Common use of Release of Escrowed Funds Clause in Contracts

Release of Escrowed Funds. The Subscription Receipt Agent shall release the Escrowed Funds as follows: (a) In the event that the Release Notice is delivered to the Subscription Receipt Agent prior to the Release Deadline and provided that the Release Notice and Escrowed Funds are received by the Subscription Receipt Agent by 7:00 a.m. (Vancouver Time) on the Release Date, and wire instructions have been provided to the Subscription Receipt Agent by 12:00 p.m. (Vancouver Time) the day prior to the Release Date, on a best efforts basis: (i) release within one Business Day, an amount equal to 50% of the Underwriters’ Cash Commission to the Underwriters; and (ii) the balance of the Escrowed Funds to the Corporation, less an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred. (b) in the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Release Notice has not been received by the Subscription Receipt Agent prior to the Release Deadline, the Subscription Receipt Agent shall pay to Subscription Receiptholders their pro rata share of the Escrowed Funds to holders of Subscription Receipts and the Subscription Receipt Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the Subscription Receiptholders a cheque in the amount payable at the address on the register of holders of Subscription Receipts. The Corporation shall concurrently pay to Subscription Receiptholders any difference between the amount of the Subscription Receiptholders pro rata share of the Escrowed Funds and the aggregate Purchase Price of the Subscription Receipts held by them.

Release of Escrowed Funds. The Subscription Receipt Agent shall release the Escrowed Funds as follows: (a) In the event that the Release Notice is delivered to the Subscription Receipt Agent prior to the Release Deadline and provided that the Release Notice and Escrowed Funds are received by Deadline, the Subscription Receipt Agent by 7:00 a.m. (Vancouver Time) on the Release Date, and wire instructions have been provided to the Subscription Receipt Agent by 12:00 p.m. (Vancouver Time) the day prior to the Release Date, on a best efforts basis: (i) shall release within one Business Day, an amount equal to 50% of the Underwriters’ Cash Commission to the Underwriters; and (ii) the balance of the Escrowed Funds to as directed in the CorporationRelease Notice, less an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred. (b) in In the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Release Notice has not been received by the Subscription Receipt Agent prior to the Release Deadline, the Subscription Receipt Agent shall pay to Subscription Receiptholders their pro rata share of the Escrowed Funds Funds, including any Subscription Receipt Interest earned thereon less any withholding tax required to holders of Subscription Receipts be withheld in respect thereof, and the Subscription Receipt Agent shall, within three five Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the Subscription Receiptholders a cheque in the amount payable at the address on the register of holders of Subscription Receipts. The Corporation shall concurrently pay to Subscription Receiptholders any difference between the amount of the Subscription Receiptholders pro rata share of the Escrowed Funds Proceeds and the aggregate Purchase Price of the Subscription Receipts held by them.

Release of Escrowed Funds. The Subscription Receipt Agent shall release the Escrowed Funds as follows: (a) In the event that the Release Notice is delivered to the Subscription Receipt Agent prior to the Release Deadline and provided that the Release Notice and Escrowed Funds are received by the Subscription Receipt Agent by 7:00 a.m. (Vancouver Time) on the Release Date, and wire instructions have been provided to the Subscription Receipt Agent by 12:00 p.m. (Vancouver Time) the day prior to the Release Date, on a best efforts basisDeadline: (i) release within one Business Day, an amount equal to 50% of the UnderwritersAgents’ Cash Commission Commission, plus any Subscription Receipt Interest earned thereon, plus the balance of the Agents’ Expenses incurred up to the UnderwritersRelease Date, to the Lead Agent on behalf of the Agents; and (ii) release the balance of the Escrowed Funds to the Corporation, less an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred. (b) in In the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Release Notice has not been received by the Subscription Receipt Agent prior to the Release Deadline, the Subscription Receipt Agent shall pay to Subscription Receiptholders Receiptholders, their pro rata share of the Escrowed Funds Funds, including any Subscription Receipt Interest earned thereon less any withholding tax required to be withheld in respect thereof, to holders of Subscription Receipts and the Subscription Receipt Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the Subscription Receiptholders a cheque in the amount payable at the address on the register of holders of Subscription Receipts. The Corporation shall concurrently pay to Subscription Receiptholders any difference between the amount of the Subscription Receiptholders pro rata share of the Escrowed Funds and the aggregate Purchase Price of the Subscription Receipts held by them.

