Release of Escrowed Funds on Termination Sample Clauses

Release of Escrowed Funds on Termination. If the Release Condition has not been satisfied at or prior to the Release Deadline, on the Release Deadline, the Trustee will forthwith (and, in any event, no later than the Termination Payment Time) return to each Special Warrantholder an amount equal to the Issue Price of each Special Warrant held by such Special Warrantholder plus its pro rata share of any Earnings. For greater certainty, a Special Warrantholder who has previously converted all or a portion of such holder’s Special Warrants pursuant to Section 4.1(a) shall not be entitled to receive any Earnings in respect of such Special Warrants so converted. In the event that the Escrowed Funds are not sufficient to fund the return to each Special Warrantholder of an amount equal to the Issue Price of each Special Warrant held by such Special Warrantholder plus its pro rata share of any Earnings on the Release Deadline, the Company will fund any such shortfall at the time of payment of the Escrowed Funds to the Special Warrantholders. Payment made in accordance with this Article 6 will be made in accordance with Section 6.8 hereof and the Trustee will mail such payment to such Special Warrantholders at their address last appearing on the register of the Special Warrants maintained by the Trustee. All Special Warrant Certificates representing Special Warrants in respect of which the aggregate Issue Price plus a pro rata share of any Earnings have been paid to the holder thereof will be deemed to have been cancelled as and from the Termination Payment Time and the Trustee will record the deemed cancellation of such Special Warrant Certificates on the register of the Special Warrants. Upon the Written Request of the Company, the Trustee will furnish the Company with a certificate identifying the Special Warrant Certificates deemed to have been cancelled. All Special Warrants represented by Special Warrant Certificates which have been deemed to have been cancelled pursuant to this Section 6.5 will be without further force and effect whatsoever.
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Release of Escrowed Funds on Termination. (1) In the event that a Termination Event occurs, the Corporation shall forthwith deliver a Termination Notice to the Subscription Receiptholders, the Subscription Receipt Agent and the Lead Agent stating the Termination Date and that a Termination Event has occurred. Upon delivery of a Termination Notice, each Subscription Receipt shall, subject to Section 6.4(4) hereof, be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall be entitled to receive at the Termination Payment Time, an amount equal to the greater of (i) the aggregate Offering Price in respect of such holder’s Subscription Receipts; and (ii) such holder’s pro rata share of the Escrowed Funds, less applicable withholding taxes, if any.
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Release of Escrowed Funds on Termination. On the occurrence of a Termination Event, the Subscription Receipt Agent shall forthwith (and, in any event, no later than the Termination Payment Time) pay to each Subscription Receiptholder that Subscription Receiptholder’s Escrowed Funds. If the Escrowed Funds are not sufficient to pay 100% of the Subscription Receiptholder’s Escrowed Funds payable to all Subscription Receiptholders, the Corporation shall fund any such shortfall at the time of payment of the Escrowed Funds to the Subscription Receiptholders. Payment shall be made in accordance with Section 6.7 hereof and the Subscription Receipt Agent shall mail such payment to such Subscription Receiptholders at their address last appearing on the register of the Subscription Receipts maintained by the Subscription Receipt Agent or by making a wire transfer for the account of such holder through CDS. All Subscription Receipt Certificates representing Subscription Receipts in respect of which the Subscription Receiptholder’s Escrowed Funds have been paid to the Subscription Receiptholders shall be deemed to have been cancelled as and from the Termination Date. All Subscription Receipts represented by Subscription Receipt Certificates which have been deemed to have been cancelled pursuant to this Section 6.4 shall be without further force and effect whatsoever.
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Release of Escrowed Funds on Termination. (1) In the event that a Termination Notice is delivered to the Subscription Receipt Agent and the Lead Agent, and the Corporation advises the Lead Agent or announces to the public that it does not intend to satisfy the Escrow Release Conditions at or before the Escrow Release Deadline, or the Escrow Release Notice is not delivered to the Subscription Receipt Agent at or before the Escrow Release Deadline, each Subscription Receipt shall, subject to Section 6.4(4) hereof, be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall thereafter have no rights thereunder except that the Escrowed Funds (plus accrued interest earned thereon) shall be returned to Subscription Receiptholders on a pro rata basis, less applicable withholding taxes, if any. To the extent that the Escrowed Funds (plus accrued interest earned thereon) are not sufficient to refund the aggregate Offering Price paid by the Subscription Receiptholders, the Corporation shall be responsible and liable to contribute such amounts as are necessary to satisfy any shortfall as set out in this Section 6.4.
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Release of Escrowed Funds on Termination. (1) In the event that a Termination Notice is delivered to the Subscription Receipt Agent and the Lead Agent, each Subscription Receipt shall, subject to Section 6.4(5) hereof, be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall be entitled to receive at the Termination Payment Time, an amount equal to: (a) the aggregate Offering Price in respect of such holder's Subscription Receipts; and (b) such holder's pro rata share of the Earned Interest, less applicable withholding taxes, if any.
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Release of Escrowed Funds on Termination. (1) In the event that a Termination Notice is delivered to the Subscription Receipt Agent and the Lead Agent, on behalf of the Agents, or the Corporation announces to the public that it does not intend to, or determines that it will not be able to, satisfy the Escrow Release Conditions at or before the Escrow Release Deadline, or the Escrow Release Notice is not delivered to the Subscription Receipt Agent at or before the Escrow Release Deadline each Subscription Receipt shall, subject to Section 6.4(6) hereof, be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall be entitled to receive at the Termination Payment Time, an amount equal to (i) the aggregate Offering Price in respect of such holder’s Subscription Receipts; and (ii) such holder’s pro rata share of the Earned Interest, less applicable withholding taxes, if any.
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Release of Escrowed Funds on Termination. (1) In the event that a Termination Notice is delivered to the Subscription Receipt Agent or the Corporation announces to the public that it does not intend to satisfy the Escrow Release Conditions at or before the Escrow Release Deadline, or the Escrow Release Notice is not delivered to the Subscription Receipt Agent at or before the Escrow Release Deadline, each Subscription Receipt shall, subject to Section 6.4(5) hereof, be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall be entitled to receive at the Termination Payment Time, an amount equal to (a) the aggregate Offering Price in respect of such holder’s Subscription Receipts; and (b) such holder’s pro rata share of the Earned Interest, less applicable withholding taxes, if any.
Sample 1
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Release of Escrowed Funds on Termination. (1) In the event that a Termination Notice is delivered to the Subscription Receipt Agent or the Corporation announces to the public that it does not intend to, or determines that it will not be able to, satisfy the Escrow Release Conditions at or before the Escrow Release Deadline, or the Escrow Release Notice is not delivered to the Subscription Receipt Agent at or before the Escrow Release Deadline each Subscription Receipt shall, subject to Section 6.4(5) hereof, be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall be entitled to receive at the Termination Payment Time, an amount equal to (i) the aggregate Offering Price in respect of such holder’s Subscription Receipts; and (ii) such holder’s pro rata share of the Earned Interest, less applicable withholding taxes, if any.
Sample 1
Release of Escrowed Funds on Termination. (a) In the event that a Termination Event occurs or in the event that an Escrow Release Notice has not been received by the Subscription Receipt Agent before the Escrow Release Deadline, the Company shall forthwith deliver a Termination Notice to the Subscription Receiptholders, the Subscription Receipt Agent and the Lead Agent stating the Termination Date and that a Termination Event has occurred. Upon delivery of a Termination Notice, the register shall be closed at the Termination Time and each Subscription Receipt shall, subject to Section 7.4(d), be terminated and cancelled by the Subscription Receipt Agent as of the Termination Time and each Subscription Receiptholder shall be entitled to receive as at the Termination Time, an amount equal to (i) the aggregate Offering Price for their Subscription Receipts then held, plus (ii) their pro rata share of the Earned Interest, less applicable withholding tax required to be withheld in respect thereof, if any.
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Related to Release of Escrowed Funds on Termination

