Escro funds Clause Samples

An escrow funds clause establishes that certain funds will be held by a neutral third party (the escrow agent) until specific conditions outlined in the agreement are met. In practice, this means that a buyer might deposit payment into an escrow account, and the seller will only receive the funds once they have fulfilled their contractual obligations, such as delivering goods or services. This arrangement protects both parties by ensuring that payment is only released when agreed-upon terms are satisfied, thereby reducing the risk of non-performance or fraud.
Escro funds. Any funds remain- ing in the borrower’s escrow account at the time of liquidation by voluntary conveyance or foreclosure are non- refundable and will be credited to the borrower’s loan account. [50 FR 23904, June 7, 1985, as amended at 56 FR 6953, Feb. 21, 1991, 57 FR 36590, Aug. 14, 1992] (a) The borrower-owner is a member of the tribe that has jurisdiction over the reservation in which the real prop- erty is located. An Indian tribe may also meet the borrower-owner criterion if it is indebted for Farm Credit Pro- grams loans. (b) A voluntary conveyance will be accepted only after all preacquisition primary and preservation servicing ac- tions have been considered in accord- ance with subpart S of part 1951 of this chapter. (c) When all servicing actions have been considered under subpart S of part 1951 of this chapter and a positive out- come cannot be achieved, the following additional actions are to be taken: (1) The county official will notify the Native American borrower-owner and the tribe by certified mail, return re- ceipt requested, and by regular mail if the certified mail is not received, that: (i) The borrower-owner may convey the real estate security to FSA and FSA will consider acceptance of the property into inventory in accordance with paragraph (d) of this section. (ii) The borrower-owner must inform FSA within 60 days from receipt of this notice of the borrower and owner’s de- cision to deed the property to FSA; (iii) The borrower-owner has the op- portunity to consult with the Indian tribe that has jurisdiction over the res- ervation in which the real property is located, or counsel, to determine if State or tribal law provides rights and protections that are more beneficial than those provided the borrower- owner under Agency regulations; (2) If the borrower-owner does not voluntarily deed the property to FSA, not later than 30 days before the fore- closure sale, FSA will provide the Na- tive American borrower-owner with the following options: (i) The Native American borrower- owner may require FSA to assign the loan and security instruments to the Secretary of the Interior. If the Sec- retary of the Interior agrees to such an assignment, FSA will be released from all further responsibility for collection of any amounts with regard to the loans secured by the real property. (ii) The Native American borrower- owner may require FSA to complete a transfer and assumption of the loan to the tribe having jurisdiction over the reservation in ...
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Related to Escro funds

  • Escrowed Funds Upon receipt of the Escrowed Funds, the Escrow Agent shall hold the Escrowed Funds in escrow pursuant to the terms of this Agreement. Until such time as the Escrowed Funds shall be distributed by the Escrow Agent as provided herein, the Escrowed Funds shall be deposited by the Escrow Agent in an interest bearing account or as may otherwise be directed by the Corporation in writing. The Escrow Agent shall be entitled to sell or redeem any investment of the Escrowed Funds as necessary to make any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale or redemption. Interest, if any, resulting from any investment of the Escrowed Funds shall be retained by the Escrow Agent, and shall be distributed according to this Agreement.

  • Escrow Account 27.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the "Escrow Bank") in accordance with this Agreement read with the Escrow Agreement. 27.1.2 The nature and scope of the Escrow Account shall be fully described in the agreement (the "Escrow Agreement") to be entered into amongst the Concessionaire, the Authority, the Escrow Bank and the Senior Lenders through the Lenders' Representative, which shall be substantially in the form set forth in Schedule-S.

  • Escrow Funds To provide for the timely payment of any post-closing claims by Buyer against Seller hereunder, at Closing, Seller shall deposit an amount equal to One Hundred Fifty Thousand and No/100 Dollars ($150,000.00) (the “Escrow Funds”) which shall be withheld from the Purchase Price payable to Seller and shall be deposited for a period of one (1) year in an escrow account with the Title Company pursuant to an escrow agreement reasonably satisfactory in form and substance to Buyer and Seller (the “Post-Closing Agreement”), which escrow and Post-Closing Agreement shall be established and entered into at Closing and shall be a condition to Buyer’s obligations under this Contract. All earnings accrue to Seller and Seller may direct investment thereof. If no claims have been asserted by Buyer against Seller, or all such claims have been satisfied, within such 1-year period, the Escrow Funds deposited by Seller shall be released to Seller.

  • Company Funds All funds of the Company shall be deposited in its name, or in such name as may be designated by the Board, in such checking, savings or other accounts, or held in its name in the form of such other investments as shall be designated by the Board. The funds of the Company shall not be commingled with the funds of any other Person. All withdrawals of such deposits or liquidations of such investments by the Company shall be made exclusively upon the signature or signatures of such Officer or Officers as the Board may designate.

  • Settlement Funds For the purpose of settling a Securities transaction, Customer will provide BNY Mellon with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY Mellon to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.