ESCROW AGREEMENT
APPENDIX D
TRUSTEE APPOINTMENT AND ESCROW AGREEMENT
This Trustee Agreement is made and entered into this ______day of _____2013, by______and ______and______
as the
Appointment of Trustee
We, the Provider and Lessee, hereby appoint RICHARD A. SHULENBERG ESQ to serve as Trustee Attorney under this Agreement on and subject to the terms and conditions set forth herein. The Trustee hereby warrants and accepts such appointment and represents .warrants and agrees to perform its duties and obligations set forth herein.
TRANSACTION INFORMATION
Instrument / :Issuing Bank / :
Currency / :
Age of Issue / :
Term / : / One year and one day
Contract Amount / :
Lease Fee / : / 12%
Escrow Deposit Amount / : / USD $XXXXXX
Delivery Term / : / SWIFT MT799/ MT760
TRUSTEE ACCOUNT INFORMATION
Bank Name: Wells Fargo
Bank Address: 1801 Avenue of the Stars, Los Angeles, California, 90067, USA.
Account Name: Richard A. Schulenberg - In Trust
Account Number: 9637474934
Swift Code: WFBIUS6S
Routing Number: 121042882
ALL PARTIES AGREED TO THE FOLLOWING TERMS
Lessee shall deposit the amount of United States Dollars/Euro (IN WORDS) Only (XXX,000.00) as agreed by both parties as payment.
NOW, THEREFORE, in consideration of the above mentioned transaction and the mutual promises contained herein, and intending to be legally bound, the Parties hereto agree as follows:
Within Three (3) banking days of execution of the Letter of Intent (LOI)/Memorandum of Understanding (MOU), the Lessee shall transfer United States Dollars XXXXXXXXXXXXXXXXX Only (US$XXX,000.00) to the designated Trustee Attorney/Agent Account. After necessary formalities, the Trustee Attorney/Agent shall be provided with a courtesy clear copy of the transfer with confirmation through the Provider and the respective Consultants via email within 24 hrs.
ESCROW FEES, AS 5% OF THE AMOUNT OF TRANSFER FOR ESCROW DEPOSIT, (INCUSIVE OF REGISTRATION OR OTHER RELATED EXPENSES) ARE TO BE BORNE BY THE LESSEE. PROVIDER WILL IN NO WAY BE RESPONSIBLE FOR THE ESCROW BORNE CHARGES/FEES AND ANY OTHER COST TO THE ESCROW AGENT.
Upon delivery and confirmation of the sum, within Three (3) banking days, the Provider shall instruct the issuing Bank to SWIFT MT799 Pre-Advice to be followed by MT-760 to Lessee’s banking coordinates for verification, authentication and settlement (Provider shall notify Lessee via email).
Upon the issuing bank issuance of the INSTRUMENT VIA SWIFT a CERTIFIED TRANSMITTED copy of the Swift Transmission of the Instrument (WITH SEAL, SIGN OF THE OFFICER FROM ISSUING BANK) will be provided BY the Provider TO Lessee and The Trustee Agent/Attorney VIA EMAIL. Upon the Lessee receiving the Swift TRANSMITTED copy the Lessee will have Three (3) to (5) Banking days from the day it was received to confirm and authenticate the PF/SWIFT MT103/23.
Trustee holder shall withhold the funds until all duties are complied, keeping all parties informed. IN CASE PROVIDER FAILS TO ISSUE MT760 WITHIN (10) TEN DAYS AS AGREED, THEN THE ESCROW TRUSTEE AGENT SHALL RELEASE THE MONEY (XXX,000 USD) TO THE LEESEE WITHOUT ANY PROTEST AND AFTER DEDUCTION OF AGREED UPON FEES AND/OR COST.
Lessee has 48 hrs to notify the ESCROW Trustee Agent upon satisfactory completion of the transaction. Trustee Attorney/Agent has 24 hrs to release funds to Lessee immediately after deducting Trustee/Escrow fees of 5% of the amount received. THE FUNDS MUST BE RELEASED ONLY UPON WRITTEN CONFIRMATION OF THE PAYMENT OF BG COST OF FEES AND COMMISSIONS BY THE LESSEE AS PER THE TRANSACTION CODE UNDER REFERENCE, OR UPON NON-PAYMENT OF BG COST FOR ANY REASON OTHER THAN LESSEE’S FAULT.
Provider shall deliver the hardcopy of INSTRUMENT via bank-bonded courier within seven (7) banking days after receipt and confirmation of the full Invoice price via Swift MT-103.
This Agreement shall be served as the Addendum to original LEASING OF BANK INSTRUMENT with the following Codes:
Transaction Code: XXXXXXXXXXXXXXXXXX
between the Parties with respect to the subject matter hereof.
This Agreement may only be amended or modified by a written agreement signed by all of the Parties hereto.
This Agreement shall be governed by and construed under the laws of the ICC and Trustee law without giving effect to the law or principles of conflict of laws.
Lessee deposit shall be held and then refunded by the Trustee agent for the purpose and the terms and conditions set forth above.
In witness whereof, the parties have executed this agreement at ______(designate place of execution) the day and year first above written.
Agreed by Lessee
The Lessee:
Address:
Represented by:
Nationality:
Passport #:
Telephone:
For and on behalf of the Lessee:
______
Name of Authorized Signatory
Title
Passport Number:
Country of Issue:
Nationality:
Telephone:
Agreed by Provider Trustee Attorney/Escrow Agent:
______
Name: RICHARD A. SCHULENBERG,
2286 Betty Ln Beverly Hills, CA
______
Name of Authorized Signatory
Title
Passport Number
Country of Issued
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