Common use of The Escrow Deposit Clause in Contracts

The Escrow Deposit. Escrow Agent shall hold and release the Cash Consideration as follows: a. Upon delivery of the Cash Consideration, the Escrow Agent shall immediately release 5% of the Cash Consideration to JNE; b. From the date of Closing until the Share Unrestricted Date (defined below), the Escrow Agent may release up to an additional 5% of the Cash Consideration at the direction and request of JNE to unrelated third parties for the purpose of completing the conversion of the Preferred Stock to common stock of AFSI, the removal of any restrictions on the transfer of such shares and any related actions or other matters required to undertake the transactions contemplated by the Stock Purchase Agreement (the "Unrestricted Share Reserve"); c. Upon the date that the Purchaser receives the Shares without restrictive legend (the "Share Unrestricted Date"), the Escrow Agent shall release the balance of all Cash Consideration then in Escrow to JNE (including, without limitation, any balance left of the Unrestricted Share Reserve"); d. The Escrow Agent may release the Cash Consideration to JNE or Purchaser, as the case may be, pursuant to joint written instructions executed by JNE and Purchaser; e. The Escrow Agent may release the Cash Consideration to JNE or Purchaser, as the case may be, pursuant to any "final order" of a court of competent jurisdiction, any such order being deemed to be "final" if (i) such order has not been reserved, stayed, enjoined, set aside, annulled or suspended, (ii) no request for a stay, suspension or an injunction, petition for reconsideration or appeal, or sua sponte action with comparable effect is pending with respect to the order, and (iii) the time for filing any such request, petition or appeal or further taking of any such sua sponte action has expired; or f. The Escrow Agent shall release the balance of the Cash Consideration (less the full Unrestricted Share Reserve) upon written notice by Purchaser if the Share Unrestricted Date has not occurred on or before the later of March 31, 1998 or the date of such notice by Purchaser.

The Escrow Deposit. Escrow Agent shall hold and release the Cash Consideration as follows: a. Upon delivery of the Cash Consideration, the Escrow Agent shall immediately release 5% of the Cash Consideration to JNE; b. From the date of Closing until the Share Unrestricted Date (defined below), the Escrow Agent may release up to an additional 5% of the Cash Consideration at the direction and request of JNE to unrelated third parties for the purpose of completing the conversion of the Preferred Stock to common stock of AFSI, the removal of any restrictions on the transfer of such shares and any related actions or other matters required to undertake the transactions contemplated by the Stock Purchase Agreement (the "Unrestricted Share Reserve"); c. b. Upon the date that the Purchaser receives the Shares without restrictive legend (the "Share Unrestricted Date"), the Escrow Agent shall release the balance of all Cash Consideration then in Escrow to JNE (including, without limitation, any balance left of the Unrestricted Share Reserve"); d. c. The Escrow Agent may release the Cash Consideration to JNE or Purchaser, as the case may be, pursuant to joint written instructions executed by JNE and Purchaser; e. d. The Escrow Agent may release the Cash Consideration to JNE or Purchaser, as the case may be, pursuant to any "final order" of a court of competent jurisdiction, any such order being deemed to be "final" if (i) such order has not been reserved, stayed, enjoined, set aside, annulled or suspended, (ii) no request for a stay, suspension or an injunction, petition for reconsideration or appeal, or sua sponte action with comparable effect is pending with respect to the order, and (iii) the time for filing any such request, petition or appeal or further taking of any such sua sponte action has expired; or f. e. The Escrow Agent shall release the balance of the Cash Consideration (less the full Unrestricted Share Reserve) upon written notice by Purchaser if the Share Unrestricted Date has not occurred on or before the later of March 31, 1998 or the date of such notice by Purchaser. Upon such event, the Escrow Agent shall also notify Purchaser and JNE that the Stock Purchase Agreement has terminated and that Purchaser is no longer entitled to receipt of the Shares.