Remaining Escrow Funds definition
Examples of Remaining Escrow Funds in a sentence
The Borrowers shall not at any time allow the Warranty Obligations to exceed the sum of the Remaining Escrow Funds plus any cash held in a segregated bank account that is subject to a Deposit Control Agreement and set aside by the Borrowers solely for the purpose of satisfying the Warranty Obligations.
Rentals, shut-in well payments and minimum royalties which may be required under the terms of any of the Leases shall be paid by the Parties at their expense; provided, however, that Operator shall, to the extent available, pay same with that portion of the Remaining Escrow Funds allocated under the Option Agreement’s “part one work plan” for payment of such royalties.
If the Excess Amount is less than the Escrow Funds (such shortfall, the “Remaining Escrow Funds”), then Buyer and the Seller Representative shall, simultaneously with the delivery of the joint written instructions referred to in the immediately preceding sentence, deliver joint written instructions to the Escrow Agent to cause the Escrow Agent to pay the Remaining Escrow Funds from the Escrow Account to, or as directed by, the Seller Representative.
In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds, if any, or the Remaining Escrow Funds.
Upon receipt of such written designation signed by the Company and Dutchess, the Escrow Agent shall promptly deliver the Escrow Funds, if any, or the Remaining Escrow Funds to such successor and shall thereafter have no further obligations hereunder.
Upon delivering the Remaining Escrow Funds to Landlord, Escrow Agent shall thereupon be relieved of and discharged and released from any and all liability hereunder.
For purposes hereof, a “Tenant’s Dispute Notice” shall mean a notice setting forth in reasonable detail the reasons that Tenant believes, in good faith, that Landlord is not entitled to a release of the Remaining Escrow Funds.
If such instructions are not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds, if any, or the Remaining Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor.
Effective upon the Investor’s actual receipt of the Remaining Escrow Funds, each of Section 1.4, Section 1.5, Section 1.6, Section 1.7, Section 1.8 and Section 4.3 of the Purchase Agreement is replaced with the following: “Intentionally Omitted.” For the avoidance of doubt, the parties acknowledge and agree that the Investor is not required to fund any additional amounts to the Company or to the Escrow Account.
The Company and the Investor agree to take such further steps (if any) necessary to cause the Escrow Agent to release the Remaining Escrow Funds to the Investor in accordance with the Escrow Release Notice, including without limitation promptly complying with any security, verification or other procedures of the Escrow Agent.