Common use of Release of Deposit by Escrow Agent Clause in Contracts

Release of Deposit by Escrow Agent. The Escrow Agent shall promptly release all or a portion of the Deposit to Buyer or Seller, as the case may be, upon the first to occur of the following circumstances: (a) if the Escrow Agent receives written instructions from Seller stating that Seller is entitled to the Deposit pursuant to the Purchase Agreement and that Seller has delivered to Buyer and its representative a copy of such notice, and directing the Escrow Agent to disburse the Deposit, then, if the Escrow Agent receives no written objection to Seller's notice within ten (10) business days after receipt thereof, Escrow Agent shall disburse the Deposit in accordance with such instructions. Seller shall simultaneously send to Buyer a copy of its notice to the Escrow Agent; (b) if the Escrow Agent receives written instructions from Buyer stating that Buyer is entitled to the Deposit pursuant to the Purchase Agreement and that Buyer has delivered to Seller and his representative a copy of such notice, and directing the Escrow Agent to disburse the Deposit, then, if the Escrow Agent receives no written objection to Buyer's notice within ten (10) business days after receipt thereof, Escrow Agent shall disburse the Deposit in accordance with such instructions. Buyer shall simultaneously send to Seller a copy of its notice to the Escrow Agent; (c) if the Escrow Agent receives joint written instructions from Seller and Buyer directing the Escrow Agent to disburse the Deposit, then the Escrow Agent shall disburse the Deposit in accordance with such instructions; (d) if the Escrow Agent receives a final order of a court of competent jurisdiction authorizing the Escrow Agent to disburse the Deposit, then the Escrow Agent shall disburse the Deposit in accordance with such order; and (e) upon any disbursement of the Deposit, Escrow Agent shall disburse the interest thereon to Buyer.

Release of Deposit by Escrow Agent. The Escrow Agent shall promptly release all or a portion of the Deposit to Buyer Exchange Party or SellerClear Channel, as the case may be, upon the first to occur of the following circumstances: (a) if the Escrow Agent receives written instructions from Seller Clear Channel stating that Seller Clear Channel is entitled to the Deposit pursuant to the Purchase Exchange Agreement and that Seller Clear Channel has delivered to Buyer and its representative Exchange Party a copy of such notice, and directing the Escrow Agent to disburse the Deposit, then, if the Escrow Agent receives no written objection to Seller's notice within ten (10) business days after receipt thereof, Escrow Agent shall disburse the Deposit in accordance with such instructions. Seller shall simultaneously send to Buyer a copy of its notice to the Escrow Agent; (b) if the Escrow Agent receives written instructions from Buyer stating that Buyer is entitled to the Deposit pursuant to the Purchase Agreement and that Buyer has delivered to Seller and his representative a copy of such notice, and directing the Escrow Agent to disburse the Deposit, then, if the Escrow Agent receives no written objection to Buyer's notice within ten (10) business days after receipt thereof, Escrow Agent shall disburse the Deposit in accordance with such instructions. Buyer shall simultaneously send to Seller a copy of its notice to the Escrow Agent; (c) if the Escrow Agent receives joint written instructions from Seller and Buyer directing the Escrow Agent to disburse the Deposit, then the Escrow Agent shall disburse the Deposit in accordance with such instructions;; provided, however, that prior to the release of any portion of the Deposit in accordance with such written instructions from Clear Channel, Escrow Agent shall send to Exchange Party a copy of Clear Channel's written instructions and Escrow Agent shall not release the Deposit to Clear Channel if Escrow Agent receives, within fifteen (15) days after it has delivered a copy of Clear Channel's instructions to Exchange Party, written notice from Exchange Party objecting to release of the Deposit to Clear Channel ("Exchange Party's Rebuttal Notice"). After timely receipt by Escrow Agent of Exchange Party's Rebuttal Notice, Escrow Agent shall not deliver the Deposit until such time as Escrow Agent receives: (i) a written agreement signed by Clear Channel and Exchange Party providing instructions as to the disposition of the Deposit, or (ii) a certified copy of an order or judgment from an arbitrator or court which has become final (meaning that the order or judgment is no longer subject to appeal or review by a court of competent jurisdiction) with respect to the disposition of the Deposit, at which time Escrow Agent shall deliver the Deposit (along with interest accrued thereon) in accordance with said agreement, order or judgment. Notwithstanding the foregoing, after receipt by Escrow Agent of Exchange Party's Rebuttal Notice, Escrow Agent may: (i) deposit the Deposit (along with interest accrued thereon) with any court which has properly assumed jurisdiction of any dispute hereunder, or (ii) commence an action in interpleader in any court of competent jurisdiction in the District of Columbia and deposit the Deposit (along with interest accrued thereon) with such court; or (db) if the Escrow Agent receives a final order of a court of competent jurisdiction authorizing joint written instructions from Clear Channel and Exchange Party directing the Escrow Agent to disburse the Deposit, then the Escrow Agent shall disburse the Deposit in accordance with such order; and (e) upon any disbursement of the Deposit, Escrow Agent shall disburse the interest thereon to Buyerinstructions.