Utilization of Funds. Funds deposited by Investors hereunder shall be held by the Agent in escrow for release in payment of the purchase price owed to shareholders for shares tendered pursuant to the Tender Offer and accepted by the Company in accordance with instructions from the Company’s counsel. Upon termination of the Tender Offer the Agent shall return to investors all funds not utilized for the acquisition of the stock less interest earned thereon. Said funds shall be returned to the Investors pro rata in accordance with the Investor’s respective investments described below, provided that the Company’s counsel has confirmed in writing that all conditions for the release of the escrow funds have been met and that the funds have been issued and delivered to the those shareholders who have tendered their stock pursuant to the Tender Offer.
Appears in 3 contracts
Sources: Escrow Agreement (Colonial Commercial Corp), Escrow Agreement (Colonial Commercial Corp), Escrow Agreement (Colonial Commercial Corp)