Escrow of Funds. Subject to the terms and conditions of the Grant Agreement, OPWC will disburse to Escrow Agent Grant funds available to Recipient, which disbursement shall be made by a check sent to Escrow Agent via regular U.S. Mail, or by such other means determined by the Director in the Director’s sole discretion, prior to the closing date as scheduled under the Contract (the “Escrow Funds”). The Escrow Funds shall be held by Escrow Agent, together with any funds of Recipient made available prior to closing on the terms and conditions hereinafter set forth.
Escrow of Funds. On or prior to the Closing Date, the following shall occur: the Purchasers shall remit by wire transfer $395,000 of the Purchase Price to the Escrow Agent pursuant to this Escrow Agreement (the “Escrow Amount”). The Escrow Agent shall hold the Escrow Amount only in accordance with the terms and conditions of this Escrow Agreement.
Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "B" (the "ESCROW AGREEMENT"), executed by the Company, the Agent and the escrow agent (the "ESCROW AGENT"), the Investor shall place all funds for purchase of Securities and the Company will place the Securities for each Closing in an escrow account set up by the Escrow Agent. Upon each Closing, Escrow Agent shall release the subscription funds to the Company and the certificates representing the Securities shall be released by the Company to the Investor (the "CLOSING").
Escrow of Funds. Pursuant to the Escrow Agreement, executed by the Company, the person named as escrow agent in the Escrow Agreement (the "ESCROW AGENT"), and the prospective investors who have executed signature pages to the Purchase Agreement, the Registration Rights Agreement, and the Escrow Agreement (the "PURCHASERS"), the purchase price for the Securities to be purchased as reflected on the Purchaser Signature Page to the Purchase Agreement shall be wired to the Escrow Agent to be held by the Escrow Agent as provided in the Escrow Agreement.
Escrow of Funds. In the event that the Landlord originally named herein transfers, sells, assigns or otherwise conveys its interest in the Complex (a "Landlord Transfer") prior to the earlier of (i) the date that the Tenant Allowances have been fully disbursed by Landlord, and (ii) that date which is thirty (30) days from the first anniversary of the Commencement Date (the later of (i) and (ii) being referred to as the "Outside TI Date"), then prior to or at the time of such Landlord Transfer, the Landlord originally named herein shall, at its election, (a) deposit into an escrow account in form and substance, and with an escrow agent, reasonably satisfactory to Landlord and Tenant, cash in the amount of the undisbursed portions of the Tenant Allowances, such escrow account to be used to fund the remaining allowance obligations of Landlord under this Lease, or (b) provide Tenant with a letter of credit, in form and substance, and from an issuing bank, reasonably satisfactory to Tenant in the amount of the undisbursed portions of the Tenant Allowances, such letter of credit to be held by Tenant as security for the remaining allowance obligations of Landlord under this Lease. Any funds remaining in the escrow account, or the letter of credit, as the case may be, shall be returned to the Landlord named herein promptly after the later of (i) the Outside TI Date and (ii) the repayment of all reimbursable amounts of the Tenant Allowances properly and timely requested by Tenant in accordance with the provisions of this Lease.
Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, each Subscriber and the escrow agent (the "Escrow Agent"), the Subscribers shall place all funds for purchase of Securities in an escrow account set up by the Company. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject the subscriptions of each Subscriber, as described the Subscription Agreement. With respect to the Initial Tranche Closing, at such time as Subscribers subscribing for at least the Minimum Proceeds have delivered to the Escrow Agent their signed subscription documents, those Subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the Subscribers. In no event, however, shall the Initial Tranche Closing occur after June 22, 1998, unless a later date is agreed upon by the Company and the Agent (the "Termination Date"). Pursuant to the Escrow Agreement, the Subscribers shall place all funds for purchase of Securities with respect to any Call for Proceeds into such escrow account set up by the Company. With respect to any Call Closing, at such time as Subscribers have delivered to the Escrow Agent any necessary Closing documents, those Subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the Subscribers.
Escrow of Funds. Any funds received by the Subscription Agent as payment in connection with subscriptions for shares of Series B Preferred pursuant to the Rights Offering shall be deposited in an escrow account with Guaranty Bank and Trust Company ("Guaranty Bank") to be held in trust and escrow by Guaranty Bank (and shall be invested in a non-interest-bearing bank account or other investment acceptable to the Company) pending receipt of written disbursement instructions from the Company, at which time the funds shall be disbursed in accordance with such written instructions from the Company. The Subscription Agent is hereby authorized and directed to endorse, negotiate and deposit all subscription payments into the escrow account to be maintained by Guaranty Bank. The Subscription Agent shall account on a weekly basis to the Company for all escrowed funds and on a more frequent basis, if requested by the Company.
Escrow of Funds. Pending Closing purchasers shall place all funds for purchase of Securities, less the fees and expenses of the Agent and its counsel, in an escrow account with an escrow agent to be designated by the Company and the Placement Agent ("Escrow Agent") and as set up by the Company in accordance with the terms of an escrow agreement between the Company, the Agent and the Escrow Agent. The Company shall have the right to approve or object to the subscriptions of any purchaser. At such time as purchasers purchasing the Debentures have delivered to the Agent a signed Purchase Agreement, and provided those purchasers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds to the Company and the Company shall release the certificates representing the Securities to the subscribers (the "Closing"). In the event the Closing is not held on or before June 12, 2000, all subscription proceeds shall be immediately returned to purchasers without deduction or charge by the Escrow Agent.
Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account. The Company shall have the right to approve or object the subscriptions of each subscriber, as described in the Subscription Agreement prior to each closing. At such time as subscribers, subscribing for at least $100,000 of Securities, have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company, and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than $800,000, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout the Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Debentures or Securities as set forth in Section 5 herein.
Escrow of Funds. Pursuant to a separate form of escrow agreement to be entered into by and between the Company, the Investor and the escrow agent, as defined in the Equity Line Agreement ("Escrow Agreement" and "Escrow Agent" respectively), the Investor shall place all funds for purchase of Securities in an escrow account set up on behalf of the Company. Pursuant to the Escrow Agreement, the Investor shall place all funds for purchase of Securities with respect to any Put into such escrow account set up on behalf of the Company, and the Company shall place all certificates for the Securities subject to any Put into such escrow account for the benefit of the Investor. With respect to any Put Closing, at such time as the Investor has delivered to the Escrow Agent any necessary Closing documents, the Investor has been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the Investor.
