Common use of Delivery of the Escrow Amount Clause in Contracts

Delivery of the Escrow Amount. Escrow Agent shall retain control over the Escrow Amount and shall not deliver any of the Escrow Amount unless and until: (i) it receives a written notice from Buyer on or before June 30, 1998, which notice specifies that Buyer has elected to cancel the transaction in accordance with the provisions of Section 7 of the Asset Purchase Agreement, in which event Escrow Agent shall disburse to Buyer Three Million Seven Hundred Thousand Dollars ($3,700,000.00) less the Commissions (as such term is defined in the Asset Purchase Agreement), that would otherwise have been earned by Seller if not for termination of Commissions as described in Section 8 of the Asset Purchase Agreement, from May 1, 1998 through June 30, 1998, as agreed by the parties. Escrow Agent shall disburse to Seller the remaining Escrow Amount; or (ii) it does not receive a written notice of cancellation from Buyer on or before June 30, 1998, in which event Escrow Agent shall disburse to Seller Three Million Seven Hundred Thousand Dollars ($3,700,000.00) no earlier than 3:00 p.m., June 30, 1998, and Escrow Agent shall disburse to Buyer the remaining Escrow Amount, including any and all interest accrued thereon; or (iii) a final and nonappealable judgment, decree or order of a court of competent jurisdiction, whereupon Escrow Agent shall promptly deliver the Escrow Amount as instructed in such judgment.

Delivery of the Escrow Amount. Escrow Agent shall retain control over the Escrow Amount Sections 5(i) and shall not deliver any (ii) of the Escrow Amount unless Agreement is hereby deleted in its entirety and untilthe following provision substituted therefor: (i) it receives a written notice from Buyer on or before June 30, 1998, which notice specifies that Buyer has elected to cancel the transaction in accordance with the provisions of Section 7 of the Asset Purchase Agreement, in which event Escrow Agent shall disburse to Buyer Three Million Seven Hundred Thousand Dollars ($3,700,000.00) plus any and all accrued interest thereon, less the Commissions (as such term is defined in the Asset Purchase Agreement)unpaid payments, that would otherwise have been earned by Seller if not for termination of Commissions payments as described in Section 8 of the Asset Purchase Agreement, from May 1, 1998 through June 30, 19981998 (i.e., as agreed deducted from said payments are any amounts previously paid to Seller for payments after the effective date of the Asset Purchase Agreement). The balance of the Escrow Amount, after the distribution to Buyer contemplated by the parties. Escrow Agent immediately preceding sentence, shall disburse be delivered to Seller the remaining by Escrow Amount; orAgent. (ii) it does not receive a written notice of cancellation from Buyer on or before June 30, 1998, in which event Escrow Agent shall disburse to Seller Three Million Seven Hundred Thousand Dollars ($3,700,000.00) no earlier than 3:00 p.m., June 30, 1998, and less the payments previously paid to Seller after the effective date of the Asset Purchase Agreement. Escrow Agent shall disburse to Buyer the remaining portion of the Escrow Amount, including excluding any and all interest accrued thereon; or (iii) a final and nonappealable judgment, decree or order of a court of competent jurisdiction, whereupon Escrow Agent shall promptly deliver on the Escrow Amount as instructed in such judgmentAmount."