Common use of Withdrawals From Escrow Account Clause in Contracts

Withdrawals From Escrow Account. (a) Disbursement Of 10% Of Escrow Funds. If the Escrow Agent receives, on or before the Termination Date, subscriptions in an aggregate amount of not less than $18,000,000 and written acceptance of each subscriber's subscription by OTEC, and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, then the Escrow Agent shall disburse, upon written instruction from OTEC, substantially in the form attached hereto as Exhibit A, 10% of the subscription payments held in the Escrow Account to OTEC ("Initial Disbursement"). If the Escrow Agent receives additional subscription payments after the Initial Disbursement, the Escrow Agent shall deposit the subscription payments into the Escrow Account and upon receiving written instruction from OTEC, substantially in the form attached hereto as Exhibit A, shall disburse to OTEC 10% of all subscription payments received after the Initial Disbursement. The Escrow Agent shall retain the remaining 90% of all subscription payments in the Escrow Account to be disbursed as set forth in Section 4(b) below. (b) Disbursement Of Remaining 90% Of Subscription Payments. Upon receipt by the Escrow Agent of written confirmation from OTEC that OTEC has received an executed commitment letter from a lender for the amount of debt financing that OTEC determines necessary ("Commitment Letter Notice"), and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, the Escrow Agent shall disburse to OTEC, pursuant to written instruction from OTEC, substantially in the form attached hereto as Exhibit A, the remaining 90% of the subscription payments remaining in the Escrow Account in immediately available funds ("90% Disbursement"). If the Escrow Agent receives additional subscription payments after the 90% Disbursement, then the Escrow Agent shall disburse the subscription payments to OTEC upon written instruction from OTEC, substantially in the form attached hereto as Exhibit A. If the Escrow Agent does not receive the Commitment Letter Notice from OTEC by the Termination Date, then the Escrow Agent shall refund to subscribers with interest determined on a pro rata basis per subscriber, the remaining 90% of each Subscriber's subscription payment per written instruction from OTEC.

Withdrawals From Escrow Account. (a) Disbursement Of 10% Of In the event of a default under any Equipment Package No. 1 Lease Supplement which has not been financed, Keystone shall provide notice to Escrow FundsAgent that said default has occurred. If the defaulted Lease has been financed, the Secured Party shall provide notice of default to Keystone and Escrow Agent receives, (if Secured Party and Escrow Agent are not the same party). Any such notice shall specify that the conditions entitling Keystone (if the Lease has not been financed) or Secured Party (if the Lease has been financed) to draw on or before the Termination Date, subscriptions Security Deposit have been satisfied. Such conditions necessary to draw on the Security Deposit are the following: (i) The Lease that is in an aggregate amount default; (ii) That notice of not less than $18,000,000 default has been previously sent to Acme; (iii) That Acme has failed to cure the default in the time prescribed by the Lease; and written acceptance of each subscriber's subscription by OTEC, and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, then Said notice shall also include instructions to the Escrow Agent shall disburseto pay to Keystone, upon written instruction from OTECor the Secured Party if the applicable Lease Supplement has been assigned to Secured Party, substantially past due payments and all applicable late charges and any the future monthly payments pursuant to the specific default remedy prescribed in the form attached hereto as Exhibit A, 10% of the subscription payments held in the Escrow Account to OTEC ("Initial Disbursement"). If the Escrow Agent receives additional subscription payments after the Initial Disbursement, the Escrow Agent shall deposit the subscription payments into the Escrow Account and upon receiving written instruction from OTEC, substantially in the form attached hereto as Exhibit A, shall disburse to OTEC 10% of all subscription payments received after the Initial Disbursement. The Escrow Agent shall retain the remaining 90% of all subscription payments in the Escrow Account to be disbursed as set forth in Section 4(b) belowMaster Lease. (b) Disbursement Of Remaining 90% Of Subscription PaymentsUpon receipt of said notice by Escrow Agent or Keystone, the party receiving said notice shall forward said notice to Acme. Acme shall acknowledge in writing its receipt of said notice and return an executed copy of the notice to Escrow Agent. Upon receipt of the notice executed by the Escrow Agent of written confirmation from OTEC that OTEC has received an executed commitment letter from a lender for the amount of debt financing that OTEC determines necessary ("Commitment Letter Notice")Acme, and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, the Escrow Agent shall proceed to disburse funds from the Security Deposit to OTECKeystone, or Secured Party as the case may be, pursuant to written instruction the terms of the notice. (c) In the event any amounts are disbursed from OTECthe Security Deposit in accordance with Sections 2(a) and 2(b) hereof, substantially in Acme agrees to immediately deposit additional funds with ABC Bank such that the form attached hereto as Exhibit A, the remaining 90Security Deposit will equal 20% of the subscription payments remaining original equipment cost of all equipment leased under the Leases. (d) After the first 12 months of each Lease and annually thereafter, the accrued interest earned on the Security Deposit with respect to such Lease shall be distributed to Acme, provided the Acme is not in default under any of the Escrow Account in immediately available funds Leases. ("90% Disbursement"). If the Escrow Agent receives additional subscription payments after the 90% Disbursement, then the e) Escrow Agent shall disburse make such other distributions from the subscription payments to OTEC upon written instruction from OTECSecurity Deposit as indicated in writing executed by Acme, substantially in the form attached hereto as Exhibit A. If the Escrow Agent does not receive the Commitment Letter Notice from OTEC by the Termination Date, then the Escrow Agent shall refund to subscribers with interest determined on a pro rata basis per subscriber, the remaining 90% of each Subscriber's subscription payment per written instruction from OTECSecured Party and Keystone.