Initial Escrowed Proceeds and Distribution Amounts. At Closing, Cxxxxxx Xxxxx & Bxxxxxxxx LLP, counsel to the Agent, will deposit directly or indirectly with the Subscription Receipt Agent, either prior to delivery of the Subscription Receipt Certificates, or in connection with Subscription Receipt Certificates that are “delivery against payment”, following delivery of such delivery of such Subscription Receipt Certificate, the Initial Escrowed Proceeds, by way of one or more certified cheques, bank drafts or by electronic wire transfer, and the Subscription Receipt Agent shall accept and hold the Initial Escrowed Proceeds in escrow for and on behalf of the persons who have an interest therein pursuant hereto, shall disburse and deal with the Escrowed Proceeds in the manner contemplated by this Article and at all times shall keep the Escrowed Proceeds in a segregated account, all on the terms and subject to the conditions hereof.
Initial Escrowed Proceeds and Distribution Amounts. On the Closing Date, (i) the Corporation shall direct the Co-Lead Agents, on behalf of the Agents, to provide and deliver to the Subscription Receipt Agent that portion of the Initial Escrowed Proceeds other than in respect of those Purchasers that settle directly with the Corporation, and (ii) the Corporation shall provide and deliver to the Subscription Receipt Agent that portion of the Initial Escrowed Proceeds in respect of those Purchasers that settle directly with the Corporation, such amounts in aggregate comprising the Initial Escrowed Proceeds, in each case by way of electronic wire transfer. The Subscription Receipt Agent shall provide a written receipt for such Initial Escrowed Proceeds and accept and hold the Escrowed Funds in escrow for and on behalf of the persons who have an interest therein pursuant hereto, shall disburse and deal with the Escrowed Funds in the manner contemplated by this Article 5 and shall at all times keep the Escrowed Funds in a segregated account, all on the terms and subject to the conditions hereof. The Corporation acknowledges and agrees that it is a condition of the payment by the holder of Subscription Receipts of the Subscription Price therefor that the Escrowed Funds are held in escrow by the Subscription Receipt Agent in accordance with the provisions of this Article 5. The Corporation further acknowledges and confirms that it has no interest in any or all of the Escrowed Funds unless and until a Release Notice is delivered to the Subscription Receipt Agent. The Subscription Receipt Agent shall retain the Escrowed Funds and shall, prior to delivery of a Release Notice or a Termination Event, as applicable, hold the Escrowed Funds as agent and nominee for the benefit of Subscription Receiptholders and thereafter for the benefit of the Subscription Receiptholders or the Corporation, as applicable, in accordance with the provisions of this Article 5.
Initial Escrowed Proceeds and Distribution Amounts. Upon Closing, the Subscription Receipt and Escrow Agent and the Corporation shall acknowledge receipt of the Escrowed Proceeds by the Subscription Receipt and Escrow Agent, and the Subscription Receipt and Escrow Agent shall thereafter hold the Escrowed Proceeds in escrow for and on behalf of the persons who have an interest therein pursuant hereto, shall disburse and deal with the Escrowed Proceeds in the manner contemplated by this Article 7 and at all times shall keep the Escrowed Proceeds in a segregated account, all on the terms and subject to the conditions hereof. Upon Closing, the Corporation shall deliver forthwith to the Subscription Receipt and Escrow Agent such amount as is necessary to satisfy the aggregate shortfall, if any, in the Escrowed Proceeds due to wire transfer charges, deductions and/or fees deducted from the gross proceeds from subscribers to the Offering, by depositing such amount, by wire transfer or bank draft, with the Subscription Receipt and Escrow Agent.
Initial Escrowed Proceeds and Distribution Amounts. At Closing, the Corporation will deposit with the Subscription Receipt Agent, the Initial Escrowed Proceeds, by way of one or more certified cheques, bank drafts or by electronic wire transfer, and the Subscription Receipt Agent shall accept and hold the Initial Escrowed Proceeds in escrow for and on behalf of the persons who have an interest therein pursuant hereto, shall disburse and deal with the Escrowed Proceeds in the manner contemplated by this Article and at all times shall keep the Escrowed Proceeds in a segregated account, all on the terms and subject to the conditions hereof.
