Escrow Interest Account definition
Examples of Escrow Interest Account in a sentence
If no successor escrow agent is appointed within such thirty (30) day period, the Escrow Agent may deposit the amount remaining in the Indemnity Escrow Account and Escrow Interest Account with a court of competent jurisdiction as provided in Section 5.8 hereof, whereupon the Escrow Agent shall be discharged of all duties and obligations hereunder.
Any payments of income from (i) the Indemnity Escrow Account, or the Escrow Interest Account, as the case may be, shall be subject to withholding regulations then in force with respect to United States Taxes.
Any interest that accrues on any portion of the Escrow Fund during the Term shall not be considered part of the Escrow Fund, but shall be deposited by the Escrow Agent in a segregated interest-bearing account (the "Escrow Interest Account") in the name of H.I.G. Cayman, as the Shareholder Representative, which account shall be under the sole control and dominion of H.I.G. Cayman, as the Shareholder Representative, except as set forth in Section 6.02 hereof.
The Escrow Agent shall provide all appropriate forms and documentation to the Representative (with copies thereof to the Surviving Company) so as to permit the Securityholders to file Tax Returns, and pay all Taxes with respect to income earned on (i) the Indemnity Escrow Account or (ii) the Escrow Interest Account, as the case may be.
All prepayments under this Section 2.11 shall be accompanied by accrued and unpaid interest on the principal amount to be prepaid to but excluding the date of payment which may be paid from the Escrow Interest Account as otherwise provided in this Agreement.
The Escrow Agent shall provide any Form 1099 required to be provided in respect of the Deposit Interest Account to Buyer, and in respect of the Escrow Interest Account to the Shareholders, the Optionholders and H.I.G. Cayman.
The Escrow Agent shall provide any Form 1099 required to be provided in respect of the Indemnity Escrow Account and Escrow Interest Account to the Representative.
Any interest that accrues on, and any gains on any portion of, the Indemnity Escrow Fund from such investments and reinvestments (the "Escrow Interest") shall not be considered part of the Indemnity Escrow Fund, and shall be deposited by the Escrow Agent in a segregated account (the "Escrow Interest Account") in the name of the Representative and distributed to the Securityholders in the manner set forth in a written notice given from time to time to the Escrow Agent by the Representative.
In the event funds in the Escrow Interest Account are not sufficient (or are not withdrawn) to pay such interest, the Borrower shall be required to fund any shortfall by the time required for payment of interest in this paragraph.
Any additional amounts transferred from the Escrow Fund and Escrow Interest Account to the Acquisition and Construction Fund in accordance with Section 3.11(b)(3)(iii) of the Bond Indenture shall also be applied to finance the construction and acquisition of the Facilities listed in Exhibit A.