Common use of Release of Escrowed Funds on Termination Event Clause in Contracts

Release of Escrowed Funds on Termination Event. In the event that a Termination Event occurs, the Corporation shall forthwith deliver a Termination Notice to each of the Subscription Receiptholders, the Subscription Receipt Agent and the Co-Lead Agents, stating the Termination Date and that a Termination Event has occurred. Within three (3) Business Days following the Termination Date, the Corporation shall pay the Top- up Amount to the Subscription Receipt Agent, which amount shall be added to and form part of the Escrowed Funds. Within five (5) Business Days after the Termination Date, the Subscription Receipt Agent shall pay to the Receiptholders from the Escrowed Funds the Redemption Amount for each Subscription Receipt. In the event that the Escrowed Funds are insufficient to pay to each Receiptholder, the aggregate Redemption Amount for the Subscription Receipts then held, the Corporation shall be liable for any shortfall. In no case will the Subscription Receipt Agent or the Agents be liable to the Receiptholders in the event of such shortfall. For greater certainty, the Subscription Receipt Agent and the Agents shall not be responsible for any such shortfall. Payment shall be made in accordance with Section 5.6. The Subscription Receipt Agent shall make or cause to be made such payment by first class mail to the Subscription Receiptholders at their addresses last appearing on the register of the Subscription Receipts maintained by the Subscription Receipt Agent or, in the case of holders of Uncertificated Subscription Receipts, by wire transfer of immediately available funds. All Subscription Receipts in respect of which the Redemption Amount has been paid in full shall be deemed to have been cancelled as of the date of the Termination Event and the Subscription Receipt Agent shall record the deemed cancellation of such Subscription Receipt Certificates on the register of the Subscription Receipts. Upon request, the Subscription Receipt Agent shall furnish the Corporation with a certificate identifying the Subscription Receipts deemed to have been cancelled. All Subscription Receipts which have been deemed to have been cancelled pursuant to this Section 5.4 shall be without further force and effect whatsoever.

Release of Escrowed Funds on Termination Event. In (1) Upon the event that occurrence of a Termination Event occurs, the Corporation shall forthwith deliver a Termination Notice to each of the Subscription Receiptholders, the Subscription Receipt Agent and the Co-Lead Agents, stating the Termination Date and that a Termination Event has occurred. Within three (3) Business Days following the Termination Date, the Corporation shall pay the Top- up Amount to the Subscription Receipt Agent, which amount shall be added to and form part of the Escrowed Funds. Within five (5) Business Days after the Termination DateEvent, the Subscription Receipt Agent shall pay provide, as soon as reasonably practical, to the Receiptholders from the Escrowed Funds the Redemption Amount for each Subscription Receipt. Receiptholder, the Subscription Receiptholder's Escrowed Funds. (2) In the event that the Escrowed Funds are insufficient to pay to each Receiptholder, the aggregate Redemption Amount for fund the Subscription Receipts then heldReceiptholder's Escrowed Funds payable to all Subscription Receiptholders, the Corporation shall be liable for fund any shortfall. In no case will such shortfall by providing the Subscription Receipt Agent with the required funds by certified cheque, bank draft or the Agents be liable wire transfer. The Corporation shall deposit such funds as are required in order to the Receiptholders in the event of satisfy any such shortfall. For greater certainty, shortfall with the Subscription Receipt Agent and within one (1) Business Day of the Agents shall not be responsible for any such shortfall. occurrence of a Termination Event. (3) Payment made in accordance with this Article 6 shall be made in accordance with Section 5.6. The 6.8 hereof and the Subscription Receipt Agent shall make or cause to be made such payment either through the applicable electronic procedures through CDS or mail such payment by first class mail to the such Subscription Receiptholders at their addresses address last appearing on the register of the Subscription Receipts maintained by the Subscription Receipt Agent or, in the case of holders of Uncertificated Subscription Receipts, by wire transfer of immediately available fundsAgent. All Subscription Receipts in respect of which the Redemption Amount has Subscription Receiptholder's Escrowed Funds have been paid in full to the Subscription Receiptholders shall be deemed to have been cancelled as of the date of on the Termination Event Date and the Subscription Receipt Agent shall record the deemed cancellation of such Subscription Receipt Certificates Receipts on the register of the Subscription Receipts. Upon requestwritten request by the Corporation, the Subscription Receipt Agent shall furnish the Corporation with a certificate identifying the Subscription Receipts deemed to have been cancelled. All Subscription Receipts which have been deemed to have been cancelled pursuant to this Section 5.4 6.4 shall be without further force and effect whatsoever.