  • Release of Escrowed Funds As of the date on which a reserve is released or contingent liability is eliminated (in the case of a Reserve Notice), and provided that no Change Notice has previously been issued and is still outstanding in relation to the same tax position that was the subject of the Reserve Notice, the relevant escrowed funds (along with any interest earned on such funds, and less (1) the out-of-pocket expenses incurred by the Corporation or the LLC in administering the escrow, and (2) any taxes imposed on the Corporation or the LLC with respect to any income earned on the investment of such funds) shall be distributed to the relevant Members. The portion of the relevant escrowed funds held back pursuant to clauses (1) and (2) of the immediately preceding sentences shall be distributed to the Corporation or the LLC, as applicable. If a Determination is received (in the case of a Change Notice), and if such Determination results in no adjustment in any Tax Benefit Payments under this Agreement, and provided that no Reserve Notice has previously been issued and is still outstanding in relation to the same tax position that was the subject of the Change Notice, then the relevant escrowed funds (along with any interest earned on such funds, and less (1) the out-of-pocket expenses incurred by the Corporation or the LLC in administering the escrow, and (2) any taxes imposed on the Corporation or the LLC with respect to any income earned on the investment of such funds) shall be distributed to the relevant Members. If a Determination is received (in the case of a Change Notice), and if such Determination results in an adjustment in any Tax Benefit Payments under this Agreement, and provided that no Reserve Notice has previously been issued and is still outstanding in relation to the same tax position that was the subject of the Change Notice, then the relevant escrowed funds (along with any interest earned on such funds) shall be distributed as follows: (i) first, to the Corporation or the LLC in an amount equal to (1) the out-of-pocket expenses incurred by the Corporation or the LLC in administering the escrow and in contesting the Determination and (2) any taxes imposed on the Corporation or the LLC with respect to any income earned on the investment of such funds; and (ii) second, to the relevant Parties (which, for the avoidance of doubt and depending on the nature of the adjustments, may include the Corporation or the relevant Members, or some combination thereof) in accordance with the relevant Amended Schedule prepared pursuant to Section 2.4 of this Agreement.

  • Release of Escrow Funds The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

  • Disbursement of Escrow Funds (a) Subject to Section 3(b) and Section 10, NCPS shall promptly disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents:

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