Consolidated Duration of Deposit Releases Sample Clauses

Consolidated Duration of Deposit Releases. The Company agrees that the Escrow Agent may reduce the costs and burdens of these accounts by making one (1) “Duration of Deposit” release, under subdivision (B)(ii)(d) of Section 5 of this Escrow Agreement, for each Beneficiary State during each calendar year. Under this subdivision, for each Beneficiary State, the consolidated release may occur twenty-five years after the last Deposit Date by the Company for each calendar year. For example, if the Company made deposits into a California subaccount on June 1, 2018 and November 1, 2018, the Escrow Agent may retain funds eligible for release on June 1, 2043, until November 1, 2043. This
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Consolidated Duration of Deposit Releases. The Company agrees that the Escrow Agent may reduce the costs and burdens of these accounts by making one (1) “Duration of Deposit” release, under subdivision (B)(ii)(d) of Section 5 of this Escrow Agreement, for each Beneficiary State during each calendar year. Under this subdivision, for each Beneficiary State, the consolidated release may occur twenty-five years after the last Deposit Date by the Company for each calendar year. For example, if the Company made deposits into a California subaccount on June 1, 2018 and November 1, 2018, the Escrow Agent may retain funds eligible for release on June 1, 2043, until November 1, 2043. This subdivision shall never be interpreted or construed to permit any “Duration of Deposit” releases under subdivision (B)(ii)(d) of Section 5 of this Escrow Agreement before twenty-five years have passed since the Deposit Date. The Escrow Agent may exercise this subdivision by providing written notice to the Company and Beneficiary State(s) pursuant to Section 6.
Sample 1

Related to Consolidated Duration of Deposit Releases

  • Release of Deposits Escrow Agent will make available for electronic download (unless otherwise requested) to ICANN or its designee, within twenty-­‐four (24) hours, at the Registry Operator’s expense, all Deposits in Escrow Agent’s possession in the event that the Escrow Agent receives a request from Registry Operator to effect such delivery to ICANN, or receives one of the following written notices by ICANN stating that:

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