Withdrawals from the Escrow Fund Sample Clauses

Withdrawals from the Escrow Fund. All claims and withdrawals from the Escrow Fund shall be allocated, to the extent possible, one half to the cash held in the Escrow Fund and one half to the SCM Common Stock held in the Escrow Fund; provided, however, that the Shareholders' Agent may provide for a substitute allocation--provided that such allocation provides for a greater cash portion--by providing written notice to the Escrow Agent prior to the expiration of the thirty (30) day period following delivery of the Officer's Certificate to the Escrow Agent as specified in sub-section 8.2(e) herein. Claims or withdrawals from the Escrow Fund that are paid in shares of SCM Common Stock shall be made proportionately, on the date of such claim or withdrawal from shares deposited on the Closing Date and, to the extent deposited, shares paid as Contingent Merger Consideration, based on a weighted-average formula using (i) in the case of shares deposited on the Closing Date, the number of shares then held in the Escrow Fund attributable thereto and the SCM Stock Price (as defined in Section 1.6), and (ii) in the case of shares deposited as Contingent Merger Consideration, the number of shares then held in the Escrow Fund attributable thereto, as applied to each payment of the Contingent Merger Consideration and the applicable price used to calculate the number of shares payable as Contingent Merger Consideration pursuant to Section 1.14 (any of the prices mentions in items (i) and (ii) in this paragraph shall be deemed the "Applicable Stock Price"). To the extent that claims are made against the SCM Common Stock held in Escrow, upon written instruction from the Escrow Agent, SCM shall cancel the SCM Common Stock attributable to each such claim. Prior to the termination of the Escrow Period, upon receipt of the SCM Common Stock certificates originally provided to the Escrow Agent, SCM shall provide new stock certificates to the Escrow Agent evidencing the total number of shares of SCM Common Stock allocable to each Shareholder upon termination of the Escrow Period.
Sample 1
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Withdrawals from the Escrow Fund. Escrow Agent will disburse proceeds from the Escrow Fund into Issuer’s operating account within 5 business days of the receipt of a written request for advance in the form of Exhibit C (“Disbursement Request”), completed and signed by Issuer and counter-signed by Commonwealth Advisers provided:
Sample 1
Withdrawals from the Escrow Fund. All claims and withdrawals from -------------------------------- the Escrow Fund shall be made in Xxxxxx Common Stock held in the Escrow Fund. The per share price of Xxxxxx Common Stock for all claims or withdrawals from the Escrow Fund shall be the average closing sales price for Xxxxxx Common Stock on the NASDAQ for the five (5) trading days immediately preceding the withdrawal from the Escrow Fund. To the extent that claims are made against Xxxxxx Common Stock held in Escrow, upon written instruction from the Escrow Agent, Xxxxxx shall cancel Xxxxxx Common Stock attributable to each such claim. Prior to the termination of the Escrow Period, upon receipt of Xxxxxx Common Stock certificates originally provided to the Escrow Agent, Xxxxxx shall provide new stock certificates to the Escrow Agent evidencing the total number of shares of Xxxxxx Common Stock allocable to each Shareholder upon termination of the Escrow Period.
Sample 1

Related to Withdrawals from the Escrow Fund

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Disbursements from the Escrow Account a. At such time as Escrow Agent has collected and deposited instruments of payment in the total amount of the Advance and has received such Common Stock via D.W.A.C from the Company which are to be issued to the Investor pursuant to the Standby Equity Distribution Agreement, the Escrow Agent shall notify the Company and the Investor. The Escrow Agent will continue to hold such funds until the Investor and Company execute and deliver a Joint Written Direction directing the Escrow Agent to disburse the Escrow Funds pursuant to Joint Written Direction at which time the Escrow Agent shall wire the Escrow Funds to the Company. In disbursing such funds, Escrow Agent is authorized to rely upon such Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Investor that Escrow Agent already has on file. Simultaneous with delivery of the executed Joint Written Direction to the Escrow Agent the Investor and Company shall execute and deliver a Common Stock Joint Written Direction to the Escrow Agent directing the Escrow Agent to release via D.W.A.C to the Investor the shares of the Company's Common Stock. In releasing such shares of Common Stock the Escrow Agent is authorized to rely upon such Common Stock Joint Written Direction from Company and may accept any signatory from the Company listed on the signature page to this Agreement and any signature from the Escrow Agent has on file. In the event the Escrow Agent does not receive the amount of the Advance from the Investor or the shares of Common Stock to be purchased by the Investor from the Company, the Escrow Agent shall notify the Company and the Investor.

  • Withdrawals from the Collection Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.01:

  • DEPOSITS TO THE ESCROW ACCOUNT The Master Servicer shall deposit or cause to be deposited in the clearing account (which account must be an Eligible Account) in which it customarily deposits payments and collections on mortgage loans in connection with its mortgage loan servicing activities on a daily basis, and in no event more than one Business Day after the Master Servicer's receipt thereof, and shall thereafter deposit in the Escrow Account, in no event more than two Business Days after the deposit of such funds into the clearing account, as and when received or as otherwise required hereunder, and retain therein:

  • Withdrawals From the Custodial Account The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes:

  • Permitted Withdrawals from the Certificate Account and the Distribution Account (a) The Master Servicer may (and, in the case of clause (ix) below, shall) from time to time make withdrawals from the Certificate Account for the following purposes but only to the extent of amounts related to the Combined Mortgage Loans or the Group 5 Mortgage Loans, as applicable to the particular withdrawal:

  • Permitted Withdrawals from the Certificate Account (a) The Master Servicer may, from time to time, make withdrawals from the Certificate Account for the following purposes (limited, in the case of Servicer reimbursements, to cases where funds in the respective Custodial P&I Account are not sufficient therefor):

  • Withdrawals from the Collection Account and Distribution Account (a) The Servicer shall, from time to time, make withdrawals from the Collection Account for any of the following purposes or as described in Section 4.03:

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