Escrow of Funds definition

Escrow of Funds. The aggregate Subscription Proceeds in respect of the Subscription Receipts (the “Escrowed Funds”) will be held in escrow in a segregated account by the Corporation pursuant to the Subscription Receipt Certificates pending the satisfaction of the Escrow Release Condition. Upon satisfaction of the Escrow Release Condition on or prior to the Escrow Release Deadline (as defined below), the Escrowed Funds will be released to the Corporation. Unless the consent of holders of not less than 66 2/3% of the then outstanding Subscription Receipts is obtained pursuant to the terms of the Subscription Receipt Certificates, in the event that the Escrow Release Condition is not satisfied at or before 5:00 p.m. (Vancouver time) on October 15, 2020 (as the same may be extended in accordance with the terms of the Subscription Receipt Certificates) (the “Escrow Release Deadline”), the Corporation will return to each holder of Subscription Receipts, an amount equal to the aggregate Subscription Price for the Subscription Receipts held by such holder plus a pro rata share of any interest or other income earned on the Subscription Proceeds, less applicable withholding tax, if any. The Corporation shall use its commercially reasonable efforts to meet the Escrow Release Deadline prior to October 15, 2020. To the extent that the Escrowed Funds are insufficient to pay such amounts to the holders of the Subscription Receipts, the Corporation will be liable for and will be required to contribute such amounts as are necessary to satisfy any shortfall.
Escrow of Funds. The funding of the Closing shall occur through escrow in a non-interest bearing account by Signature Bank, as escrow agent.

Examples of Escrow of Funds in a sentence

  • Moreover, the interest rate on the new Certificate could be higher or lower than the rate on the initial Certificate since it will reset at then current Treasury bill rates.No Escrow of Funds; No Minimum Offering.An escrow account will not be established for the proceeds of the Offering because we expect to invest such funds for its business purposes as they are received.

  • Escrow of Funds to Complete Unfinished Work VA may permit the escrow of funds necessary to complete the unfinished work later, and still issue evidence of guaranty.

  • Scoring and the recommendations of the review panel are advisory only.

  • SURVIVAL OF REPRESENTATIONS, WARRANTIES, AGREEMENTS AND COVENANTS; INDEMNIFICATION 56 14.1 Survival of Representations, Warranties, Agreements and Covenants 56 14.2 Indemnification by Parent 56 14.3 Indemnification by Holders and Carve-out Participants 57 14.4 Escrow of Funds 59 14.5 Procedures for Third-Party Claims 60 14.6 Elimination of Qualifiers 61 14.7 Insurance Proceeds 61 14.8 Claims 61 14.9 Exclusive Remedy 61 15.

  • Similarly revise the section titled "Escrow of Funds Prior to Closing" to clarify that under no circumstance will the offering of a Bit extend beyond 12 months after qualification and that, if the minimum contingency is not met by that time, all funds will promptly be returned directly to the subscriber without deduction.

  • Escrow of Funds ▪ Homebuyers, at the time of closing, should be authorized to place in escrow proceeds to cover the cost of incomplete construction, without affecting their right to file a request for warranty performance for defects in other areas.▪ All homebuyers’ deposit money should be required to be held in escrow to protect such funds in the event of builder default.

  • In the 4155.2 4.6.d Escrow of Funds for completion, there were six requirements listed to allow for the use of these funds.

  • The parties agree that any statutes of limitations applicable to this dispute shall be tolled for [ ] days during which the parties shall submit the dispute to mediation by [a specified ADR neutral].§ 6.11 Escrow of Funds In a dispute over funds held by one of the parties, a submission agreement can freeze the status quo by requiring that the funds be placed in escrow:Escrow of Funds - Submission Agreement.

  • Section 2.1. Purchase and Sale 9 Section 2.2. Time and Place of Closing 9 Section 2.3. Deliveries by Seller 10 Section 2.4. Deliveries by Buyer 10 Section 2.5. Escrow of Funds 10 ARTICLE III Representations and Warranties of Seller and the Company Section 3.1. Incorporation; Authorization; etc.

  • Heat generated during the soldering of components can damage the FSR.• When laminating the sensor, be sure to use a hard roller or other depression tool to ensure proper bonding of the sensor’s pressure-sensitive adhesive and the removal of any air bubbles.

Related to Escrow of Funds

  • Deposit Escrow Agreement has the meaning set forth in Section 2.2.

  • Escrowed Funds Has the meaning, with respect to any Trust, specified in Section 2.02(b).

  • Escrow Funds means the Advance funds deposited with the Escrow Agent pursuant to this Agreement.

  • Escrow Account The Eligible Account or Accounts established and maintained pursuant to Section 3.09(b).

