Common use of Release of Escrowed Funds Clause in Contracts

Release of Escrowed Funds. (a) Release of Escrowed Funds to the Company. Immediately upon the receipt of the Officer's Certificate of the Company as described below, the Escrow Agent shall release and deliver to the Company such portion of the Escrowed Funds as represents payment of the purchase price of shares in respect of which the Company has accepted Subscriptions plus all interest or other earnings accrued on such portion of the Escrowed Funds. The Escrow Agent shall not release any portion of the Escrowed Funds to the Company unless the following condition (the "Condition") shall have been satisfied: it has received a certification of the President or Chairman of the Board of Directors of the Company to the effect that (i) the Company has received acceptable Subscriptions (including payment in full of the purchase price) with respect to not less than 100,000 shares, and has accepted Subscriptions with respect to not less than 100,000 shares, and all terms of the Offering have been complied with. Such certification shall also indicate the number of shares with respect to which Subscriptions have been accepted and the number of shares, if any, and identity of the Subscribers with respect to which Subscriptions have been rejected. Notwithstanding anything to the contrary contained herein, the delivery of the foregoing certification shall be in the sole discretion of the Company, and nothing contained herein shall constitute any obligation, express or implied, of the Company to deliver such certification, or to deliver it at any specified time.

Release of Escrowed Funds. (a) Release of Escrowed Funds to the Company. Immediately upon the receipt of the Officer's Certificate of the Company as described below, the Escrow Agent shall release and deliver to the Company such portion of the Escrowed Funds as represents payment of the purchase price of shares in respect of which the Company has accepted Subscriptions plus all interest or other earnings accrued on such portion of the Escrowed Funds. The Escrow Agent shall not release any portion of the Escrowed Funds to the Company unless the following condition (the "Condition") shall have been satisfied: it has received a certification of the President or Chairman of the Board of Directors of the Company to the effect that (i) the Company has received acceptable Subscriptions (including payment in full of the purchase price) with respect to not less than 100,000 200,000 shares, and has accepted Subscriptions with respect to not less than 100,000 200,000 shares, and all terms of the Offering have been complied with. Such certification shall also indicate the number of shares with respect to which Subscriptions have been accepted and the number of shares, if any, and identity of the Subscribers with respect to which Subscriptions have been rejected. Notwithstanding anything to the contrary contained herein, the delivery of the foregoing certification shall be in the sole discretion of the Company, and nothing contained herein shall constitute any obligation, express or implied, of the Company to deliver such certification, or to deliver it at any specified time.

Release of Escrowed Funds. (a) Release of Escrowed Funds to the Company. . (i) Immediately upon the receipt of the Officer's Certificate certificate of the Company as described below, the Escrow Agent shall release and deliver to the Company such portion of the Escrowed Funds as represents payment of the purchase price of shares in respect of which the Company has accepted Subscriptions plus all interest or other earnings accrued on such portion of subscriptions. Except as provided in Section 5(b) hereof, the Escrowed Funds. The Escrow Agent shall not release any portion of the Escrowed Funds to the Company unless the following condition (the "Condition") shall have been satisfied: until it has received received: (1) a certification of the President or Chairman Leonxxx X. Xxxx xxx Ronaxx X. Xxxx, Xhairman and President, respectively, of the Board of Directors of Company, or the Company then serving Chairman and President, to the effect that (i) the Company has received acceptable Subscriptions subscriptions (including payment in full of the purchase price) with respect to not less than 100,000 800,000 shares, and has accepted Subscriptions subscriptions with respect to not less than 100,000 800,000 shares, and all terms of the Offering have been complied with. Such certification shall also indicate the exact number of shares with respect to which Subscriptions subscriptions have been accepted and the number of shares, if any, and identity of the Subscribers with respect to which Subscriptions have been rejectedaccepted. Notwithstanding anything to the contrary contained herein, the delivery of the foregoing certification shall be in the sole discretion of the Company, and Messrs. Abel xxd Paul xxx nothing contained herein shall constitute any obligation, express or implied, of the Company to Messrs. Abel xxx Paul xx deliver such certification, or to deliver it at any specified time; and (2) the certification of an appropriate officer of Koonxx xx the effect that the Company has received subscriptions (including payment in full of the purchase price) with respect to not less than the number of shares for which the release of funds is sought. (ii) In the event that the Offering shall continue with respect to additional shares following the release of funds described in (a)(i) above, then the Escrow Agent shall, immediately upon the receipt from time to time of one or more certificates of: