Receipt of Escrow Property Sample Clauses
The 'Receipt of Escrow Property' clause defines the process by which the escrow agent acknowledges receiving property, funds, or documents to be held in escrow. Typically, this clause outlines the requirements for the agent to confirm receipt, such as providing written notice to the parties involved and verifying that the items received match the agreed-upon terms. Its core practical function is to establish a clear record of what has been delivered into escrow, thereby preventing disputes over whether the escrow agent has properly received and is holding the correct property.
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Receipt of Escrow Property. (a) On the Closing Date, PEI shall deposit with the Escrow Agent, by wire transfer of immediately-available funds, to the bank account set forth in Exhibit A hereto, an amount in cash equal to three million dollars ($3,000,000) (together with investment income earned thereon pursuant to the terms hereof, the “Net Working Capital Escrow Property”).
(b) On the Closing Date, PEI shall deposit with the Escrow Agent, by wire transfer of immediately-available funds, to the bank account set forth in Exhibit B hereto, an amount in cash equal to three million five-hundred thousand dollars ($3,500,000) (together with investment income earned thereon pursuant to the terms hereof, the “Indemnity Escrow Property” and together with the Net Working Capital Escrow Property, the “Escrow Property”).
(c) The Escrow Property will be segregated from other assets of the Escrow Agent. The Escrow Agent agrees to hold and administer the Escrow Property subject to the terms of this Escrow Agreement. The New Working Capital Escrow Property will be segregated from the Indemnity Escrow Property.
(d) The parties acknowledge that the Net Working Capital Escrow Property and the Indemnity Escrow Property held in escrow hereunder may be reduced from time to time during the term hereof pursuant to the terms of this Escrow Agreement.
Receipt of Escrow Property. (a) Upon the execution of this Escrow Agreement by each of the parties hereto and upon the Closing of the Offering, the Company shall cause to be deposited $500,000 into a United States Dollar denominated account (the “Escrow Account”) established by the Escrow Agent. The Escrow Account is set forth below: Manufacturers & Traders Trust Co. ABA# ▇▇▇▇▇▇▇▇▇ A/C# [●] A/C Name: Erayak International Escrow Attn: ▇▇▇▇▇ ▇▇▇▇-▇▇▇▇▇▇▇▇
(b) The Escrow Agent will hold the deposit in the Escrow Account, together with all investments thereof and all interest accumulated thereon and proceeds therefrom (the “Escrow Property”), in escrow upon the terms and conditions set forth in this Escrow Agreement and shall not disburse funds from the Escrow Account except as provided herein.
Receipt of Escrow Property. Upon execution hereof, Buyer shall deliver to the Escrow Agent the amount of $AB0,000.00 (the “Escrow Property”) in immediately available funds.
Receipt of Escrow Property. Within [*] days after receipt of the Dyadic Materials (as defined in the License Agreement), Codexis shall notify the Escrow Agent that they shall deliver to the Escrow Agent the amount of [*] (the “Escrow Property”) [*].
Receipt of Escrow Property. (a) Upon execution of this Escrow Agreement and upon the Closing of the Offering, the Company shall cause to be deposited $200,000 into a United States Dollar denominated account (the “Escrow Account”) established by the Escrow Agent. The Escrow Account is set forth below: ABA# A/C# A/C Name: Attn:
(b) The Escrow Agent will hold the deposit in the Escrow Account, together with all investments thereof and all interest accumulated thereon and proceeds therefrom (the “Escrow Property”), in escrow upon the terms and conditions set forth in this Escrow Agreement and shall not disburse funds from the Escrow Account except as provided herein.
Receipt of Escrow Property. Upon execution hereof, the Parent shall deliver to the Escrow Agent the amount of $5,000,000 (the “Escrow Property”) in immediately available funds.
Receipt of Escrow Property. Following execution hereof, Parent shall deliver, or cause to be delivered, to the Escrow Agent by wire transfer of immediately available funds:
Receipt of Escrow Property. The Escrow Agent acknowledges the receipt of $1,250,000 (the “Escrow Property”) in immediately available funds.
Receipt of Escrow Property. Upon the date of execution hereof (the “Closing Date”):
(a) The Company (i) shall direct the Representative to deliver to the Escrow Agent the amount of $196,470,000 in immediately available funds, and (ii) shall deliver to the Escrow Agent $1,750,000 in immediately available funds (such amounts in (i) and (ii) collectively, the “Proceeds”) which Proceeds shall be maintained by the Escrow Agent in an account designated as the “Sonic Escrow Account” (the “Escrow Account”).
(b) The Company shall deliver to the Escrow Agent an additional $4,355,555.56, representing the amount of interest that would accrue on the Notes from the Closing Date up to but not including October 23, 2012 (which is 120 days after the date of the Purchase Agreement) (the “Escrow End Date”) (the foregoing interest amount being the “Interest Deposit” and together with the Proceeds, plus all interest, dividends and other distributions and payments thereon, collectively referred to herein as the “Escrow Property”), which Interest Deposit shall be maintained by the Escrow Agent in the Escrow Account.
Receipt of Escrow Property. Escrow Agent shall establish an account with the information set forth in Annex I hereto (the “Escrow Account”). Lender shall irrevocably establish the Escrow Account as the “Destination Account” under the DACA and shall otherwise cause all amounts deposited into the Collateral Account from time to time while this Escrow Agreement is in effect to be transferred to the Escrow Account pursuant to the terms of the DACA and in accordance with Annex I. The Parties recognize and agree as between the Parties that this Escrow Agreement shall not in any manner amend or modify the Loan Agreement between the Parties, but this Escrow Agreement is intended to implement certain provisions of the Loan Agreement. As to any inconsistency between this Escrow Agreement (as it relates to the Parties) and the Loan Agreement, the provisions of the Loan Agreement shall control and be binding on the Parties as to any such inconsistencies. For clarity, only the provisions of this Escrow Agreement shall be applicable to the Escrow Agent, and the Escrow Agent shall not be subject to any of the terms or conditions of the Loan Agreement.