Common use of Conditions for Release Clause in Contracts

Conditions for Release. 6.1 The material held in escrow shall be released to the Distributor if it can reasonably be ascertained that the Developer or any other party whose obligations this Escrow Agreement shall ensure, as specified in Appendix 1 and Appendix 2, will fail to perform their obligations in accordance with the protected agreement, for example due to bankruptcy, suspension of payments or compulsory composition where the estate does not wish to be subrogated. 6.2 The material held in escrow shall be released to the Customer if none of the parties whose obligations this Escrow Agreement shall ensure complies with the protected agreement, cf. Appendix 2, and none of the parties ensures that the agreement is satisfactorily complied with by a third party thereby defaulting on the Customer’s demands under the terms of the protected agreement. 6.3 The material held in escrow shall also be released to the Customer if it can reasonably be ascertained that the Escrow Agreement will not be complied with by any of the obligated parties or other party whose obligations this Escrow Agreement shall ensure, for example due to bankruptcy, suspension of payments or compulsory composition on the part of the involved parties. 6.4 Moreover, the material held in escrow shall be released to the Customer if the obligated parties fail to perform their obligation to update the material, cf. Section 4, and have not updated the material within 4 weeks of receiving a written demand from the Customer to this effect. 6.5 The Customer shall send a copy of such a demand to the Developer at the same time as sending it to the Distributor. 6.6 Any other conditions agreed upon for release shall be stated in Appendix 5.

Conditions for Release. 6.1 The material held in escrow shall be released to the Distributor if it can reasonably be ascertained that the Developer or any other party whose obligations this Escrow Agreement shall ensure, ensure as specified in Appendix 1 and Appendix 2, 2 will fail to perform their obligations in accordance with the protected agreement, for example due to bankruptcy, suspension of payments or compulsory composition where the estate does not wish to be subrogated. 6.2 The material held in escrow shall be released to the Customer if none of the parties whose obligations this Escrow Agreement shall ensure complies with the protected agreement, cf. Appendix 2, and none of the parties ensures that the agreement is satisfactorily complied with by a third party thereby defaulting on the Customer’s demands under the terms of the protected agreement. 6.3 The material held in escrow shall also be released to the Customer if it can reasonably be ascertained that the Escrow Agreement will not be complied with by any of the obligated parties or other party whose obligations this Escrow Agreement shall ensure, for example due to bankruptcy, suspension of payments or compulsory composition on the part of the involved parties. 6.4 Moreover, the material held in escrow shall be released to the Customer if the obligated parties fail to perform their obligation to update the material, cf. Section 4, and have not updated the material within 4 weeks of receiving a written demand from the Customer to this effect. 6.5 The Customer shall send a copy of such a demand to the Developer at the same time as sending it to the Distributor. 6.6 Any other conditions agreed upon for release shall be stated in Appendix 5.