Deposit Inspection. When Escrow Agent receives a Parcel and any supplements to or update of the Deposit Materials, Escrow Agent shall promptly conduct a deposit inspection by opening the Parcel and visually matching the labeling of the tangible media containing the Deposit Materials to the item descriptions and quantity listed on the applicable SCE Attachment. Escrow Agent shall complete each such inspection no more than five (5) business days after receiving a Parcel. In addition to such inspection, upon Registrant’s request, Escrow Agent shall promptly conduct a Verification of the Deposit Materials in accordance with Registrant’s requirements and Section 2(e) below. In the event Escrow Agent determines that the labeling of the tangible media comprising a Parcel matches the information listed on the applicable SCE Attachment, Escrow Agent shall sign the SCE Attachment and mail a copy thereof to Depositor and Registrant. Alternatively, in the event Escrow Agent determines that the labeling of the tangible media comprising a Parcel does not match the information listed on the applicable SCE Attachment, Escrow Agent shall immediately (i) note the discrepancies in writing on the SCE Attachment, (ii) sign the SCE Attachment with the exceptions noted and (iii) immediately provide a copy of such SCE Attachment to Depositor and Registrant. Within five (5) days after receiving from Escrow Agent written notice of such discrepancies, Depositor shall remedy such discrepancies and re-deliver to Escrow Agent the applicable Parcel. Escrow Agent’s acceptance of each Parcel shall be deemed effective upon the earlier of the signing on behalf of Escrow Agent of the applicable SCE Attachment or the expiration of the five-day period commencing with Escrow Agent’s receipt of the applicable Parcel.
Appears in 11 contracts
Samples: Escrow Agreement, Escrow Agreement, Escrow Agreement
