Laserfiche WebLink
such loan funds shall be periodically transferred by the CWCB on behalf of <br /> the Depositor to the Depositor's Individual Escrow Account. <br /> c. This Subsection shall apply only when the State of Colorado is a party to the <br /> Escrow Agreement. All interest accrued on Depositor's funds while in <br /> Depositor's Individual Escrow Account must be returned to the CWCB by the <br /> CRMC through Written Direction within 30 days after such interest is <br /> reported to the CRMC. <br /> 4. Transfers and Disbursements of Escrow Funds. Escrow Agent shall transfer <br /> and/or disburse Escrow Funds at any time and from time to time,upon receipt of, and in <br /> accordance with, a Written Direction, the general form of which is attached hereto as Exhibit 2. <br /> Such Written Direction shall contain complete transfer instructions if for transfer of Escrow <br /> Funds from Depositor's Individual Escrow Account to the Master Escrow Account, or complete <br /> payment instructions, including wiring instructions or an address to which a check shall be sent, <br /> if for disbursement from the Master Escrow Account. Upon the expiration of the Escrow Period <br /> and receipt by Escrow Agent from CRMC of Written Direction for final transfer and/or payment <br /> from the Master Escrow Account, Escrow Agent shall distribute to Depositor, as promptly as <br /> practicable, any remaining Escrow Funds in Depositor's Individual Escrow Account. CRMC <br /> shall also provide a Written Direction for final transfer and/or payment of any remaining Escrow <br /> Funds in the Master Escrow Account. Prior to any transfer or disbursement, Escrow Agent shall <br /> have received reasonable identifying information regarding the recipient such that Escrow Agent <br /> may comply with its regulatory obligations and reasonable business practices, including without <br /> limitation a completed United States Internal Revenue Service ("IRS")Form W-9 or original <br /> IRS Form W-8, as applicable. All transfers and disbursements of funds from Depositor's <br /> Individual Escrow Account and the Master Escrow Account shall be subject to the fees and <br /> claims of Escrow Agent and the Indemnified Parties pursuant to Section 11 and Section 12 <br /> below. Any interest accruing on Escrow Funds while in the Master Escrow Account shall accrue <br /> to the benefit of CRMC for use on "Non-Federal Work"(as defined in the Agreement Between <br /> the Department of the Army and the Colorado Department of Natural Resources for Reallocation <br /> of Water Storage Space, Recreation Modifications, and Compensatory Mitigation Features at the <br /> Chatfield Dam and Reservoir, Colorado"dated October 9, 2014). <br /> 5. Suspension of Performance; Disbursement into Court. If, at any time, (i)there <br /> shall exist any dispute between Depositor, CRMC or the Representatives with respect to the <br /> holding or disposition of all or any portion of the Escrow Funds or any other obligations of <br /> Escrow Agent hereunder, (ii) Escrow Agent is unable to determine, to Escrow Agent's sole <br /> satisfaction, the proper disposition of all or any portion of the Escrow Funds or Escrow Agent's <br /> proper actions with respect to its obligations hereunder, or(iii) Depositor and CRMC have not, <br /> within 10 calendar days of the furnishing by Escrow Agent of a notice of resignation pursuant to <br /> Section 8 hereof, appointed a successor Escrow Agent to act hereunder, then Escrow Agent may, <br /> in its sole discretion, take either or both of the following actions: <br /> a. suspend the performance of any of its obligations (including without <br /> limitation any transfer or disbursement obligations) under this Escrow Agreement until <br /> such dispute or uncertainty shall be resolved to the sole satisfaction of Escrow Agent or <br /> 3 <br /> {00412296.DOC/13) <br /> 11-01-2014 <br />