Escrow Release Conditions

Escrow Release Conditions


The term “Release Conditions,” as used in the Escrow Agreement, refers to any of the following: (a) material breach by Vendor of Section __ (Maintenance) of this Agreement, if such breach remains uncured ___ or more business days after Customer’s written notice; (b) any failure of Vendor to function as a going concern; (c) appointment, application for, or consent to a receiver, trustee, or other custodian for Vendor or its assets; (d) Vendor becomes insolvent or unable to pay its debts as they mature in the ordinary course or makes an assignment for the benefit of creditors; (e) Vendor is liquidated or dissolved; or (f) any proceedings are commenced with regard to Vendor under any bankruptcy, insolvency, or debtor’s relief law, and such proceedings are not dismissed within 60 days.