Release of Stock. If any audit of Pioneer's financial statements, or other certification deemed acceptable by the Banks which is issued by independent certified public accountants, discloses that the Performance Event or Events which caused Pioneer to previously deliver to the Banks the stock described in Section V (3) hereof no longer exist as of the last day of the period covered by such audited financial statements nor at the time of delivery of such audited financial statements to the Banks, and Pioneer certifies in writing to the Banks that it is not then in default under the terms of this Agreement and that no Performance Event has occurred and is then continuing, the Banks shall redeliver possession of such certificates evidencing such stock to Pioneer. In the event of any such redelivery, the Banks shall have the right to possession of such stock in accordance with the terms of this Agreement at any time and from time to time thereafter upon the future occurrence of any Performance Event.
Release of Stock. The Shares shall be released upon the earliest to occur of (a) a termination of the Split Dollar Plan in accordance with its terms, (b) payment by the Trust to the Company of all amounts owed to the Company under the Split Dollar Plan, or (c) the first anniversary date of the Policy on which it is projected that the cash surrender value of the Policy will exceed the total amount of premiums contributed by the Corporation in accordance with the "as sold" illustration attached to the Split Dollar Plan as Exhibit C and incorporated by reference herein. If at any time after the Shares are released, the amount the Company would receive if the Policies were then surrendered would be less than the total premiums paid by the Corporation to that date, the Company may request that the Trust again pledge to the Company sufficient shares of Company stock to cover the difference between the cash surrender value of the Policy and the total premiums contributed by the Corporation to that date.
Release of Stock. Agent, on behalf of the Banks, in consultation with the Trustee as to the number of shares, shall hold the Stock and shall release in accordance
Release of Stock. (a) Establishment of New Brokerage Account to Hold Stock.
Release of Stock. Bank hereby releases from the Collateral all stock in Borrower and all stock in Industries. All continuing obligations of the parties under the Stock Pledge Agreements executed contemporaneously with the Loan Agreement are terminated. Contemporaneously with the execution of this amendment, Bank shall return the following documents, which were delivered to Bank at the time of execution of those Stock Pledge Agreements:
Release of Stock. The Escrow Agent is authorized to release the Stock when it has received from Taylor a written statement that x xxxxific Milestone set forth in Exhibit A to the Purchase Agreement has been reached. Upon receipt of the notice by Taylor, in the form attached hxxxxx as Exhibit B, the Escrow Agent will forward to QAD such notice, as provided in Paragraph 8, and QAD shall have ten (10) business days from receipt to accept or reject the notice by written notice to the Escrow Agent. Unless QAD accepts or rejects the notice as set forth in the immediately preceding sentence within such ten business (10) day period, the Escrow Agent shall release to Taylor the portion of the Stock sxxxxxx to the notice and such action shall be conclusive and binding on all parties hereto. If the parties are unable to agree on the achievement of one or more of the Milestones, then the parties will resolve the matter by arbitration as provided in the Purchase Agreement. Except as set forth above, the Escrow Agent can only deliver Stock to Taylor if it has received the wrixxxx approval of QAD, unless the matter has been resolved by arbitration and a certified copy of the arbitrator's decision has been tendered to the Escrow Agent. If all Stock is not released by January 31, 2001, the Escrow Agent will return the Stock to QAD and this Escrow will terminate.
Release of Stock. As soon as reasonably practicable following the issuance of the Stock, the Company shall at its option, cause the Stock to which the participant is entitled pursuant hereto (i) to be released without restriction on transfer by delivery to the custody of the participant of a stock certificate in the name of the participant or his or her designee, or (ii) to be credited without restriction on transfer to a book-entry account for the benefit of the participant or his or her designee maintained by the Company’s stock transfer agent or its designee.
Release of Stock. If any audit of the Borrower’s financial statements, or other certification deemed acceptable by the Banks which is issued by independent certified public accounts, discloses that the Performance Event or Events which caused Pioneer to previously deliver to the Banks the stock described in Section V(3) hereof no longer exist as of the last day of the period covered by such audited financial statements nor at the time of delivery of such audited financial statements to the Banks, and the Borrowers certify in writing to the Banks that no Borrower is then in default under the terms of this Agreement and that no Performance Event has occurred and is then continuing, the Banks shall redeliver possession of such certificates evidencing such stock to Pioneer. In the event of any such redelivery, the Banks shall have the right to possession of such stock in accordance with the terms of this Agreement at any time and from time to time thereafter upon the future occurrence of any Performance Event or Event of Default.
Release of Stock. 35 ARTICLE VIII CONDITIONS..................................................................................35 8.1 Conditions to Each Party's Obligation to Effect the Merger..................................35 8.2 Conditions to Obligation of the Company to Effect the Merger................................36 8.3 Conditions to Obligation of Parent and Merger Sub to Effect the Merger......................37
Release of Stock. Notwithstanding any other provision of this Agreement, the Escrow Agreement, or the Shareholders Agreement, if either (i) the Registration Statement is not filed within 90 days of the Closing Date or (ii) either Todd Xxxxxx xx Di Anne Xxxxxxxx xx not elected to serve on the board of directors of Parent within 3 days following Closing then 50% of the Deferred Merger Consideration shall be released upon the failure to occur of either such event. The remaining 50% of the Deferred Merger Consideration shall be released upon the first publication of audited combined consolidated financial statements of Parent that includes at least 30 days of combined operations of the Company and Parent.
