Common use of Disbursement of the Escrow Account Clause in Contracts

Disbursement of the Escrow Account. Upon the earlier of (i) receipt by the Escrow Agent of a signed representation from the Company to the Escrow Agent, that the requirements of Rule 419 have been met, and consummation of an acquisition meeting the requirements of Rule 419 or (ii) written notification from the Company to the Escrow Agent to deliver the Offering Proceeds to another escrow agent in accordance with Paragraph 4 then, in such event, the Escrow Agent shall disburse the Offering Proceeds (inclusive of any interest thereon) to the Company and the securities to the purchasers or registered holders identified on the deposited securities or deliver the Offering Proceeds and securities to such other escrow agent, as the case may be, whereupon the Escrow Agent shall be released from further liability hereunder. Notwithstanding the foregoing, if the Company has not informed the Escrow Agent within 18 months after the date of the Prospects in writing that an acquisition meeting the requirements of Rule 419 has occurred, funds held in the Escrow Account shall be returned by first class mail or equally prompt means pro rata to the purchasers and all securities held in the Escrow Account shall be returned to the Company within five business days following that date.

Disbursement of the Escrow Account. Upon the earlier of (i) receipt by the Escrow Agent of a signed representation from the Company to the Escrow Agent, Agent that the requirements of Rule 419 have been met, met and consummation of an acquisition meeting the requirements of Rule 419 or (ii) written notification from the Company to the Escrow Agent to deliver the Offering Proceeds to another escrow agent in accordance with Paragraph 4 then, in such event, the Escrow Agent shall disburse the Offering Proceeds (inclusive of any interest interest, if any, thereon) to the Company and the securities to the purchasers or registered holders identified on the deposited securities or deliver the Offering Proceeds and securities to such other escrow agent, as the case may be, whereupon the Escrow Agent shall be released from further liability hereunder. Notwithstanding the foregoing, if the Company has not informed the Escrow Agent within 18 months after the date of the Prospects in writing that an acquisition meeting the requirements of Rule 419 has occurred, funds held in the Escrow Account shall be returned by first class mail or equally prompt means pro rata to the purchasers and all securities held in the Escrow Account shall be returned to the Company within five business days following that date.