMedical Hospitality Group, Inc.” Should any such check be returned to Escrow Bank as uncollectable for any reason, Escrow Bank will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the Company. Escrow Bank will hold all monies and other property in the Escrow free from any lien, claim, or offset, except as set forth herein, and such monies and other property shall not become the property of the Company or any other entity, nor subject to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfied.

Appears in 1 contract

Samples: Escrow Agreement (Medical Hospitality Group, Inc.)

Establishment of the Escrow. Escrow Bank Holder will open one (1) non-interest bearing or more escrow account accounts (the "Escrow"), and either the Managing BrokerCompany or the Placement Agents, in accordance with Rule 15c2-Dealer 4 under the Securities Exchange Act of 1934, as amended, will promptly deliver to Escrow Bank Holder from time to time for deposit into the Escrow the full amount of each payment received from each subscriber (the "Subscription Price"), together with a list of each subscriber from which funds are being deposited, showing the name, address, address and taxpayer identification number of such subscriber, the number of Shares Units subscribed for, for and the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank Holder shall have no obligation to accept monies, documents, documents or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, or a Placement Agent with respect to the Escrow. All monies so deposited will be in the form allowed of a subscriber's personal check in the Prospectus and made payable to “Bank favor of Texas as Escrow Bank for New School Properties"Branch Banking & Trust Company - comsxxx.xxx, Inc.” xxc." or by wire transfer. Should any such check be returned to Escrow Bank Holder as uncollectable for any reason, Escrow Bank Holder will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the CompanyCompany or the Placement Agents. Escrow Bank will hold all No monies and other property in the Escrow free from shall be subject to any lien, claim, claim or offset, except as set forth herein, offset by Escrow Holder or other creditors of the Company until and to the extent such monies and other property shall become available for distribution to Company pursuant to the terms of this Agreement. Escrow Holder, Placement Agents and the Company agree that this Agreement may be waived and not implemented if all subscribers in this offering consent to depositing the Subscription Price directly into a separate bank account of the Company until subscriptions for at least $4,000,000 have been received pursuant to this offering, at which time the funds will become the property of the Company or any other entityCompany, nor subject provided that if the Minimum Subscriptions have not been received by the offering period as described in Section 5(c) of this Agreement, then such funds shall be returned to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfiedpersons entitled thereto.

Appears in 1 contract

Samples: Escrow Agreement (Comstar Net Inc)

Establishment of the Escrow. Escrow Bank will open one (1) non-interest bearing escrow account (the “Escrow”), and the Managing Broker-Dealer will promptly deliver to Escrow Bank for deposit into the Escrow the full amount of each payment received from each subscriber (the “Subscription Price”), together with a list of each subscriber from which funds are being deposited, showing the name, address, and taxpayer identification number of such subscriber, the number of Shares subscribed for, the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank shall have no obligation to accept monies, documents, or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, with respect to the Escrow. All monies so deposited will be in the form allowed in the Prospectus and made payable to “Bank of Texas as Escrow Bank for New School Properties, Inc.” Should any such check be returned to Escrow Bank as uncollectable for any reason, Escrow Bank will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the Company. Escrow Bank will hold all monies and other property in the Escrow free from any lien, claim, or offset, except as set forth herein, and such monies and other property shall not become the property of the Company or any other entity, nor subject to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfied.

Appears in 1 contract

Samples: Escrow Agreement (New School Properties, Inc.)

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Establishment of the Escrow. Escrow Bank will open one (1) non-interest bearing escrow account (the “Escrow”), and the Company or Managing Broker-Dealer will promptly deliver to Escrow Bank for deposit into the Escrow the full amount of each payment received from each subscriber (the “Subscription Price”), together with a list of each subscriber from which funds are being deposited, showing the name, address, and taxpayer identification number of such subscriber, the number of Shares subscribed for, the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank shall have no obligation to accept monies, documents, or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, with respect to the Escrow. All monies so deposited will be in the form allowed in the Prospectus and made payable to “Bank of Texas as U.S. Bank, Escrow Bank for New School PropertiesMedical Hospitality Group, Inc.” Should any such check be returned to Escrow Bank as uncollectable for any reason, Escrow Bank will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the Company. Escrow Bank will hold all monies and other property in the Escrow free from any lien, claim, or offset, except as set forth herein, and such monies and other property shall not become the property of the Company or any other entity, nor subject to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfied.

Appears in 1 contract

Samples: Escrow Agreement (Medical Hospitality Group, Inc.)

Establishment of the Escrow. Escrow Bank Holder will open one (1) non-interest bearing or more escrow account accounts (the "Escrow"), and the Managing Broker-Dealer Company will promptly deliver to Escrow Bank Holder from time to time for deposit into the Escrow the full amount of each payment received from each subscriber (the "Subscription Price"), together with a list full copy of each subscriber from which funds are being depositedthe Subscription Agreement executed by such subscriber, showing the name, address, address and taxpayer identification number of such subscriber, the number of Shares shares subscribed for, for and the amount paid therefor, the method of payment (check or wire), therefore and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank Holder shall have no obligation to accept monies, documents, documents or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, with respect to the Escrow. All monies so deposited will be in the form allowed of a subscriber's personal check in the Prospectus and made payable to “favor of "City National Bank of Texas as Escrow Bank for New School Properties- Rokwader, Inc.”. Should any such check be returned to Escrow Bank Holder as uncollectable uncorrectable for any reason, Escrow Bank Holder will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the Company. Escrow Bank Holder will hold all monies and other property in the Escrow escrow free from any lien, claim, claim or offset, except as set forth herein, and such monies and other property shall not become the property of the Company or any other entityCompany, nor subject to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfied.

Appears in 1 contract

Samples: Security Offering Escrow Agreement (Rokwader, Inc.)

Establishment of the Escrow. Escrow Bank will open one (1) non-interest bearing escrow account (the “Escrow”), and the Company or Managing Broker-Dealer will promptly deliver to Escrow Bank for deposit into the Escrow the full amount of each payment received from each subscriber (the “Subscription Price”), together with a list of each subscriber from which funds are being deposited, showing the name, address, and taxpayer identification number of such subscriber, the number of Shares subscribed for, the amount paid therefor, the method of payment (check or wire), and an I.R.S. Form W-9 completed and executed by each subscriber. Escrow Bank shall have no obligation to accept monies, documents, or instructions from any party other than the Company or, in the case of funds, the Managing Broker-Dealer, with respect to the Escrow. All monies so deposited will be in the form allowed in the Prospectus and made payable to “Bank of Texas as Escrow Bank for New School Properties, Inc.” Should any such check be returned to Escrow Bank as uncollectable for any reason, Escrow Bank will charge the amount of such unpaid check to Escrow, notify the Company of the amount of such return check, the name of the subscriber and the reason for return, and hold such check subject to further instructions from the Company. Escrow Bank will hold all monies and other property in the Escrow free from any lien, claim, or offset, except as set forth herein, and such monies and other property shall not become the property of the Company or any other entity, nor subject to the debts thereof, unless the conditions set forth in these instructions to disbursement of such monies to the Company have been fully satisfied.

Appears in 1 contract

Samples: Escrow Agreement (New School Properties, Inc.)

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