Common Contracts

Contract

Escrow Agreement • February 14th, 2017

• Contract Type
  Escrow Agreement
• Filed
  February 14th, 2017

Исходный текст Перевод 2. THE ESCROW ACCOUNT(a) The Bank shall promptly after the signature of this Agreement open an Escrow Account in the name of the ICD at the main branch of the Bank and maintain such an account at all times thereafter until thisAgreement is terminated pursuant to Clause 6 (Termination of the Agreement).(b) Once the Escrow Account has been established, the Bank shall promptly thereafter inform the ICD of the details of such account.(c) The Escrow Account shall be used for:(i) the collection of Remittances; and(ii) any loss proceeds payable on any policies of insurance in respect of which the ICD is named as loss payee in accordance with the Financing Agreements.(d) The Bank shall ensure that it takes all the measures necessary to maintain proper records of the Escrow Account detailing Remittances by each Client.(e) The Bank shall ensure, in its capacity as an agent for the ICD under the Wakalah Agreement, to provide each Client, upon the signing of a Financing Agre