  • Escrow Property has the meaning set forth in the Escrow Agreement.

  • Closing Escrow Agreement means the Closing Escrow Agreement, dated as of the date hereof, between the Company, Xxxx Capital Partners, LLC and the escrow agent (the “Escrow Agent”) identified therein, in the form of Exhibit B hereto.

  • Escrow means any transaction in which any escrow property is delivered with or without transfer of legal or equitable title, or both, and irrespective of whether a debtor-creditor relationship is created, to a person not otherwise having any right, title or interest therein in connection with the sale, transfer, encumbrance or lease of real or personal property, to be delivered or redelivered by that person upon the contingent happening or non-happening of a specified event or performance or nonperformance of a prescribed act, when it is then to be delivered by such person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee or bailor, or any designated agent or employee of any of them. Escrow includes subdivision trusts and account servicing.

  • Escrow Agreement means the escrow agreement entered into prior to the date hereof, by and among the Company, the Escrow Agent and the Placement Agent pursuant to which the Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied to the transactions contemplated hereunder.

  • Escrow Cash is defined in Section 4.1(a).

  • Escrow Fund means the escrow fund established pursuant to the Escrow Agreement.

  • Escrow Deposit has the meaning set forth in Section 3.3.

  • Indemnity Escrow Agreement means the Indemnity Escrow Agreement substantially in the form attached hereto as Exhibit B, among the Sellers, the Buyers and the Escrow Agent.

  • Escrow Release Conditions means, collectively, the conditions set forth in Section 4.3.

  • Escrowed Payment means an aggregate cash payment of up to $400,000;

  • Escrow Holder means the bank or trust company designated as such pursuant to Section 9 hereof.

  • Escrowed Bonds means Municipal Obligations that (i) have been determined to be legally defeased in accordance with S&P’s legal defeasance criteria, (ii) have been determined to be economically defeased in accordance with S&P’s economic defeasance criteria and assigned a rating of AAA by S&P, (iii) are not rated by S&P but have been determined to be legally defeased by S&P or (iv) have been determined to be economically defeased by S&P and assigned a rating no lower than the rating that is S&P equivalent of S&P’s AAA rating. In the event that a defeased obligation which is an S&P Eligible Asset does not meet the criteria of an Escrowed Bond, such Municipal Obligation will be deemed to remain in the Issue Type Category into which it fell prior to such defeasance.

  • Escrowed Property has the meaning set forth in the Escrow Agreement.

  • Escrow Accounts means a SEK bank account and/or EUR bank account and/or a NOK bank account opened by the Arranger with a reputable bank on which the proceeds from the Bond Issue will be held until the Conditions Precedent for Disbursement have been fulfilled.

  • Indemnity Escrow Account means the escrow account established by the Escrow Agent pursuant to the terms of the Escrow Agreement for purposes of holding the Indemnity Escrow Amount.

  • Escrow Agent has the meaning set forth in Section 2.3.

  • Escrow Obligations means (a) Government Obligations, (b) certificates of deposit issued by a bank or trust company which are (1) fully insured by the Federal Deposit Insurance Corporation or similar corporation chartered by the United States or (2) secured by a pledge of any Government Obligations having an aggregate market value, exclusive of accrued interest, equal at least to the principal amount of the certificates so secured, which security is held in a custody account by a custodian satisfactory to the Registrar or the Registrar, as the case may be, or (c)(1) evidences of a direct ownership in future interest or principal on Government Obligations, which Government Obligations are held in a custody account by a custodian satisfactory to the Registrar pursuant to the terms of a custody agreement in form and substance acceptable to the Registrar and (2) obligations issued by any state of the United States or any political subdivision, public instrumentality or public authority of any state, which obligations are fully secured by and payable solely from Government Obligations, which Government Obligations are held pursuant to an agreement in form and substance acceptable to the Registrar and, in any such case, maturing as to principal and interest in such amounts and at such times as will insure the availability of sufficient money to make the payment secured thereby.

  • Indemnification Escrow Agreement means that certain Indemnification Escrow Agreement in the form attached hereto as Exhibit D, with such changes as may be agreed to among the Buyer, the Seller and the Escrow Agent.

  • Escrow Agreements means one or more of the agreements between the Company, the Partnership and one or more of the Performance Investors, dated as of the closing of the date of the initial public offering of the common stock of the General Partner, pursuant to which the Performance Investors have deposited their Performance Shares in escrow for possible transfer to the General Partner or the Partnership (as applicable).

  • the Deposit means 10% of the Purchase Price;

  • Escrow Bank has the meaning specified in Section 2.15(c).

  • Escrow End Date has the meaning set forth in the Escrow Agreement.