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18B.19

Save as permitted under rule 18B.20, the monies held in the escrow account referred to in rule 18B.16 must not be released to any person other than to:
 
(1)    meet redemption requests of the SPAC shareholders in accordance with rule 18B.59;
 
(2)    complete a De-SPAC Transaction;
 
(3)    return funds to SPAC shareholders in accordance with rule 18B.74; or
 
(4)    return funds to SPAC shareholders upon the liquidation or winding up of the SPAC.
 
Note:    Save as permitted under rule 18B.20, the expenses incurred by a SPAC before the De-SPAC Transaction must not be funded from the monies held in the escrow account referred to in rule 18B.16.