definiens: shall mean{!he later of ( i ) December 31, 1999 or ( ii ) J ~ e 30, 2000 in the event SP Ltd. notifies RIBI in writing prior to December 31, 1999 that the Defmed Date is extended to June 30, 20?,1 . If 5.2 Escrow . As soon as reasonably practicable following the Effective Date, the parties shall enter into an escrow agreement ( ) containing the following terms and conditions : ( c a ) $ 750,000 of said $ 1,000,000 payable by SP Ltd. pursuant to Section 5.1 above shall be directly transferred into an interest - bearing escrow account with instructions to the escrow agent to release the escrow funds to RIB I, with interest to RIB !, if, at any time up to 5 p.m Mountain Time on the Defined Date, the escrow agent is notified in accordance with the Escrow Agreement that the CPMP has issued the CPMP Opinion recommending approval to market Product in the EU Countries for Minimum Labeling, and with such notification provides escrow agent with proof of such approval