Common use of Release Events Clause in Contracts

Release Events. (a) The Escrow Agent is hereby specifically authorized to provide the Escrow Materials to GM on the fifth day following written notice from GM (a "Release Notice") certifying that one or more of the release events specified in Section 3.2 ("Release Events") of the License Agreement has occurred, provided that the Escrow Agent has not received a notarized affidavit executed by an executive officer of COMPANY certifying that no such event has occurred (a "Notice of Objection"). A Release Notice must identify which Release Event has occurred. GM shall provide the COMPANY by certified mail, return receipt requested, a copy of any Release Notice delivered to the Escrow Agent pursuant hereto. COMPANY shall provide GM by certified mail, return receipt requested, a copy of any Notice of Objection delivered to the Escrow Agent pursuant hereto. (b) If the Escrow Agent receives a timely Notice of Objection, the Escrow Agent shall not release the Escrow Materials, but shall continue to hold them pursuant to this Escrow Agreement until otherwise jointly directed by COMPANY and GM, or until resolution of the dispute pursuant to Section 7 ("Arbitration") of this Escrow Agreement.