Examples of Remaining Escrow Funds in a sentence
Rentals, shut-in well payments and minimum royalties which may be required under the terms of any of the Leases shall be paid by the Parties at their expense; provided, however, that Operator shall, to the extent available, pay same with that portion of the Remaining Escrow Funds allocated under the Option Agreement’s “part one work plan” for payment of such royalties.
The Borrowers shall not at any time allow the Warranty Obligations to exceed the sum of the Remaining Escrow Funds plus any cash held in a segregated bank account that is subject to a Deposit Control Agreement and set aside by the Borrowers solely for the purpose of satisfying the Warranty Obligations.
Upon delivering the Remaining Escrow Funds to Landlord, Escrow Agent shall thereupon be relieved of and discharged and released from any and all liability hereunder.
In the event of an Event of Default hereunder remains uncured for a period of five (5) days, the Holder shall be unilaterally entitled to request the Escrow Agent, as defined herein, to transfer any Remaining Escrow Funds (as defined in the Escrow Agreement between the Company and the Escrow Agent of even date herewith) to be transferred immediately back to the Holder.
In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds, if any, or the Remaining Escrow Funds.
Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold the Escrow Funds, if any, or the Remaining Escrow Funds which it received until the end of such 30-day period.
If such instructions are not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds, if any, or the Remaining Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor.
The Company and the Investor agree to take such further steps (if any) necessary to cause the Escrow Agent to release the Remaining Escrow Funds to the Investor in accordance with the Escrow Release Notice, including without limitation promptly complying with any security, verification or other procedures of the Escrow Agent.
After the expenditure of the Remaining Escrow Funds, the Desert Discoveries Net Sales Proceeds shall be applied to the costs and liabilities incurred in operations conducted pursuant to this Agreement, prior to any other costs and liabilities being incurred by the Parties in operations hereunder.
Effective upon the Investor’s actual receipt of the Remaining Escrow Funds, each of Section 1.4, Section 1.5, Section 1.6, Section 1.7, Section 1.8 and Section 4.3 of the Purchase Agreement is replaced with the following: “Intentionally Omitted.” For the avoidance of doubt, the parties acknowledge and agree that the Investor is not required to fund any additional amounts to the Company or to the Escrow Account.