Filing For Release. If TxDOT believes in good faith that a Release Condition has occurred with respect to any Depositor, TxDOT may provide to Escrow Agent written notice of the occurrence of the Release Condition and a request for the release of the Escrowed Material to which the Release Condition pertains. TxDOT’s notice shall indicate the Depositor to which the Release Condition pertains. Immediately upon receipt of such notice, Escrow Agent shall provide a copy of the notice to Developer and to the Depositor by commercial express mail. TxDOT shall have the express right to request a release of the Escrowed Materials for the purpose of determining the amount due to Developer with respect to any Termination Compensation, pursuant to the payment terms for Termination Compensation under the Facility Agreement.
Appears in 2 contracts
Sources: Intellectual Property Escrow Agreement, Intellectual Property Escrow Agreement