Common use of Capital Markets Initiatives Clause in Contracts

Capital Markets Initiatives. The Company and Parent agree to place, at the Closing, $250,000 of the net proceeds received by Parent in the Private Placement into a segregated bank account designated by Sovereign Bancorp Ltd. (“Sovereign”) for capital markets initiatives and related investor relations purposes during the twelve (12) months following the Effective Time with a firm or firms reasonably acceptable to Parent. Such account shall be in the name of and managed by Sovereign in trust for and for the benefit of Parent. Sovereign shall release the funds contained in such account and make all expenditures relating to the matters described in this Section 6.10 with the funds contained in such account based on periodic authorizations of the Chief Executive Officer of Parent, as reasonably approved in each case by Sovereign.

Capital Markets Initiatives. The Company Companies and Parent agree to place, at the Closing, $250,000 500,000 of the net proceeds received by Parent in the Private Placement into a segregated bank account designated by Sovereign Bancorp Ltd. (“Sovereign”) for capital markets initiatives and related investor relations purposes during the twelve (12) months following the Effective Time Closing with a firm or firms reasonably acceptable to Parent. Such account shall be in the name of of, and managed by Sovereign Bancorp Ltd. (“Sovereign”) in trust for and for the benefit of of, Parent. Sovereign shall release the funds contained in such account and make all expenditures relating to the matters described in this Section 6.10 5.9 with the funds contained in such account based on periodic authorizations of the President or Chief Executive Officer of Parent, as reasonably approved in each case by Sovereign.

Capital Markets Initiatives. The Company and Parent agree to place, at the Closing, $250,000 of the net proceeds received by Parent in the Private Placement into a segregated bank account designated by Sovereign Bancorp Ltd. (“Sovereign”) for capital markets initiatives and related investor relations purposes during the twelve (12) months following the Effective Time Closing with a firm or firms reasonably acceptable to Parent. Such account shall be in the name of of, and managed by Sovereign in trust for and for the benefit of of, Parent. Sovereign shall release the funds contained in such account and make all expenditures relating to the matters described in this Section 6.10 5.9 with the funds contained in such account based on periodic authorizations of the Chairman of the Board or the Chief Executive Officer of Parent, as reasonably approved in each case by Sovereign.