Common use of Deposit of Escrowed Proceeds in Escrow Clause in Contracts

Deposit of Escrowed Proceeds in Escrow. The Corporation acknowledges and agrees that it was a condition of the payment by the holders of Initial Subscription Receipts of C$0.30 per Initial Subscription Receipt therefor that the Escrowed Funds be held by the Subscription Receipt Agent in accordance with the provisions of this Article 6. The Corporation further acknowledges and confirms that it has no interest in the Escrowed Funds or in the interest accrued thereon unless and until the Second Release Notice is delivered to the Subscription Receipt Agent prior to the Second Release Deadline, in which case the Corporation shall have an interest in the Escrowed Funds. The Subscription Receipt Agent shall retain the Escrowed Funds and the interest accrued thereon for the benefit of the holders of the Second Subscription Receipts.