Common use of RELEASE AND DELIVERY OF ESCROW MATERIALS Clause in Contracts

RELEASE AND DELIVERY OF ESCROW MATERIALS. 1. The Company may request by written notice to Escrow Agent that Escrow Agent deliver the Escrow Materials to the Company if, and only if, one or more of the following conditions have occurred: (a) The Company shall have paid to Employee an aggregate of $5,000,000 in Production Bonus payable under the Employment Agreement. 2. Upon receipt of notice from the Company pursuant to Section IV(1) above, accompanied by an appropriate Escrow Release Fee of $150.00, Escrow Agent shall, within twenty (20) days after receipt of such notice, deliver the Escrow Materials to the Company unless within such twenty (20) day period Employee delivers to Escrow Agent written denial that the condition set forth above in Section IV(1) occurred. The Company must also deliver the notice pursuant to Section IV to Employee simultaneously with the delivery to the Escrow Agent in order for the twenty (20) day period to begin. If Escrow Agent receives such denial within such twenty (20) day period, the Company's entitlement to receive the Escrow Materials under this Agreement shall be resolved by arbitration pursuant to Section IX herein, and Escrow Agent shall retain possession of the Escrow Materials subject to a determination by the arbitrator in such arbitration. The prevailing party in such arbitration shall be entitled to recover from the other party all arbitration fees, costs, disbursements and reasonable attorneys' fees.