Common use of Withdrawals From Escrow Account Clause in Contracts

Withdrawals From Escrow Account. (a) Disbursement Of 10% Of Escrow Funds. If the Escrow Agent receives, on or before the Termination Date, subscriptions in an aggregate amount of not less than $18,000,000 and written acceptance of each subscriber's subscription by OTEC, and OTEC has met the Release Conditions set forth in Paragraph 4(c) below, then the Escrow Agent shall disburse, upon written instruction from OTEC, substantially in the form attached hereto as Exhibit A, 10% of the subscription payments held in the Escrow Account to OTEC ("Initial Disbursement"). If the Escrow Agent receives additional subscription payments after the Initial Disbursement, the Escrow Agent shall deposit the subscription payments into the Escrow Account and upon receiving written instruction from OTEC, substantially in the form attached hereto as Exhibit A, shall disburse to OTEC 10% of all subscription payments received after the Initial Disbursement. The Escrow Agent shall retain the remaining 90% of all subscription payments in the Escrow Account to be disbursed as set forth in Section 4(b) below.