Release of Escrowed Funds. The Subscription Receipt Agent shall release the Escrowed Funds as follows: (a) In the event that the Release Notice is delivered to the Subscription Receipt Agent prior to the Release Deadline and provided that the Release Notice and Escrowed Funds are received by the Subscription Receipt Agent by 7:00 a.m. (Vancouver Time) on the Release Date, and wire instructions have been provided to the Subscription Receipt Agent by 12:00 p.m. (Vancouver Time) the day prior to the Release Date, on a best efforts basisDeadline: (i) release within one Business Day, an amount equal to 50% of the Underwriters’ Cash Commission Commission, plus any Subscription Receipt Interest earned thereon to BMO on behalf of the Underwriters; and (ii) release the balance of the Escrowed Funds to the Corporation, less an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred. (b) in In the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Release Notice has not been received by the Subscription Receipt Agent prior to the Release Deadline, the Subscription Receipt Agent shall pay to Subscription Receiptholders Receiptholders, their pro rata share of the Escrowed Funds Funds, including any Subscription Receipt Interest earned thereon less any withholding tax required to be withheld in respect thereof, to holders of Subscription Receipts and the Subscription Receipt Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the Subscription Receiptholders a cheque in the amount payable at the address on the register of holders of Subscription Receipts. The Corporation shall concurrently pay to Subscription Receiptholders any difference between the amount of the Subscription Receiptholders pro rata share of the Escrowed Funds and the aggregate Purchase Price of the Subscription Receipts held by them.

Release of Escrowed Funds. The Subscription Receipt Agent shall release the Escrowed Funds as follows: (a) In the event that the Release Notice is delivered to the Subscription Receipt Agent prior to the Release Deadline and provided that the Release Notice and Escrowed Funds are received by the Subscription Receipt Agent by 7:00 a.m. (Vancouver Time) on the Release Date, and wire instructions have been provided to the Subscription Receipt Agent by 12:00 p.m. (Vancouver Time) the day prior to the Release Date, on a best efforts basisDeadline: (i) release within one Business Day, an amount equal to 50% of the Underwriters’ Agent's Cash Commission Commission, plus any pro rata interest earned to the UnderwritersAgent; and (ii) the balance of the Escrowed Funds to the Corporation, less an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred. (b) in the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Release Notice has not been received by the Subscription Receipt Agent prior to the Release Deadline, the Subscription Receipt Agent shall pay to the Subscription Receiptholders Receiptholders, their pro rata share of the Escrowed Funds Funds, including any interest earned thereon less any withholding tax required to holders of Subscription Receipts be withheld in respect thereof, and the Subscription Receipt Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the each Subscription Receiptholders Receiptholder a cheque in the amount payable at the address of such holder on the register of holders of Subscription Receipts. The Corporation shall concurrently pay to Subscription Receiptholders any difference between the amount of the Subscription Receiptholders pro rata share of the Escrowed Funds and the aggregate Purchase Price of the Subscription Receipts held by them.

Release of Escrowed Funds. The Subscription Receipt Agent shall release the Escrowed Funds as follows: (a) In the event that the Second Release Notice is delivered to the Subscription Receipt Agent prior to the Second Release Deadline and provided that the Release Notice and Escrowed Funds are received by Deadline, the Subscription Receipt Agent by 7:00 a.m. (Vancouver Time) on the Release Date, and wire instructions have been provided to the Subscription Receipt Agent by 12:00 p.m. (Vancouver Time) the day prior to the Release Date, on a best efforts basis: (i) shall release within one Business Day, an amount equal to 50% of the Underwriters’ Cash Commission to the Underwriters; and (ii) the balance of the Escrowed Funds to the Corporation, less an amount payable to the Subscription Receipt Agent equal to its reasonable fees for services rendered and disbursements incurred. (b) in In the event that a Termination Notice is delivered to the Subscription Receipt Agent or in the event that the Second Release Notice has not been received by the Subscription Receipt Agent prior to the Second Release Deadline, the Subscription Receipt Agent shall pay to Subscription Receiptholders Receiptholders, their pro rata share of the Escrowed Funds Funds, including any interest earned thereon less any withholding tax required to be withheld in respect thereof, to holders of Second Subscription Receipts and the Subscription Receipt Agent shall, within three Business Days of the Termination Date, mail or deliver, or cause to be mailed or delivered, to the Subscription Receiptholders a cheque in the amount payable at the address on the register of holders of Second Subscription Receipts. The Corporation shall concurrently pay to Subscription Receiptholders any difference between the amount of the Subscription Receiptholders pro rata share of the Escrowed Funds and the aggregate Purchase Price of the Initial Subscription Receipts held by them.