Escrow Account Established Clause Samples
The 'Escrow Account Established' clause defines the requirement for setting up a third-party account to hold funds or assets related to a transaction until certain conditions are met. Typically, this clause specifies who will act as the escrow agent, the type of funds or property to be deposited, and the circumstances under which the escrowed assets will be released to the appropriate party. Its core practical function is to provide security and assurance to both parties by ensuring that obligations are fulfilled before the transfer of funds or property, thereby reducing the risk of non-performance or default.
Escrow Account Established. Effective as of the date of this Agreement, Escrow Agent is appointed as escrow agent by Imperial and Seller and Escrow Agent agrees to act as escrow agent under this Agreement. At Closing, Imperial shall deposit the Holdback Funds with Escrow Agent and Escrow Agent shall retain the Holdback Funds until disbursed pursuant to the further terms hereof. Subject to Escrow Agent’s determination in accordance with Section 5 herein, during the Term (as defined hereafter at Section 16) of this Agreement, the funds on deposit with Escrow Agent shall be invested in Treasury notes, certificates of deposit issued by commercial banks insured by the federal government, or “money market” accounts, in accordance with Whittier’s written instructions provided from time-to-time.
Escrow Account Established. (a) In order to secure performance by the Developer for the completion of sitework as referenced herein in Exhibit B of this Agreement and for the security obligation set forth in Condition 8.26, Condition 8.47 and Condition 8.63 of the Decision, the Developer shall deposit the Initial Escrow Amount (defined in Section 2(a) below) in immediately available funds into a non-interest bearing IOLTA account (the “Escrow Account”) with ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇, LLC (the “Escrow Agent”) on or before the date required for such deposit set forth in Section 2(a) hereof.
(b) Escrow Agent agrees to hold the Escrow Property in the Escrow Account, and to administer the Escrow Property in accordance with the terms of this Agreement.
Escrow Account Established. (a) In order to secure performance by the Developer for the completion of the Improvements as referenced herein in Exhibit A of this Agreement and for the security obligation set forth in Condition 7.73 of the Decision, the Developer shall deposit the Initial Escrow Amount (defined in Section 2(a) below) in immediately available funds into a non-interest bearing IOLTA account (the “Escrow Account”) with ▇▇▇▇▇▇▇▇ Burger, P.C., ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, (the “Escrow Agent”) on or before the date required for such deposit set forth in Section 2(a) hereof.
(b) Escrow Agent agrees to hold the Escrow Property in the Escrow Account, and to administer the Escrow Property in accordance with the terms of this Agreement.
Escrow Account Established. When a patron successfully executes a reservation and financial transaction with TRQ, the funds are initially authorized by a credit card processing vendor for a 3% to 6% fee. The remaining 97% to 94% of the funds are automatically transferred to TRQ. Upon the successful transfer of funds into the TRQ operating account, a modest administrative fee (not to exceed $50USD) will be deducted from the 97% to 94% transfer – in order to fulfill logistics in support of the patron's reservation (e.g. collection kits, postage, etc). The remaining balance shall be deposited into a Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) account that is separate and distinct from any TRQ operating account(s) – essentially an “escrow,” or “deposit” account. The patron may, or may not, realize interest from this escrow account. The patron's escrow funds are indisputably refundable per Section 7 herein. Principal escrow funds are unrealized and unearned funds to TRQ and will not fall under dominion of TRQ until released and realized/earned per Section 7 herein.