Management of Escrow Fund Sample Clauses

Management of Escrow Fund. All STI Closing Shares shall be issued and outstanding on the books and records of CTI and shall appear thereon as held by the Escrow Agent as nominee for the STI Holders. The STI Holders shall retain full voting power over all STI Closing Shares. Any cash dividends, dividends payable in securities or other distributions of any kind (but excluding any shares of CTI capital stock received upon a stock split or stock dividend), shall be promptly distributed by the Escrow Agent to the beneficial holder of the STI Closing Shares to which such distribution relates, by check mailed via first class mail, to the STI Holders at their addresses, and in the percentage interests set forth in the STI Payment Schedule. Any shares of CTI capital stock received by the Escrow Agent upon a stock split made in respect of any securities in the held by the Escrow Agent hereunder shall be added to the STI Closing Shares and, together, may be referred to as the “Escrow Fund”. STI shall furnish to the Escrow Agent a Form W-9, if necessary. The Escrow Agent shall have no duty or responsibility with respect to any federal or state tax filing or reporting.
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Management of Escrow Fund. During the term of this Agreement, any earnings, dividends or other distributions attributable to the Escrow Company Stock shall be become part of the Escrow Fund and shall be held and administered by the Escrow Agent pursuant to the terms of this Agreement. Periodic statements will be provided to Everbright and the Company reflecting the Escrow Company Stock and any earnings, dividends or other distributions attributable thereto. The Escrow Agent shall have no liability for any loss sustained as a result of any actions made pursuant to the instructions of the parties hereto that are delivered in accordance with the terms of this Agreement. Receipt of the Escrow Company Stock Certificates and the Escrow Company Stock represented thereby shall be confirmed by Escrow Agent as soon as practicable by account statement to Everbright and the Company, and any discrepancies in any such account statement shall be noted by any party hereto to the Escrow Agent within 30 calendar days after receipt thereof.
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Management of Escrow Fund. Each of Xxxxxx X. Xxxxx and Xxxxxx X. Xxxxx-Ona ------------------------- have full and complete investment discretion and will act in accordance with Section 5 below with respect to any investment decisions made for the benefit of the Escrow Fund. Any payments of legal fees, costs or expenses in connection with the Xxxxxx Litigation and the Recognition Group claim to be made from the Escrow Fund, shall be made by either of Xxxxx and Xxxxx-Ona. In the event that either Xxxxx-Ona or Xxxxx are under a disability which impairs his or her ability to manage the Escrow Fund, then the other will make the aforementioned payment. In the event that both Xxxxx-Ona and Xxxxx are under a disability which impairs his or her ability to manage the Escrow Fund then Xxxx Ibietatorremendia shall be appointed to manage the Escrow Fund.
Sample 1
Management of Escrow Fund. The Escrow Agent at all times shall hold the assets of the Escrow Fund wholly segregated from all other funds and securities on deposit with the Escrow Agent; it shall never allow the assets of the Escrow Fund to be commingled with any other funds or securities of the Escrow Agent; and it shall hold and dispose of the assets of the Escrow Fund only as set forth herein. The assets of the Escrow Fund shall always be maintained by the Escrow Agent as trust funds for the benefit of the holders of the Refunded Bonds, and a special account therefor evidencing such circumstances shall be maintained at all times on the books of the Escrow Agent. The holders of the Refunded Bonds shall be entitled to the same preferred claim and first lien on the assets of the Escrow Fund as are enjoyed by other beneficiaries of similar escrow accounts. The amounts received by the Escrow Agent under this Escrow Agreement shall not be considered as a commercial banking deposit by the District, but rather as a deposit with the Escrow Agent, as a fiduciary for the holders of the Refunded Bonds, and the Escrow Agent shall have no right or title with respect thereto, except as Escrow Agent under the terms hereof. The amounts received by the Escrow Agent hereunder shall not be subject to warrants, drafts or checks drawn by the District and shall not be subject to compromise, setoff or other charge or diminution by the Escrow Agent acting in such capacity, or in its capacity as Paying Agent for the Refunded Bonds, or in any other capacity.
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Management of Escrow Fund 
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Related to Management of Escrow Fund

  • Investment of Escrow Fund During the term of this Escrow Agreement, the Escrow Fund shall be invested and reinvested by the Escrow Agent in the investment indicated on Schedule 1 or such other investments as shall be directed in writing by the Issuer and the Depositor and as shall be acceptable to the Escrow Agent. All investment orders involving U.S. Treasury obligations, commercial paper and other direct investments may be executed through broker-dealers selected by the Escrow Agent. Periodic statements will be provided to the Issuer and the Depositor reflecting transactions executed on behalf of the Escrow Fund. The Issuer and the Depositor, upon written request, will receive a statement of transaction details upon completion of any securities transaction in the Escrow Fund without any additional cost. The Escrow Agent shall have the right to liquidate any investments held in order to provide funds necessary to make required payments under this Escrow Agreement. The Escrow Agent shall have no liability for any loss sustained as a result of any investment in an investment indicated on Schedule 1 or any investment made pursuant to the instructions of the parties hereto or as a result of any liquidation of any investment prior to its maturity or for the failure of the parties to give the Escrow Agent instructions to invest or reinvest the Escrow Fund. The Escrow Agent may earn compensation in the form of short-term interest (“float”) on items like uncashed distribution checks (from the date issued until the date cashed), funds that the Escrow Agent is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments.

