Funding of the Escrow Account Sample Clauses

Funding of the Escrow Account. (a) On or before [ ], the City shall make deposit into the Escrow Account in the amount of $X00,000.00, and the Bank as Escrow Agent shall acknowledge to the City receipt of such funds upon deposit.
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Funding of the Escrow Account. (a) In consideration of all the promises and agreements set forth in the Settlement Agreement, GE, GEAM, and/or their respective insurers will contribute, or cause to be contributed, Fifteen Million, Two Hundred Fifty Thousand U.S. Dollars ($15,250,000.00), of the Settlement Amount to the Escrow Account no later than thirty (30) calendar days after the later of:
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Funding of the Escrow Account. 3.1 This Escrow Account is to be credited with the Escrow Amount upon Closing of the transaction contemplated by the Purchase Agreement.
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Funding of the Escrow Account. In consideration of all the promises and agreements set forth in the Settlement Agreement, the Company will contribute, or cause to be contributed, the Settlement Amount to the Escrow Account no later than fourteen (14) calendar days after the later of: (i) the Preliminary Order is entered, or
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Related to Funding of the Escrow Account

  • Escrow Account 31.1.1 The Concessionaire shall, prior to the Appointed Date, open and establish an Escrow Account with a Bank (the “Escrow Bank”) in accordance with this Agreement read with the Escrow Agreement.

  • Disbursement of the Escrow Shares 3.1 The Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and (i) for 50% of the Escrow Shares, ending on the earlier of (x) six months after the date of the consummation of the Company’s initial business combination (as described in the Registration Statement, hereinafter a “Business Combination”) and (y) the date on which the closing price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (ii) for the remaining 50% of the Escrow Shares, ending six months after the date of the consummation of an initial Business Combination. The Company shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided further, however, that if, within six months after the Company consummates an initial Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.1.

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