Common use of Escrow Account for Dissolution Clause in Contracts

Escrow Account for Dissolution. The Charter School agrees to establish an escrow account of no less than thirty thousand dollars ($30,000) to pay for legal, wind down of operations and audit expenses that would be associated with a dissolution should it occur. The Charter School may provide for the full amount in its first-year budget, or provide for a minimum of ten thousand dollars ($10,000) per year for the first three of its charter term. The Charter School’s failure to provide for a minimum of ten thousand dollars ($10,000) by December 31st in each of the first three years of its charter term, beginning with the first year of instruction, shall be deemed a material violation of this Charter Agreement.

Escrow Account for Dissolution. The Charter School agrees to establish an escrow account of no less than thirty thousand dollars ($30,000) to pay for legal, wind down of operations and audit expenses that would be associated associ- ated with a dissolution should it occur. The Charter School may provide for the full amount in its first-year budget, or provide for a minimum of ten thousand dollars ($10,000) per year for the first three of its charter term. The Charter Char- ter School’s failure to provide for a minimum of ten thousand dollars ($10,000) by December 31st in each of the first three years of its charter term, beginning with the first year of instruction, shall be deemed a material violation of this Charter Agreement.

Escrow Account for Dissolution. The Charter School agrees to establish an escrow account of no less than thirty thousand dollars ($30,000) to pay for legal, wind down of operations and audit expenses that would be associated with a dissolution should it occur. The Charter School may provide for the full amount in its first-year budget, or provide for a minimum of ten thousand dollars ($10,000) per year for the first three of its charter term. The Charter School’s 's failure to provide for a minimum of ten thousand dollars ($10,000) by December 31st in each of the first three years of its charter term, beginning with the first year of instruction, shall be deemed a material violation of this Charter Agreement.