Closing Escrow Account definition
Examples of Closing Escrow Account in a sentence
The Purchase Price shall be deposited into and held by the Escrow Agent in a Closing Escrow Account with a bank satisfactory to the Purchaser and Seller.
Any amounts remaining in the Closing Escrow Account after such payments have been made shall be immediately paid to Buyer.
Except with respect to each Mortgagor’s rights against Purchaser to require the restoration of the Closing Escrow Account Balances in accordance with Section 3.03 hereof, this Agreement does not create, and shall not be deemed to create, a relationship between either or both of the parties hereto and any third party in the nature of a third party beneficiary relationship.
Any amounts remaining in the Closing Escrow Account after such payments have been made shall be immediately paid to Seller.
If possible this allocation shall be made at closing on the Closing Statement, or an appropriate amount shall be deposited in the Closing Escrow Account for a post-closing reconciliation.
The Mortgagor’s exercise of such rights as a third party beneficiary shall constitute a waiver of any and all rights that the Mortgagor may otherwise have had against HUD, whether under the Mortgage Loan Documents or otherwise, in connection with the Closing Escrow Account Balances.
Prior to the Closing, Buyer shall deposit into the Closing Escrow Account an amount equal to the Closing Acquired Company Indebtedness Amount, with instructions to the Closing Agent to pay such amount at the Closing, pursuant to the Payoff Letters described in Section 2.6(a)(iv) above, to the lenders named therein in the manner set forth therein.
The escrow fee, if any, charged by the Escrow Holder for holding the Post Closing Escrow Account shall be borne equally by the parties.
Upon the deposit of the Advance Payment into the Closing Escrow Account, it shall be deemed to constitute the Intercompany Loan 1 Repayment Amount, and shall thereupon immediately and automatically be transferred by the Escrow Agent as the Intercompany Loan 1 Repayment Amount from the Closing Escrow Account into the BUTU Escrow Account.
When all Closing Adjustments have been determined and paid, any balance remaining in the Closing Escrow Account shall be paid to the Seller.