Escrow Account Established Clause Samples

The 'Escrow Account Established' clause defines the requirement for setting up a third-party account to hold funds or assets related to a transaction until certain conditions are met. Typically, this clause specifies who will act as the escrow agent, the type of funds or property to be deposited, and the circumstances under which the escrowed assets will be released to the appropriate party. Its core practical function is to provide security and assurance to both parties by ensuring that obligations are fulfilled before the transfer of funds or property, thereby reducing the risk of non-performance or default.
Escrow Account Established. Effective as of the date of this Agreement, Escrow Agent is appointed as escrow agent by Imperial and Seller and Escrow Agent agrees to act as escrow agent under this Agreement. At Closing, Imperial shall deposit the Holdback Funds with Escrow Agent and Escrow Agent shall retain the Holdback Funds until disbursed pursuant to the further terms hereof. Subject to Escrow Agent’s determination in accordance with Section 5 herein, during the Term (as defined hereafter at Section 16) of this Agreement, the funds on deposit with Escrow Agent shall be invested in Treasury notes, certificates of deposit issued by commercial banks insured by the federal government, or “money market” accounts, in accordance with Whittier’s written instructions provided from time-to-time.
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Escrow Account Established. (a) In order to secure performance by the Developer for the completion of sitework as referenced herein in Exhibit B of this Agreement and for the security obligation set forth in Condition 8.26, Condition 8.47 and Condition 8.63 of the Decision, the Developer shall deposit the Initial Escrow Amount (defined in Section 2(a) below) in immediately available funds into a non-interest bearing IOLTA account (the “Escrow Account”) with ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, LLC (the “Escrow Agent”) on or before the date required for such deposit set forth in Section 2(a) hereof. (b) Escrow Agent agrees to hold the Escrow Property in the Escrow Account, and to administer the Escrow Property in accordance with the terms of this Agreement.
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Escrow Account Established. (a) In order to secure performance by the Developer for the completion of the Improvements as referenced herein in Exhibit A of this Agreement and for the security obligation set forth in Condition 7.73 of the Decision, the Developer shall deposit the Initial Escrow Amount (defined in Section 2(a) below) in immediately available funds into a non-interest bearing IOLTA account (the “Escrow Account”) with ▇▇▇▇▇▇▇▇ Burger, P.C., ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, (the “Escrow Agent”) on or before the date required for such deposit set forth in Section 2(a) hereof. (b) Escrow Agent agrees to hold the Escrow Property in the Escrow Account, and to administer the Escrow Property in accordance with the terms of this Agreement.
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Escrow Account Established. When a patron successfully executes a reservation and financial transaction with TRQ, the funds are initially authorized by a credit card processing vendor for a 3% to 6% fee. The remaining 97% to 94% of the funds are automatically transferred to TRQ. Upon the successful transfer of funds into the TRQ operating account, a modest administrative fee (not to exceed $50USD) will be deducted from the 97% to 94% transfer – in order to fulfill logistics in support of the patron's reservation (e.g. collection kits, postage, etc). The remaining balance shall be deposited into a Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) account that is separate and distinct from any TRQ operating account(s) – essentially an “escrow,” or “deposit” account. The patron may, or may not, realize interest from this escrow account. The patron's escrow funds are indisputably refundable per Section 7 herein. Principal escrow funds are unrealized and unearned funds to TRQ and will not fall under dominion of TRQ until released and realized/earned per Section 7 herein.
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Related to Escrow Account Established

  • Escrow Account 27.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the "Escrow Bank") in accordance with this Agreement read with the Escrow Agreement. 27.1.2 The nature and scope of the Escrow Account shall be fully described in the agreement (the "Escrow Agreement") to be entered into amongst the Concessionaire, the Authority, the Escrow Bank and the Senior Lenders through the Lenders' Representative, which shall be substantially in the form set forth in Schedule-S.

  • Escrow Accounts An account maintained in Finland established in connection with any of the following: 1. A court order or judgment. 2. A sale, exchange, or lease of real or personal property, provided that the account satisfies the following requirements: a) The account is funded solely with a down payment, ▇▇▇▇▇▇▇ money, deposit in an amount appropriate to secure an obligation directly related to the transaction, or a similar payment, or is funded with a financial asset that is deposited in the account in connection with the sale, exchange, or lease of the property; b) The account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; c) The assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee (including to satisfy such person’s obligation) when the property is sold, exchanged, or surrendered, or the lease terminates; d) The account is not a margin or similar account established in connection with a sale or exchange of a financial asset; and e) The account is not associated with a credit card account. 3. An obligation of a Financial Institution servicing a loan secured by real property to set aside a portion of a payment solely to facilitate the payment of taxes or insurance related to the real property at a later time. 4. An obligation of a Financial Institution solely to facilitate the payment of taxes at a later time.

