Escrow Income definition

Escrow Income is the amount of interestand/or dividends, if any, which shall have been (x) paid on or in respect of the Escrow Account (representing earnings on funds held therein) and (y) deposited in such Account as collected funds on or prior to the business day immediately preceding such Initial Closing Date or Additional Closing Date, as the case may be. If and to the extent that Escrow Income exceeds the aggregate fees payable to the Escrow Agent hereunder, such excess shall be paid to the Company at the Initial Closing or Additional Closing(s), as the case may be. The foregoing notwithstanding, if the Offering is terminated prior to the Initial Closing, the Escrow Agent shall be entitled to receive fees in the aggregate amount of $2,500, and no more, payable by the Company on demand. All terms used herein shall have the same meanings ascribed to them in the Escrow Agreement of which this Schedule is a part.

Escrow Income means any interest, dividends or income or proceeds that may accrue on the Escrow Deposit and the Escrow Funds.

Escrow Income is the amount of interest and/or dividends, if any, which shall have been (x) paid on or in respect of the Escrow Account (representing earnings on funds held therein) and (y) deposited in such Account as collected funds on or prior to the business day immediately preceding such Initial Closing Date or Additional Closing Date, as the case may be. If and to the extent that Escrow Income exceeds the aggregate fees payable to the Escrow Agent hereunder, such excess shall be paid to the Company at the Initial Closing or Additional Closing(s), as the case may be. The foregoing notwithstanding, if the Offering is terminated prior to the Initial Closing, pursuant to the provisions of Section 12 of the Managing Placement Agent Agreement or otherwise, the Escrow Agent shall be entitled to receive fees in the aggregate amount of $3,500, and no more, payable by the Company on demand. All terms used herein shall have the same meanings ascribed to them in the Escrow Agreement of which this Schedule is a part.

Examples of Escrow Income in a sentence

• Escrow Income shall be remitted to Subscribers at the address provided by the Dealer Manager or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to rely upon, and without any deductions for escrow expenses.

• If the Escrow Agent remits Escrow Income pursuant to this Agreement, the Escrow Agent shall be responsible for any necessary federal tax reporting associated with such income, provided that the Escrow Agent shall not be responsible for any other tax reporting under this Escrow Agreement.

• If the Company chooses to leave the Escrow Account open after receiving the Required Capital, then it shall make regular acceptances of subscriptions therein, but no less frequently than monthly, and the Escrow Income from the last such acceptance shall be calculated and remitted to the Subscribers or the Company, as applicable, pursuant to the provisions of Section 2(b)(4).

• If at any time pursuant to the provisions of this Section 2 interest income earned on Investor Funds deposited in the Escrow Account (“Escrow Income”) is to be paid to a Subscriber, the Escrow Agent shall promptly provide directly to such Subscriber the amount of Escrow Income payable to such Subscriber; provided that the Escrow Agent is in possession of such Subscriber’s executed IRS Form W-9.

• In the event an executed IRS Form W-9 is not received for each Subscriber, the Escrow Agent shall remit an amount to the Subscribers in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect, from any Escrow Income attributable to those Subscribers for whom the Escrow Agent does not possess an executed IRS Form W-9.

More Definitions of Escrow Income

Escrow Income has the meaning provided such term in Section 9.6(a).

Escrow Income means interest and proceeds earned on the Price Adjustment Escrow Amount and the Indemnity Escrow Amount.

Escrow Income means any interest income earned on funds deposited in the Escrow Account.

Escrow Income means all interest, dividends, income, capital gains and other amounts earned on the Escrowed Funds or derived therefrom.

Escrow Income means all interest or other income directly or indirectly earned and paid to the Escrow Agent on the Escrow Fund and held by the Escrow Agent, together with all interest and other income accrued but unpaid on such funds as of such date and payable at a later time.

Escrow Income means all gains, interest and other earnings realized with respect to the Escrow Funds.

Escrow Income shall have the meaning set forth in the Escrow Agreement.