Aggregate Deposit definition
Examples of Aggregate Deposit in a sentence
The Escrow Agent shall be under no duty to afford the Aggregate Deposit any greater degree of care than it gives its own similar property.
The Interested Parties understand that, in the event valid U.S. tax forms or other relevant forms are not provided to the Escrow Agent, the tax law may require withholding of tax on disbursements and on a portion of the Aggregate Deposit.
The Escrow Agent may in its sole discretion withhold from any distribution of the Aggregate Deposit an amount of such distribution it reasonably believes would, upon sale or liquidation, produce proceeds equal to any unpaid amounts to which the Escrow Agent is entitled to hereunder.
In the event that any fees or expenses, or any other obligations owed to the Escrow Agent (or its counsel) are not paid to the Escrow Agent within 30 calendar days following the presentment of an invoice for the payment of such fees and expenses or the demand for such payment, then the Escrow Agent may, without further action or notice, pay such fees from the Aggregate Deposit and may sell, convey or otherwise dispose of any amounts held in the Deposit Escrow Account for such purpose.
The Aggregate Deposit shall be held in a non-interest bearing account and shall remain uninvested and be disbursed in accordance with Section 2 of this Agreement.
If the Escrow Agent is required under the Code and regulations to withhold tax on any investment income earned (or proceeds received) from the Aggregate Deposit prior to the release of the Aggregate Deposit, such withholdings will be taken from the Aggregate Deposit and deposited with the IRS in the manner prescribed by the Code and the regulations thereunder.
This Agreement constitutes the entire agreement between the parties relating to the holding, investment and disbursement of the Aggregate Deposit and sets forth in its entirety the obligations and duties of the Escrow Agent with respect to the Aggregate Deposit.
Subject to Section 5.08(a), within 120 days of the date hereof, the Applicable Percentage of the Aggregate Deposit Funds in each Fiscal Year shall be swept from the Deposit Account into the Purchaser Concentration Account on a daily basis (the “Daily Amount”) pursuant to Section 5.08.
At 9:00 a.m. Eastern Time on the morning of the Closing (or earlier, to the extent reasonably practicable), Purchaser shall cause Parent (as servicer in the Program) to deliver to Seller and Purchaser a statement, in form and substance reasonably acceptable to Seller and Purchaser (the “Pre-Closing Statement”), showing the computation of the Pre-Closing Aggregate Deposit Balance.
Purchaser shall cooperate with any such reasonable requests from Seller, and to deliver to Seller a statement (in form and substance reasonably acceptable to Seller and Purchaser) (the “Final Statement”) showing the computation of the Preliminary Final Aggregate Deposit Balance together with a reconciliation to the Pre-Closing Aggregate Deposit Balance.