Release of Escrowed Funds on Termination Event. In the event that a Termination Event occurs, the Corporation Company and Canada Iron shall forthwith deliver a Termination Notice to each of the Subscription Receiptholders, the Subscription Receipt Agent and and, in respect of the Co-Lead AgentsOffering, Beacon, stating the Termination Date and that a Termination Event has occurred. Within three (3) Business Days following the Upon delivery of a Termination DateNotice, the Corporation shall pay the Top- up Amount to the Subscription Receipt AgentAgent shall return to each Subscription Receiptholder such holder’s Escrowed Funds and any interest earned thereon (less applicable withholding taxes, which amount shall be added to if any) on a pro rata basis as soon as practicable and form part of the Escrowed Funds. Within five (5) in any event, within two Business Days after the Termination Date, the Subscription Receipt Agent shall pay to the Receiptholders from the Escrowed Funds the Redemption Amount for each Subscription Receipt. In the event that the Escrowed Funds are insufficient not sufficient to pay fund the total Subscription Price paid by all Subscription Receiptholders and any Earnings thereon, at least two Business Days prior to each Receiptholder, the aggregate Redemption Amount for the Subscription Receipts then held, the Corporation shall be liable for any shortfall. In no case will Business Day on which the Subscription Receipt Agent or is to pay each Subscription Receiptholder’s Escrowed Funds, Company shall fund the Agents Subscription Receipt Agent in a sufficient amount to pay any such shortfall and such funds will be liable paid by the Subscription Receipt Agent to the Subscription Receiptholders in the event of such shortfallon a pro rata basis. For greater certainty, the Subscription Receipt Agent Agent, Canada Iron, the Agents and the Agents Advisors shall not be responsible for any such shortfall. Payment shall be made in accordance with Section 5.66.7 hereof. The Subscription Receipt Agent shall make or cause to be made such payment by first class mail to the Subscription Receiptholders at their addresses last appearing on the register of the Subscription Receipts maintained by the Subscription Receipt Agent or, in the case of holders of Uncertificated Subscription Receipts, by wire transfer of immediately available fundsAgent. All Subscription Receipts in respect of which the Redemption Amount has Escrowed Funds have been paid in full to the Subscription Receiptholders shall be deemed to have been cancelled as of on the date of the Termination Event and the Subscription Receipt Agent shall record the deemed cancellation of such Subscription Receipt Certificates on the register of the Subscription Receipts. Upon request, the Subscription Receipt Agent shall furnish the Corporation Company with a certificate identifying the Subscription Receipts deemed to have been cancelled. All Subscription Receipts which have been deemed to have been cancelled pursuant to this Section 5.4 6.4 shall be without further force and effect whatsoever.

Release of Escrowed Funds on Termination Event. In (1) Upon the event that occurrence of a Termination Event occurs, the Corporation shall forthwith deliver a Termination Notice to each of the Subscription Receiptholders, the Subscription Receipt Agent and the Co-Lead Agents, stating the Termination Date and that a Termination Event has occurred. Within three (3) Business Days following the Termination Date, the Corporation shall pay the Top- up Amount to the Subscription Receipt Agent, which amount shall be added to and form part of the Escrowed Funds. Within five (5) Business Days after the Termination DateEvent, the Subscription Receipt Agent shall pay provide, as soon as reasonably practical, to the Receiptholders from the Escrowed Funds the Redemption Amount for each Subscription Receipt. Receiptholder (including the Private Placement Subscriber), the Subscription Receiptholder's Escrowed Funds. (2) In the event that the Escrowed Funds are insufficient to pay to each Receiptholder, the aggregate Redemption Amount for fund the Subscription Receipts then heldReceiptholder's Escrowed Funds payable to all Subscription Receiptholders, the Corporation shall be liable for fund any shortfall. In no case will such shortfall by providing the Subscription Receipt Agent with the required funds by certified cheque, bank draft or the Agents be liable wire transfer. The Corporation shall deposit such funds as are required in order to the Receiptholders in the event of satisfy any such shortfall. For greater certainty, shortfall with the Subscription Receipt Agent and within one (1) Business Day of the Agents shall not be responsible for any such shortfall. occurrence of a Termination Event. (3) Payment made in accordance with this Article 6 shall be made in accordance with Section 5.6. The 6.8 hereof and the Subscription Receipt Agent shall make or cause to be made such payment either through the applicable electronic procedures through CDS or mail such payment by first class mail to the such Subscription Receiptholders at their addresses address last appearing on the register of the Subscription Receipts maintained by the Subscription Receipt Agent or, in the case of holders of Uncertificated Subscription Receipts, by wire transfer of immediately available fundsAgent. All Subscription Receipts in respect of which the Redemption Amount has Subscription Receiptholder's Escrowed Funds have been paid in full to the Subscription Receiptholders shall be deemed to have been cancelled as of the date of on the Termination Event Date and the Subscription Receipt Agent shall record the deemed cancellation of such Subscription Receipt Certificates Receipts on the register of the Subscription Receipts. Upon requestwritten request by the Corporation, the Subscription Receipt Agent shall furnish the Corporation with a certificate identifying the Subscription Receipts deemed to have been cancelled. All Subscription Receipts which have been deemed to have been cancelled pursuant to this Section 5.4 6.4 shall be without further force and effect whatsoever.