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • Requirements to Establish Escrow Accounts 11.10.1 To be acceptable, the Third Party escrow agent must meet all of the following criteria: 11.10.1.1 The financial institution proposed as the Third Party escrow agent must be located within the continental United States; 11.10.1.2 The financial institution proposed as the Third Party escrow agent may not be an Affiliate of either Party; and 11.10.1.3 The financial institution proposed as the Third Party escrow agent must be authorized to handle ACH credit transfers. 11.10.2 In addition to the foregoing requirements for the Third Party escrow agent, the Disputing Party and the financial institution proposed as the Third Party escrow agent must agree in writing furnished to the Billing Party that the escrow account will meet all of the following criteria: 11.10.2.1 The escrow account must be an interest bearing account; 11.10.2.2 all charges associated with opening and maintaining the escrow account will be borne by the Disputing Party; 11.10.2.3 that none of the funds deposited into the escrow account or the interest earned ▇▇▇▇▇▇▇ may be used to pay the financial institution’s charges for serving as the Third Party escrow agent; 11.10.2.4 all interest earned on deposits to the escrow account will be disbursed to the Parties in the same proportion as the principal; and 11.10.2.5 disbursements from the escrow account will be limited to those: 11.10.2.5.1 authorized in writing by both the Disputing Party and the Billing Party (that is, signature(s) from representative(s) of the Disputing Party only are not sufficient to properly authorize any disbursement); or 11.10.2.5.2 made in accordance with the final, non-appealable order of the arbitrator appointed pursuant to the provisions of Section 13.7 below; or 11.10.2.5.3 made in accordance with the final, non-appealable order of the court that had jurisdiction to enter the arbitrator’s award pursuant to Section 13.7 below.

  • Deposits into Escrow Account (a) Issuer Party shall direct Subscribers to, and Subscribers shall, directly deliver to NCPS all Cash Investment Instruments for deposit in the Escrow Account. Each such direction shall be accompanied by a Subscription Accounting. ALL FUNDS DEPOSITED INTO THE ESCROW ACCOUNT PURSUANT TO THIS SECTION 3 SHALL REMAIN THE PROPERTY OF EACH SUBSCRIBER ACCORDING TO SUCH SUBSCRIBER’S INTEREST AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY NCPS OR BY JUDGMENT OR CREDITORS’ CLAIMS AGAINST ISSUER PARTY UNTIL RELEASED OR ELIGIBLE TO BE RELEASED TO ISSUER IN ACCORDANCE WITH SECTION 4(a). ISSUER PARTY SHALL NOT RECEIVE CASH INVESTMENT INSTRUMENTS DIRECTLY FROM SUBSCRIBERS. (b) Issuer Party understands and agrees that all Cash Investment Instruments received by NCPS pursuant to this Agreement are subject to collection requirements of presentment, clearing and final payment, and that the funds represented thereby cannot be drawn upon or disbursed until such time as final payment has been made and is no longer subject to dishonor. NCPS shall process each Cash Investment Instrument for collection promptly upon receipt, and the proceeds thereof shall be held as part of the Escrow Funds until disbursed in accordance with Section 4. If, upon presentment for payment, any Cash Investment Instrument is dishonored, NCPS’s sole obligation shall be to notify Issuer Party of such dishonor and, if applicable, to promptly return such Cash Investment Instrument to Subscriber. Notwithstanding, if for any reason any Cash Investment Instrument is uncollectible after payment or disbursement of the funds represented thereby has been made by NCPS, Issuer Party shall immediately reimburse NCPS upon receipt from NCPS of written notice thereof, including, without limitation, any fees or expenses with respect thereto, which NCPS may collect from Issuer Party pursuant to Section 10. (c) Upon receipt of any Cash Investment Instrument that represents payment of an amount less than or greater than the Cash Investment, NCPS’s sole obligation shall be to notify Issuer Party, depending upon the source of the of the Cash Investment Instrument, of such fact and to pay to Subscriber by the same method the amount of the Cash Investment received by NCPS from such Subscriber or promptly return to Subscriber such Subscriber’s Cash Investment Instrument upon receipt from Subscriber of any required payment instructions; provided that amounts in excess of $25,000 will be returned via wire transfer upon confirmation by NCPS of Subscriber’s account information. (d) NCPS shall not be obligated to accept, or present for payment, any Cash Investment Instrument that is not properly made payable or endorsed as set forth in Section 1(d). (e) Issuer Party shall, or cause Subscriber to, provide NCPS with information sufficient to effect such return to Subscriber as outlined in this Section 3, including, without limitation, updated payment information in the event a return to Subscriber for any reason cannot be made by the same method as received by NCPS. (f) In the event any party other than NCPS receives a Cash Investment Instrument, Issuer Party agrees to promptly, and in no event later than one Business Day after receipt, deliver or cause to be delivered such Cash Investment Instrument to NCPS for deposit into the Escrow Account.