Additional Escrow Clause Samples
The "Additional Escrow" clause establishes the requirement for one or both parties to deposit extra funds or assets into an escrow account beyond the initial amount specified in the agreement. This clause typically comes into play if certain conditions arise, such as unexpected costs, adjustments in purchase price, or to cover potential liabilities that may surface during the transaction. By mandating additional deposits, the clause ensures that sufficient resources are available to satisfy future obligations or contingencies, thereby protecting both parties and reducing the risk of default or dispute.
Additional Escrow a. The Escrow deposit is an estimate of the professional review fees that will be incurred (Engineering, Legal, Planning, Stenographic, etc.) by the Board to review the Application for Development. These Escrows are established on the basis of the Applicant submitting completed Applications and Plans in conformance with applicable Ordinance Provisions. Any further submissions required on behalf of the Applicant shall be deemed re-submissions, and the Applicant shall be required to post additional fees totaling 50% of the original escrow deposit for each plan submitted after the original submittal.
b. If, as a result of the Applicant’s failure to replenish the escrow account, the account contains insufficient sums to pay current plus anticipated additional review fees, the Board will not conduct further hearings on the application until the applicant replenishes the escrow account as directed. In addition, the Applicant’s failure to replenish the escrow account will be deemed an extension of the Board’s time to act on the application or, the Board may deny the application without prejudice.
Additional Escrow. All earnings and additional shares accrued on or attributable to the Parent Shares, arising, without limitation, as a result of stock splits, stock or cash dividends, recapitalizations and the like (the "Additional Escrow") shall be promptly deposited with Escrow Agent by Clearwire and, until disbursement, shall be held with the Parent Shares upon the terms and conditions set forth herein. The Additional Escrow shall be distributed in accordance with Section 2.4. Clearwire and the Licensees Representatives shall provide the Escrow Agent with such taxpayer identification numbers and related documentation as may be necessary for reporting of distributions of Additional Escrow.
Additional Escrow. The Developer shall deposit with the Town $5,000 in additional escrow under Section 14 of the Development Agreement.
Additional Escrow. If the City determines the amount deposited as Escrow will not be sufficient to fully reimburse its Professional Costs, the City will notify the Applicant of the additional amount(s) that must be deposited before it will authorize its consultants to continue to respond to the Applicant’s or work on matters associated with the Project. The additional amount(s) shall be deposited within five days of such notification. If the Applicant fails to provide the required additional amount(s), or for any reason fails to fully reimburse the City for its Professional Costs, the Applicant expressly agrees that any such unreimbursed amount constitutes a service charge the City may collect pursuant to Minn. Stat. § 366.012 by way of Minn. Stat. § 415.01 by certifying the unreimbursed amount, and any collection costs, to the county auditor in any county in the state in which the Applicant owns property for collection together with the taxes imposed on the property. The City may also exercise any other authority available to it under law to recover its unreimbursed Professional Costs from the Applicant.
Additional Escrow. The Company will maintain an escrow account with Loeb & Loeb LLP, as escrow agent, to receive $200,000 of the Purchase Price (the “Additional Escrow Funds”) at the Closing, which such Additional Escrow Funds shall only be used for investor and public relations purposes, pursuant to the terms of that certain Public Relations Escrow Agreement, dated as of even date herewith.
Additional Escrow. In addition to the escrow provided for in ----------------- Section 2.06 of the Agreement, on the Closing Date, 87,000 shares of HCC Series A Preferred Stock to be delivered to Seller on the Closing Date shall be held back and deposited into a 365-day escrow account with U.S. Bank Trust National Association, as Escrow Agent, to secure the obtaining of the contract re- enrollments or consents to assignment covered by this Amendment to Asset Purchase Agreement and to be administered pursuant to the terms of an Escrow Agreement in the form attached hereto as Exhibit A. ---------