DISBURSEMENT OF 10% OF ESCROW FUNDS Sample Clauses

DISBURSEMENT OF 10% OF ESCROW FUNDS. Upon receipt by the Escrow Agent of (i) written confirmation from the Company that the Company has received, on or before the Offering Termination Date, Subscription Payments in an aggregate amount of not less than $25,000,000 for which the Company has accepted the accompanying subscriptions (the "Minimum Subscription Notice"), and (ii) written instruction from the Company substantially in the form attached hereto as Exhibit A to disburse 10% of the Subscription Payments together with any interest or other income accrued thereon, the Escrow Agent shall promptly disburse to the Company, by certified or bank check or wire transfer, (w) 10% of the Subscription Payments held in the Escrow Account plus (x) 10% of any interest or other income accrued on such Subscription Payments as of the date of such disbursement (the "Initial Disbursement"). If the Escrow Agent receives additional Subscription Payments after the Initial Disbursement but prior to the 90% Disbursement (as defined below), the Escrow Agent shall deposit the Subscription Payments into the Escrow Account, and upon receiving written instruction from the Company substantially in the form attached hereto as Exhibit A, shall disburse to the Company (y) 10% of such additional Subscription Payments plus (z) 10% of any interest or other income accrued on such Subscription Payments as of the date of such disbursement. The Escrow Agent shall retain the remaining 90% of all Subscription Payments in the Escrow Account to be disbursed as set forth in Section 3(c) below.
Sample 1
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DISBURSEMENT OF 10% OF ESCROW FUNDS. If the Escrow Agent receives, on or before the Termination Date, Subscription Payments in an aggregate amount of not less than $25,000,000 and written acceptance of each Subscriber's subscription by the Company, then the Escrow Agent shall disburse, upon written instruction from the Company, substantially in the form attached hereto as Exhibit A, 10% of the Subscription Payments held in the Escrow Account to the Company ("Initial Disbursement"). If the Escrow Agent receives additional Subscription Payments after the Initial Disbursement, the Escrow Agent shall deposit the Subscription Payments into the Escrow Account and upon receiving written instruction from the Company, substantially in the form attached hereto as Exhibit A, shall disburse to the Company 10% of all Subscription Payments received after the Initial Disbursement. The Escrow Agent shall retain the remaining 90% of all Subscription Payments in the Escrow Account to be disbursed as set forth in Section 3(c) below.
Sample 1

Related to DISBURSEMENT OF 10% OF ESCROW FUNDS

  • Disbursement of Escrow Funds (a) Subject to Section 3(b) and Section 10, NCPS shall promptly disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents:

  • Disbursements of Escrow Funds (a) Escrow Agent shall disburse Escrow Funds at any time and from time to time, upon receipt of, and in accordance with, a Joint Written Direction received by Escrow Agent as set forth in Section 15. Such Joint Written Direction will contain Complete Payment Instructions.

  • Investment of Escrow Funds The Escrow Agent shall deposit the Escrow Funds in a non-interest bearing money market account. If Escrow Agent has not received a Joint Written Direction at any time that an investment decision must be made, Escrow Agent may retain the Escrow Fund, or such portion thereof, as to which no Joint Written Direction has been received, in a non-interest bearing money market account.

  • Investment of Escrow Fund During the term of this Escrow Agreement, the Escrow Fund shall be invested and reinvested by the Escrow Agent in the investment indicated on Schedule 1 or such other investments as shall be directed in writing by the Issuer and the Depositor and as shall be acceptable to the Escrow Agent. All investment orders involving U.S. Treasury obligations, commercial paper and other direct investments may be executed through broker-dealers selected by the Escrow Agent. Periodic statements will be provided to the Issuer and the Depositor reflecting transactions executed on behalf of the Escrow Fund. The Issuer and the Depositor, upon written request, will receive a statement of transaction details upon completion of any securities transaction in the Escrow Fund without any additional cost. The Escrow Agent shall have the right to liquidate any investments held in order to provide funds necessary to make required payments under this Escrow Agreement. The Escrow Agent shall have no liability for any loss sustained as a result of any investment in an investment indicated on Schedule 1 or any investment made pursuant to the instructions of the parties hereto or as a result of any liquidation of any investment prior to its maturity or for the failure of the parties to give the Escrow Agent instructions to invest or reinvest the Escrow Fund. The Escrow Agent may earn compensation in the form of short-term interest (“float”) on items like uncashed distribution checks (from the date issued until the date cashed), funds that the Escrow Agent is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments.

  • Investment of Escrow Amount Escrow Agent may, at its’ discretion, invest any or all of the Escrow Account balance as permitted by banking or trust company regulations. No interest shall be paid to Issuer or Subscribers on balances in the Escrow Account or in Issuers custodial account.

  • Release of Escrow Funds The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

  • Investment of Escrow Account The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a non-interest-bearing bank account at SunTrust Bank.

  • Deposit of Escrow Funds Escrow Holder acknowledges the receipt from Seller of _________________ Thousand and No/100 Dollars ($____________.00) (the “Escrow Funds”). The Escrow Funds are the property of Guarantor subject to the terms of this Agreement. Escrow Holder shall disburse the Escrow Funds in strict accordance with the terms of this Agreement.

  • Investment of Escrowed Funds Upon collection of each check by the Escrow Agent, the Escrow Agent shall invest the funds in deposit accounts or certificates of deposit which are fully insured by the Federal Deposit Insurance Corporation or another agency of the United States government, short-term securities issued or fully guaranteed by the United States government, federal funds, or such other investments as the Escrow Agent and the Company shall agree. The Company shall provide the Escrow Agent with instructions from time to time concerning in which of the specific investment instruments described above the Escrowed Funds shall be invested, and the Escrow Agent shall adhere to such instructions. Unless and until otherwise instructed by the Company, the Escrow Agent shall by means of a "Sweep" or other automatic investment program invest the Escrowed Funds in blocks of $1,000 in federal funds. Interest and other earnings shall start accruing on such funds as soon as such funds would be deemed to be available for access under applicable banking laws and pursuant to the Escrow Agent's own banking policies.

  • Creation of Escrow Funds On or prior to the date of the commencement of the Offering, the parties shall establish an escrow account with the Escrow Agent, which escrow account shall be entitled as follows: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account for the deposit of the Escrow Funds. The Investor(s) will instruct subscribers to wire funds to the account of the Escrow Agent as follows: Bank: Wachovia, N.A. of New Jersey Routing #: 000000000 Account #: 2000014931134 Name on Account: Xxxxx Xxxxxxxx Attorney Trust Account Name on Sub-Account: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account

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