Escrow Procedure Sample Clauses
The Escrow Procedure clause outlines the process by which funds or assets are held by a neutral third party (the escrow agent) until certain contractual conditions are met. Typically, this clause details the steps for depositing the assets, the specific conditions that must be satisfied for their release, and the responsibilities of the escrow agent in managing and disbursing the assets. By establishing a clear and impartial mechanism for holding and transferring assets, the clause helps ensure that both parties fulfill their obligations before the assets change hands, thereby reducing risk and building trust in the transaction.
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Escrow Procedure. On or before , 2011, Seller shall deposit the deed in escrow with the Escrow Agent agreed upon by the parties to be ▇▇▇▇▇▇ Land Title Co. located in Painesville, Ohio. The Buyer shall deposit the balance of the purchase price in escrow no later than
Escrow Procedure. If Lessor and Lessee agree that the cost of an Equipment Group is to be paid from an Escrow Account: (a) Lessor and Lessee shall execute an Escrow Agreement substantially in the form of Exhibit I or such other form as may be mutually agreeable by the parties thereto; (b) Lessor and Lessee shall execute an Equipment Schedule relating to such Equipment Group; and (c) Lessor shall deposit an amount equal to the cost of the Equipment Group into the Escrow Account. All amounts deposited by Lessor into the Escrow Account shall constitute a loan from Lessor to Lessee secured by proceeds in such Escrow Account and, when such funds are used to acquire the Equipment, shall be repaid by the Rental Payments due under the related Lease.
Escrow Procedure. (1) In the event that there is a Projected Overage for a Salary Cap Year, the following shall apply (subject to subsection (e) below regarding final reconciliation):
(i) The Cash Compensation otherwise payable to each Adjustment Player shall be reduced by the Escrow Amount applicable to such Adjustment Player; and
(ii) Each Team shall deposit the Escrow Amount with respect to each of its Adjustment Players with the Escrow Agent.
(2) Except as set forth in subsection (d)(4) below, the Escrow Amount for each Adjustment Player shall be collected through seven (7) equal installments from each of the player’s semi-monthly Cash Compensation payments on each Deduction Date.
(3) The procedure for deducting and depositing Escrow Amounts shall be as follows:
(i) The NBA will prepare and send to the Players Association the Escrow Schedules on or before December 15 of each Salary Cap Year in which there is a Projected Overage, and periodically thereafter to reflect any new or adjusted Escrow Amounts calculated in accordance with subsection (d)(4) below.
(ii) Within three (3) business days after each Deduction Date, each Team shall deliver to the Escrow Agent, in accordance with the Salary Escrow Agreement, the aggregate amount that the Team is obligated to deduct with respect to such Deduction Date for all of its Adjustment Players. All amounts received by the Escrow Agent shall be invested and disbursed in accordance with the provisions of the Salary Escrow Agreement.
Escrow Procedure. (a) If either the Buyer or the Seller is entitled in accordance with Sections 5.2 or Section 5.3 to any amount credited to the Escrow Account, the Escrow Agent shall, upon the joint instruction of the Buyer and the Seller, release the money to the Buyer or the Seller, respectively provided that, in the event that a claim under this Agreement has been Finally Determined, the Buyer and the Seller shall be obliged to sign the relevant instruction for the release from the Escrow Account. The Escrow Agent shall have no obligation to release any monies in respect of the Escrow Account other than in accordance with such written instructions and the terms of the Escrow Account Letter. ** Portions of the Exhibit have been omitted and have been filed separately pursuant to an application for confidential treatment filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.
(b) For the avoidance of doubt (i) if a claim has not been Finally Determined by (aa) the Partial Escrow Release Date in respect of Claim Notices given on or before the Partial Escrow Release Date or (bb) the Full Escrow Release Date in respect of Claim Notices given on or before the Full Escrow Release Date, the Amount Claimed in respect of such claim shall be retained in the Escrow Account and not released until such claim has been Finally Determined; and (ii) nothing in this Section 5 shall prejudice the Buyer’s right and ability to make, and recover any amount in respect of, a claim at any time after the Partial Escrow Release Date or the Full Escrow Release Date.
Escrow Procedure. In the event of any dispute over the funds deposited in escrow with the Real Estate Title Company (the “Escrow Funds”), the Real Estate Title Company shall have the right to interplead the Escrow Funds into the registry of any court of competent jurisdiction. The interpleading of the Escrow Funds and interest thereon into the registry of any such court shall release the Real Estate Title Company from any further or continuing liability with respect to the disposition of the Escrow Funds. In such event only, the Real Estate Title Company will be entitled to reimbursement from the non-prevailing party in such action to the extent of all costs and expenses reasonably incurred to obtain an order of interpleader, including reasonable attorneys’ fees. The Real Estate Title Company shall exercise ordinary care with respect to the custody and delivery of the Escrow Funds and any other duties of the Real Estate Title Company under this Agreement. The Real Estate Title Company shall not be liable for any act or omission that is undertaken in good faith and with ordinary care. Without limiting the generality of the preceding sentence, the Real Estate Title Company may assume without verification the genuineness of any signatures on any writings that are regular on their face. The Real Estate Title Company shall not be liable for the Real Estate Title Company’s selection of the depository institution into which the Escrow Funds are deposited or the failure of such depository institution. No provision of this Agreement by itself authorizes recovery of monetary damages, costs, expenses or attorneys’ fees from or against the Real Estate Title Company. The Real Estate Title Company shall have a reasonable period of time to comply with all further instructions received pursuant to this Agreement. The Real Estate Title Company’s sole duty of collection with respect to any instrument payable to the Real Estate Title Company is to present such instrument promptly for payment and to advise the Parties promptly if it is not then collected in the ordinary course of banking business.
Escrow Procedure. The Escrow Agent is hereby authorized and directed to deliver the Escrowed Funds only (i) pursuant to the joint written instructions of GAINSCO and Purchaser, or their successors, or (ii) to any of the undersigned in accordance with the terms of a final order, judgment, or decree of any court of competent jurisdiction, or binding arbitration panel (if applicable), which may be filed, entered, or issued.
Escrow Procedure