Disbursement of the Escrow Funds. The Escrow Agent shall hold the sum of the Purchase Price until the total funds raised by the Company exceed the minimum offering amount set forth in the Registration Statement, specifically $20,000.00 (the “Minimum Offering Amount”). This period shall be defined as the “Escrow Period”. Upon expiration of the Escrow Period, upon written instructions from the Company, the Escrow Agent shall disburse the total of funds raised by the Company to the Company; provided, however, that, if, after 365 days from the date the Registration Statement is deemed effective (the “Offering Period”), the Company has not raise sufficient funds to meet the Minimum Offering Amount, the sum of the Purchase Price shall be immediately returned to the Subscribing Stockholder unless otherwise request, in writing, by the Subscribing Stockholder. The Escrow Agent shall have no further duties hereunder after the disbursement of the sum Purchase Price in accordance with this Section 3.
Disbursement of the Escrow Funds. The Escrow Agent shall release and disburse the Escrow Funds in accordance with the provisions of this Section 4 during the term of this Escrow Agreement.
Disbursement of the Escrow Funds. The Escrow Agent shall hold the Escrow Funds and shall deliver the Escrow Funds (or the applicable portion thereof) either to the Investor’s brokerage account with the Broker (the “Broker Account”) or to Pubco, in any case in accordance with the terms of the Backstop Agreement and pursuant to a written instruction executed by the Broker; provided, that upon the final distribution of the Escrow Funds (and in no event later than the second Business Day after the end of the Resale Period (as defined in the Backstop Agreement)), the Broker shall provide written instructions to the Escrow Agent for all Earnings to be distributed to the Broker Account.
Disbursement of the Escrow Funds. The Escrow Agent shall hold the Escrow Funds and shall deliver the Escrow Funds (or the applicable portion thereof) to the Investor’s brokerage account with the Broker and/or to Pubco, in any case in accordance with the terms of the Backstop Agreement and pursuant to a written instruction executed by Pubco and Investor.
Disbursement of the Escrow Funds. Escrow Agent shall disburse the Escrow Funds in accordance with joint written instructions to Escrow Agent signed by both Buyer and Seller.
Disbursement of the Escrow Funds. (a) The Escrow Agent shall continue to hold the Escrow Funds delivered for deposit hereunder by the Investors until the earlier of: (1) receipt of a joint written notice from the Company and Xxxx, evidencing termination under Section 6.5(a) of the Purchase Agreement, (2) receipt of a written notice from the Company or Xxxx evidencing termination under Section 6.5(b) of the Purchase Agreement (each of (1) and (2), a “Termination Election”) or (3) receipt of a joint written notice from the Company and Xxxx that the conditions to closing under the Purchase Agreement have been satisfied and to disburse the Escrow Funds in accordance with Section 5(b) below.
Disbursement of the Escrow Funds. (i) On the Closing Date of the APA, Escrow Agent shall disburse the Deposit Escrow Funds to Seller to be applied towards the Purchase Price as Seller shall direct in writing. If the Closing Date does not occur and the APA is terminated pursuant to and in accordance with Section 4.4(a), Section 4.4(b), Section 4.4(c), Section 4.4(d), Section 4.4(e), Section 4.4(f), Section 4.4(g), Section 4.4(i) or Section 4.4(k) thereof, then Purchaser shall direct Escrow Agent in writing to disburse the Deposit Escrow Funds to Purchaser. If the Closing Date does not occur and the APA is terminated by Seller pursuant to and in accordance with Section 4.4(h) or Section 4.4(j) of the APA, then Seller shall direct Escrow Agent in writing to disburse the Deposit Escrow Funds to Seller. Unless the APA has been validly terminated in accordance with its terms (in which case the foregoing instructions shall control), in the event that Purchaser is not the Prevailing Bidder or the Back-up Bidder following the Auction, the Escrow Agent shall return the Deposit Escrow Funds to Purchaser within fifteen (15) business days after the entry of the Sale Order by the Bankruptcy Court with respect to the Alternative Transaction involving the Prevailing Bidder, as Purchaser shall direct in writing. In the event that Purchaser is the Back-up Bidder following the Auction, the Escrow Agent shall return the Deposit Escrow Funds to Purchaser within two (2) business days of the Outside Back-Up Date, as Purchaser shall direct in writing.
Disbursement of the Escrow Funds. (a) This Agreement shall terminate upon the earlier of (i) the close of business on July 15, 2006, unless the offering expiration date is otherwise extended pursuant to Section 1.4 of the Subscription Agreement (the "Expiration Date"), or (ii) the filing, on or before the close of business on the Expiration Date, of the Registration Statement (the "Registration Statement") relating to the Public Company Shares (as defined in the Subscription Agreement) required to be filed by the Company under the terms of the Subscription Agreement with the United States Securities and Exchange Commission (each date of each such event described in (i) and (ii) above being referred to herein as the "Termination Date"). The Termination Date may be extended by joint written instructions to the Escrow Agent by the Company, Empower and each Purchaser.
Disbursement of the Escrow Funds. Upon receipt by the Escrow Agent of a certificate in the form of Exhibit A, duly signed by both the Company and Pinnacle China Fund, L.P., the Escrow Funds shall be disbursed in accordance with Exhibit A. This Agreement shall terminate upon the earlier of (a) disbursement of all Escrow Funds in accordance with Exhibit A, or (b) July 31, 2006 (each such event being referred to herein as the “Termination Date”). The Termination Date may be extended by joint written instructions to Escrow Agent by the Company and Pinnacle China Fund, L.P., on behalf of the Purchasers. Upon the Termination Date, Escrow Agent shall release the Escrow Funds in the Escrow Account to the Purchasers in accordance with Exhibit B if the certificate referred to in the first paragraph of this Section 5 shall not have been delivered to it by such date. Immediately following any such disbursement to the Purchasers in accordance with Exhibit B, each such Purchaser shall return to the Company that amount of Securities purchased by it under the Purchase Agreement equal to the amount of such disbursement received by it, divided by the Per Unit Purchase Price.
Disbursement of the Escrow Funds. The Escrow Agent will hold the Escrow Funds and, subject to the Escrow Agent's rights in Section 9, make disbursements therefrom as follows:
