Common use of Compensation of Escrow Agent Clause in Contracts

Compensation of Escrow Agent. The Selling Agent shall pay the Escrow Agent $3,000 in advance for each twelve month period for any and all services rendered by the Escrow Agent hereunder (the “Annual Fee”). The first twelve month period shall commence from the date of this Agreement (each twelve month period shall be called a “Fee Period”). The Escrow Agent shall provide the Selling Agent written notice of at least 10 Business Days prior to beginning of any new Fee Period that any Annual Fee is due in accordance with the terms of this Section 7. The Escrow Agent hereby acknowledges the receipt of the initial Annual Fee as of the date hereof for the Initial Fee Period. If this Agreement shall be terminated for any reason, the Escrow Agent shall refund to the Selling Agent the pro rata portion of any previously paid Annual Fees for any portion of an uncompleted Fee Period within 15 Business Days of such termination.

Compensation of Escrow Agent. The Selling Agent shall pay the Escrow Agent $3,000 in advance for each twelve month period for any and all services rendered by the Escrow Agent hereunder (the “"Annual Fee”"). The first twelve month period shall commence from the date of this Agreement (each twelve month period shall be called a “"Fee Period”"). The Escrow Agent shall provide the Selling Agent written notice of at least 10 Business Days prior to beginning of any new Fee Period that any Annual Fee is due in accordance with the terms of this Section 7. The Escrow Agent hereby acknowledges the receipt of the initial Annual Fee as of the date hereof for the Initial Fee Period. If this Agreement shall be terminated for any reason, the Escrow Agent shall refund to the Selling Agent the pro rata portion of any previously paid Annual Fees for any portion of an uncompleted Fee Period within 15 Business Days of such termination.