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While most escrow arrangements or holdback agreements will provide some restriction or limit on a seller's right to escrowed funds, it cannot be assumed that every restriction will be sufficiently substantial to avoid application of the constructive receipt doctrine.
Such pooled shares are to be released to the Pooled Shareholders at the same times and in the same proportions as the Escrowed Shares releasable to the Escrowed Shareholders pursuant to the Escrow Agreement.
On June 5, 1998, T purchases two of the three identified properties, using $587,000 of the escrowed funds.
The escrow agent, Deutsche Bank National Trust Company, will hold escrowed funds and securities in a segregated irrevocable escrow fund pledged to the holders of 2003A bonds.
as escrow agent, will hold escrowed funds and securities in a separate irrevocable trust fund (Escrow Fund) for the benefit of refunded bondholders.
No additional amounts are being escrowed from this distribution.