  • Investment of Escrow Funds The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent may retain the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in a non-interest bearing money market account.

  • Investment of Escrow Amount Escrow Agent may, at its’ discretion, invest any or all of the Escrow Account balance as permitted by banking or trust company regulations. No interest shall be paid to Issuer or Subscribers on balances in the Escrow Account or in Issuers custodial account.

  • Disbursement of Escrow Funds (a) Subject to Section 3(b) and Section 10, NCPS shall promptly disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents:

  • Investment of Escrow Account The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a non-interest-bearing bank account at SunTrust Bank.

  • Investment of Escrowed Funds Upon collection of each check by the Escrow Agent, the Escrow Agent shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the United States government, federal funds, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Unless and until otherwise instructed by the Company, the Escrow Agent shall by means of a "Sweep" or other automatic investment program invest the Escrowed Funds in blocks of $1,000 in federal funds. Interest and other earnings shall start accruing on such funds as soon as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent's own banking policies.

  • Establishment of Escrow Fund There is hereby created by the Authority and the Successor Agency with, and to be held by, the Escrow Bank, as security for the payment of the principal of and interest on the Prior Loans and, thereby, the 2007A-T Authority Bonds, as hereinafter set forth, an irrevocable escrow to be maintained in trust by the Escrow Bank on behalf of the Authority and the Successor Agency and for the benefit of the owners of the 2007A-T Authority Bonds, said escrow to be designated the “Escrow Fund.” All moneys deposited in the Escrow Fund shall constitute a special fund for the payment of the principal of, and interest on the Prior Loans and, thereby, the 2007A-T Authority Bonds in accordance with the provisions of the Prior Loan Agreements and the 2007A-T Authority Indenture, respectively. If at any time the Escrow Bank shall receive actual knowledge that the moneys in the Escrow Fund will not be sufficient to make any payment required by Section 4 hereof, the Escrow Bank shall notify the Successor Agency of such fact and the Successor Agency shall immediately cure such deficiency with any lawfully available funds of the Successor Agency.

  • Release of Escrow Fund (a) On the first Business Day after the date that is six (6) months from the closing of the Merger (the “Termination Date”), the Escrow Agent shall distribute and deliver to each Owner certificates representing shares of Parent Common Stock equal to the original number of shares placed in such Owner’s account, less that number of shares in such Owner’s account equal to the sum of (i) the number of shares applied in satisfaction of Indemnification Claims made prior to that date and (ii) the number of shares in the Pending Claims Reserve allocated to such Owner’s account, as provided in the following sentence. If, at such time, there are any Indemnification Claims with respect to which Notices have been received but which have not been resolved pursuant to Section 3 hereof or in respect of which the Escrow Agent has not been notified of, and received a copy of, a final determination (after exhaustion of any appeals) by a court of competent jurisdiction, as the case may be (in either case, “Pending Claims”), and which, if resolved or finally determined in favor of Parent, would result in a payment to Parent in excess of the Deductible, the Escrow Agent shall retain in the Pending Claims Reserve that number of shares of Parent Common Stock having a Fair Market Value equal to the dollar amount for which indemnification is sought in such Indemnification Claim in excess of the Deductible to the extent all Established Claims have not exceeded, in the aggregate, the Deductible, allocated pro rata from the account maintained on behalf of each Owner. The Parent Representative and the Holder Representative shall certify to the Escrow Agent the Fair Market Value to be used in calculating the Pending Claims Reserve, and the number of shares of Parent Common Stock to be retained therefor. Thereafter, if any Pending Claim becomes an Established Claim, the Parent Representative and the Holder Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to deliver to Parent the number of shares in the Pending Claims Reserve in respect thereof determined in accordance with paragraph 3(f) above and to deliver to each Owner the remaining shares in the Pending Claims Reserve allocated to such Pending Claim, all as specified in a Joint Notice. If any Pending Claim is resolved against Parent, the Parent Representative and the Holder Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to each Owner its pro rata portion of the number of shares allocated to such Pending Claim in the Pending Claims Reserve.

  • Release of Escrow Funds The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

  • Deposit of Escrow Fund The Escrow Agent shall establish an account in the name of Mercantile Absolute Return Fund LLC, Escrow Account for the Benefit of Members (the "Subscription Account") and an account in the name of Mercantile Absolute Return Fund LLC Repurchase Account (the "Repurchase Account") and together with the Subscription Account, (the "Accounts"). The Escrow Agent shall promptly deposit in the Subscription Account checks remitted by Potential Members and made payable to the Company. Potential Members also may deposit monies in the Subscription Account by wire transfer pursuant to instructions provided to them by the Company. Balances on deposit in the Subscription Account will earn interest at prevailing market rates pursuant to arrangements approved by the Company.

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