Common use of Requirements to Establish Escrow Accounts Clause in Contracts

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; Page 33 of 370 Contract Id: 4236325

Requirements to Establish Escrow Accounts. 11.10.1 10.5.1 To be acceptable, the Third Party escrow agent must meet all of the following criteria:: 10. 11.10.1.1 The 5.1. 1The financial institution proposed as the Third Party escrow agent must be located within the continental United States; 11.10.1.2 The 10.5.1. 2The financial institution proposed as the Third Party escrow agent may not be an Affiliate of either Party; and 11.10.1.3 The 10.5.1. 3The financial institution proposed as the Third Party escrow agent must be authorized to handle ACH (credit transactions) (electronic funds) transfers. 11.10.2 10.5.2 In addition to the foregoing requirements for the Third Party escrow agent, the Disputing 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; Page 33 of 370 Contract Id: 4236325

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 11.10.1. 1The financial institution proposed as the Third Party escrow agent must be located within the continental United States; 11.10.1.2 The 11.10.1. 2The financial institution proposed as the Third Party escrow agent may not be an Affiliate of either Party; and 11.10.1.3 The 11.10.1. 3The 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; Page 33 of 370 Contract Id: 4236325