Common use of Escrow environment Clause in Contracts

Escrow environment. setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest on a day immediately preceding the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní ▇▇▇▇▇▇) in the amount calculated as 5 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest on a day immediately preceding the Loan provision date, this Agreement shall automatically terminate unless ▇▇▇▇▇▇ decides, in their own discretion, to execute a transfer necessary for the Loan disbursement anyway an executes such transfer at latest on the Loan provision date. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of Lender, if any, based on the breach of Borrower's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c).

Escrow environment. setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest on a day immediately preceding two (2) Business days prior the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní ▇▇▇▇▇▇) in the amount calculated as 5 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest on a day immediately preceding two (2) Business days prior the Loan provision date, this Agreement shall automatically terminate unless ▇▇▇▇▇▇ decides, in their own discretion, to execute a transfer payment necessary for the Loan disbursement anyway an executes such transfer payment at latest on the Loan provision date. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of Lender, if any, based on the breach of Borrower's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c). (e) For the avoidance of doubt, Escrow setup completion will not occur at latest two (2) Business days prior the Loan provision date if the period beginning on the first day (including) following the day when the Escrow setup completion occurred and ending on the Loan provision date (including) encompasses less than two (2) Business days.

Escrow environment. setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest on a day immediately preceding two (2) Business days prior the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní ▇▇▇▇▇▇) in the amount calculated as 5 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest on a day immediately preceding two (2) Business days prior the Loan provision date, this Agreement shall Agreementshall automatically terminate unless ▇▇▇▇▇▇ Lender decides, in their own discretion, to execute a transfer payment necessary for the Loan disbursement anyway an executes such transfer payment at latest on the Loan provision date. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of Lender, if any, based on the breach of Borrower's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c). (e) For the avoidance of doubt, Escrow setup completion will not occur at latest two (2) Business days prior the Loan provision date if the period beginning on the first day (including) following the day when the Escrow setup completion occurred and ending on the Loan provision date (including) encompasses less than two (2) Business days.

Escrow environment. setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of the Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into to the Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest on a day immediately preceding two (2) business days prior the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní ▇▇▇▇▇▇) in the amount calculated as 5 1 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest on a day immediately preceding two (2) business days prior the Loan provision date, this Agreement shall automatically terminate unless ▇▇▇▇▇▇ decides, in their own discretion, to execute a transfer necessary for the Loan disbursement anyway an executes such transfer at latest on the Loan provision dateterminate. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of the Lender, if any, based on the breach of BorrowerBorrower 's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c). (e) For avoidance of doubt, the Escrow setup completion will not occur at latest two (2) business days prior the Loan provision date if the period beginning on the first day (including) following the day when the Escrow setup completion occurred and ending on the Loan provision date (including) encompasses less than two (2) business days.

Escrow environment. setup (a) In order to set-up the Escrow environment to the Escrow setup completion Borrower shall and undertakes to promptly make all necessary or advisable actions, mainly execute all actions of borrower as described in the respective guide (as revised from time to time) published on the Platform and follow any other instructions published on or reasonably given by or through the Platform, including, but not limited to, using the dedicated software tool (app) provided by the Platform. (b) For the avoidance of doubt, obligation of Borrower under Clause 4.2(a) entails, among other actions, transfer of the Initial Collateral into Escrow environment. (c) If the Borrower (i) breaches the obligation under Clause 4.2(a), and (ii) as a consequence thereof, the Escrow setup completion will not occur at latest on a day immediately preceding two (2) business days prior the Loan provision date, Lender shall be entitled to, and Borrower undertakes to pay on demand of the Lender, a contractual penalty (in czech smluvní ▇▇▇▇▇▇) in the amount calculated as 5 1 % of the Loan amount. (d) Should the Escrow setup completion not occur at latest on a day immediately preceding two (2) business days prior the Loan provision date, this Agreement shall automatically terminate unless ▇▇▇▇▇▇ decides, in their own discretion, to execute a transfer payment necessary for the Loan disbursement anyway an executes such transfer payment at latest on the Loan provision date. For the avoidance of doubt, this termination shall not preclude or otherwise prejudice rights of Lender, if any, based on the breach of Borrower's obligations under this Agreement prior to termination, including, but not limited to, the right under Clause 4.2(c). (e) For the avoidance of doubt, Escrow setup completion will not occur at latest two (2) business days prior the Loan provision date if the period beginning on the first day (including) following the day when the Escrow setup completion occurred and ending on the Loan provision date (including) encompasses less than two (2) business days. (f) In this Article (4.2) “business days” shall mean any day on which commercial banks are open to the public for general business (including money transfers) in Czech Republic.