Common use of Escrowed Funds Clause in Contracts

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Release Date, each Subscription Receiptholder has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the Company, in the amount equal to $0.35 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Shares and Warrants issuable upon the conversion of such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following the Release Date, the Company (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company seeking relief on behalf thereof as a debtor, or to adjudicate the Company a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company or the debts of the Company under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company or any substantial part of the property or assets of the Company or the Company takes any corporate action to authorize any of the actions set forth above, or (ii) the Company shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company or any substantial part of the property or assets of the Company or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each Subscription Receiptholder to be issued Unit Shares and Warrants upon the conversion of the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company for any shortfall, in an amount equal to $0.35 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereof.

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and or the Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the CompanyCorporation, in the amount equal to $0.35 1,000 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Shares and Warrants Convertible Debentures issuable upon the conversion of pursuant to such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following or the Release Date, the Company Corporation (ia) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Company Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company Corporation or the debts of the Company Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company Corporation or any substantial part of the property or assets of the Company Corporation or the Company Corporation takes any corporate action to authorize any of the actions set forth above, ; or (iib) the Company Corporation shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company Corporation or any substantial part of the property or assets of the Company Corporation or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Shares and Warrants upon the conversion of Convertible Debentures pursuant to the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company Corporation for any shortfall, in an amount equal to $0.35 1,000 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereofholder.

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the CompanyCorporation, in the amount equal to $0.35 0.28 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Subscription Shares and Warrants issuable upon the conversion of such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following the Release Date, the Company Corporation (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Company Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company Corporation or the debts of the Company Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company Corporation or any substantial part of the property or assets of the Company Corporation or the Company Corporation takes any corporate action to authorize any of the actions set forth above, or (ii) the Company shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company Corporation or any substantial part of the property or assets of the Company Corporation or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Subscription Shares and Warrants upon the conversion of the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company Corporation for any shortfall, in an amount equal to $0.35 0.28 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereofholder.

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the Company, in the amount equal to $0.35 0.28 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Shares and Warrants issuable upon the conversion of such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following the Release Date, the Company (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company seeking relief on behalf thereof as a debtor, or to adjudicate the Company a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company or the debts of the Company under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company or any substantial part of the property or assets of the Company or the Company takes any corporate action to authorize any of the actions set forth above, or (ii) the Company shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company or any substantial part of the property or assets of the Company or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Shares and Warrants upon the conversion of the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company for any shortfall, in an amount equal to $0.35 0.28 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereofholder.

Escrowed Funds. ‌ In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the CompanyCorporation, in the amount equal to $0.35 0.20 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Shares and Warrants Units issuable upon pursuant to the conversion of such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time Date and the first Business Day following the Release Date, the Company Corporation (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Company Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company Corporation or the debts of the Company Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company Corporation or any substantial part of the property or assets of the Company Corporation or the Company Corporation takes any corporate action to authorize any of the actions set forth above, or (ii) the Company Corporation shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company Corporation or any substantial part of the property or assets of the Company Corporation or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Shares and Warrants upon Units pursuant to the conversion of the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company Corporation for any shortfall, in an amount equal to $0.35 0.20 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereof.

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the CompanyIMC, in the amount equal to $0.35 1.05 for each Subscription Receipt held by such holderholder plus the pro rata portion of any Earned Interest thereon, which claim shall subsist until such time as the Unit Shares and Warrants Units issuable upon the conversion of pursuant to such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following the Release Date, the Company Corporation (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Company Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company Corporation or the debts of the Company Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company Corporation or any substantial part of the property or assets of the Company Corporation or the Company Corporation takes any corporate action to authorize any of the actions set forth above, or (ii) the Company Corporation shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company Corporation or any substantial part of the property or assets of the Company Corporation or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Shares and Warrants upon the conversion of Units pursuant to the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company IMC for any shortfall, in an amount equal to $0.35 1.05 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereof.

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Escrow Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the CompanyCorporation, in the amount equal to $0.35 1.00 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Underlying Shares and Warrants issuable upon the conversion of pursuant to such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following the Escrow Release Date, the Company Corporation (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Company Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company Corporation or the debts of the Company Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company Corporation or any substantial part of the property or assets of the Company Corporation or the Company Corporation takes any corporate action to authorize any of the actions set forth above, or (ii) the Company Corporation shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company Corporation or any substantial part of the property or assets of the Company Corporation or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Underlying Shares and Warrants upon the on conversion of the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company Corporation for any shortfall, in an amount equal to $0.35 1.00 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereofholder.

Escrowed Funds. In addition to the other rights granted to holders of Subscription Receipts in this Agreement, until the earlier of the Termination Date and the Release Date, each holder of Subscription Receiptholder Receipts has a claim against the Escrowed Funds held by the Subscription Receipt Agent and against the CompanyCorporation, in the amount equal to $0.35 0.30 for each Subscription Receipt held by such holder, which claim shall subsist until such time as the Unit Shares and Warrants Units issuable upon the conversion of pursuant to such Subscription Receipts are issued or such amount is paid in full. In the event that, prior to the earlier of the Termination Time and the first Business Day following the Release Date, the Company Corporation (i) makes a general assignment for the benefit of creditors or any proceeding is instituted by the Company Corporation seeking relief on behalf thereof as a debtor, or to adjudicate the Company Corporation a bankrupt or insolvent, or seeking liquidation, winding-up, reorganization, arrangement, adjustment or composition of the Company Corporation or the debts of the Company Corporation under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a receiver, receiver and manager, trustee, custodian or similar official for the Company Corporation or any substantial part of the property or assets of the Company Corporation or the Company Corporation takes any corporate action to authorize any of the actions set forth above, or (ii) the Company Corporation shall be declared bankrupt, or a receiver, receiver and manager, trustee, custodian or similar official is appointed for the Company Corporation or any substantial part of the property or assets of the Company Corporation or an encumbrancer shall legally take possession of any substantial part of the property or assets of the Company Corporation or a distress or execution or any similar process is levied or enforced against such property and assets and remains unsatisfied for such period as would permit such property or such part thereof to be sold thereunder, the right of each holder of Subscription Receiptholder Receipts to be issued Unit Shares and Warrants upon the conversion of Units pursuant to the Subscription Receipts of such holder will terminate and such holder will be entitled to assert a claim, against the Escrowed Funds held by the Subscription Receipt Agent and against the Company Corporation for any shortfall, in an amount equal to $0.35 0.30 for each Subscription Receipt held by such holder plus Earned Interest earned thereon less any withholding tax required to be withheld in respect thereofholder.