Common use of Termination of Escrow Account Clause in Contracts

Termination of Escrow Account. When payment or provisions for payment shall have been made with the Trustee, so that all Refunded Certificate Requirements shall be or shall have been paid in full and discharged, the Escrow Bank shall immediately pay over to the City the moneys, if any, then remaining in the Escrow Account and shall make forthwith a final report for the City to the City Manager. Such moneys may be used by the City for any lawful purpose, subject to any limitations in the Lease and Indenture. This Escrow Agreement may be earlier terminated by either party upon 60 days written notice; provided, however, an early termination of this Escrow Agreement by either party shall not be effective until (a) a successor Escrow Bank has been appointed by the City and such appointment accepted and (b) notice has been given to the holders of the Series 2006A Certificates of the appointment of a successor Escrow Bank. Furthermore, the Escrow Bank and the City agree that the effective date of an early termination of this Escrow Agreement shall not occur at any time which would disrupt, delay or otherwise adversely affect the payment of the Refunded Certificate Requirements.

Termination of Escrow Account. When payment or provisions for payment shall have been made with the Trustee, so that all Refunded Certificate Bond Requirements shall be or shall have been paid in full and discharged, the Escrow Bank shall immediately pay over to the City Agency the moneys, if any, then remaining in the Escrow Account and shall make forthwith a final report for the City Agency to the City ManagerTreasurer4. Such moneys may be used by the City Agency for any lawful purpose, subject to any limitations in the Lease Bond Resolution and the 2014 Indenture. This Escrow Agreement may be earlier terminated by either party upon 60 days written notice; provided, however, an early termination of this Escrow Agreement by either party shall not be effective until (a) a successor Escrow Bank has been appointed by the City Agency and such appointment accepted and (b) notice has been given to the holders of the Series 2006A Certificates Refunded Bonds of the appointment of a successor Escrow Bank. Furthermore, the Escrow Bank and the City Agency agree that the effective date of an early termination of this Escrow Agreement shall not occur at any time which would disrupt, delay or otherwise adversely affect the payment of the Refunded Certificate Bond Requirements.

Termination of Escrow Account. When payment or provisions for payment shall have been made with the Trustee, so that all Refunded Certificate Bond Requirements shall be or shall have been paid in full and discharged, the Escrow Bank shall immediately pay over to the City Agency the moneys, if any, then remaining in the Escrow Account and shall make forthwith a final report for the City Agency to the City ManagerTreasurer. Such moneys may be used by the City Agency for any lawful purpose, subject to any limitations in the Lease Bond Resolution and the 2016 Indenture. This Escrow Agreement may be earlier terminated by either party upon 60 days written notice; provided, however, an early termination of this Escrow Agreement by either party shall not be effective until (a) a successor Escrow Bank has been appointed by the City Agency and such appointment accepted and (b) notice has been given to the holders of the Series 2006A Certificates Refunded Bonds of the appointment of a successor Escrow Bank. Furthermore, the Escrow Bank and the City Agency agree that the effective date of an early termination of this Escrow Agreement shall not occur at any time which would disrupt, delay or otherwise adversely affect the payment of the Refunded Certificate Bond Requirements.