Common use of Release of Retained Escrow Clause in Contracts

Release of Retained Escrow. Upon the resolution of Contested Claims as provided for in Section 2.3(b), the Retained Escrow will be subject to release by the Escrow Agent to Merilus USA and/or to the Holder in accordance with Section 2.3(b), this Section and as otherwise provided for in this Escrow Agreement. The Escrow Agent and Merilus USA will cause the transfer agent to transfer to Merilus USA the number of Escrow Shares to be released to Merilus USA pursuant to Section 2.3(b) and reissue certificates for Escrow Shares that are to be either distributed to the Holder pursuant to Section 3.1 or further retained by the Escrow Agent pending the resolution of Contested Claims and/or Prevailing Party Awards. Any Escrow Fund released from escrow to Merilus USA will be subject to cancellation by Merilus USA without requiring Merilus USA to pay any consideration whatsoever in receipt to Merilus Canada or any of the Holder, except in satisfaction of the Claim.