Common use of Delivery of Subscriptions Clause in Contracts

Delivery of Subscriptions. All Subscriptions received by the Company or its agents prior to the termination of this Agreement shall, as soon as practicable after such receipt, be forwarded to the Escrow Agent for deposit into the Escrow Account. All Payment Instruments shall be delivered to the Escrow Agent within five (5) business days from the date of the receipt thereof, endorsed (if appropriate) to the Escrow Agent, together with a list of the applicable Subscribers, showing, with respect to each such Subscriber, the Subscriber’s name and address, subscription date, amount of subscription and amount paid. From time to time and upon request by the Escrow Agent, the Company shall provide a Subscription Accounting to the Escrow Agent. ALL ESCROW FUNDS SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS, SHALL NOT BE OR BECOME THE PROPERTY OR ASSETS OF THE COMPANY, AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY THE ESCROW AGENT, ANY LIEN OR CLAIM BY THE COMPANY OR BY JUDGMENT OR CREDITORS CLAIMS AGAINST THE COMPANY, UNTIL RELEASED TO THE COMPANY IN ACCORDANCE WITH SECTION 4 HEREOF. IN NO EVENT SHALL ANY OF THE ESCROW FUNDS BE COMMINGLED WITH DEPOSIT ACCOUNTS OF THE ESCROW AGENT OR OTHERWISE TREATED AS A DEPOSIT ACCOUNT OF THE ESCROW AGENT OR REFLECTED ON THE FINANCIAL STATEMENTS OF THE ESCROW AGENT.

Delivery of Subscriptions. All Subscriptions received by the Company or its agents prior to the termination of this Agreement shall, as soon as practicable after such receipt, be forwarded to the Escrow Agent for deposit into the Escrow Account. All Payment Instruments shall be delivered to the Escrow Agent within five (5) business days from the date of the receipt thereof, endorsed (if appropriate) to the Escrow Agent, together with a list of the applicable Subscribers, showing, with respect to each such Subscriber, the Subscriber’s name and address, subscription date, amount of subscription and amount paid. , and evidence of identity or organization in the form of a copy of a drivers license or state issued identification card (front and back) of each Subscriber (including each joint tenant, tenant in common or other additional Subscriber) and/or authorized signer for an entity Subscriber, From time to time and upon request by the Escrow Agent, the Company shall provide a Subscription Accounting to the Escrow Agent. ALL ESCROW FUNDS SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS, SHALL NOT BE OR BECOME THE PROPERTY OR ASSETS OF THE COMPANY, AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY THE ESCROW AGENT, ANY LIEN OR CLAIM BY THE COMPANY OR BY JUDGMENT OR CREDITORS CLAIMS AGAINST THE COMPANY, UNTIL RELEASED TO THE COMPANY IN ACCORDANCE WITH SECTION 4 HEREOF. IN NO EVENT SHALL ANY OF THE ESCROW FUNDS BE COMMINGLED WITH DEPOSIT ACCOUNTS OF THE ESCROW AGENT OR OTHERWISE TREATED AS A DEPOSIT ACCOUNT OF THE ESCROW AGENT OR REFLECTED ON THE FINANCIAL STATEMENTS OF THE ESCROW AGENT.

Delivery of Subscriptions. All Subscriptions received by the Company or its agents prior to the termination of this Agreement shall, as soon as practicable after such receipt, be forwarded to the Escrow Agent for deposit into the Escrow Account. All Payment Instruments shall be delivered to the Escrow Agent within five (5) business days from the date of the receipt thereof, endorsed (if appropriate) to the Escrow Agent, together with a list of the applicable Subscribers, showing, with respect to each such Subscriber, the Subscriber’s name and address, subscription date, amount of subscription and amount paid. From time to time and upon request by the Escrow Agent, the Company shall provide a Subscription Accounting to the Escrow Agent. ALL ESCROW FUNDS SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS, SHALL NOT BE OR BECOME THE PROPERTY OR ASSETS OF THE COMPANY, AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY THE ESCROW AGENT, ANY LIEN OR CLAIM BY THE COMPANY OR BY JUDGMENT OR CREDITORS CLAIMS AGAINST THE COMPANY, UNTIL RELEASED TO THE COMPANY IN ACCORDANCE WITH SECTION 4 HEREOF. OTHER THAN IN THE ESCROW AGENT’S NORMAL COURSE OF BUSINESS IN FACILITATING THE COLLECTION AND INVESTMENT OF ESCROW FUNDS, IN NO EVENT SHALL ANY OF THE ESCROW FUNDS BE COMMINGLED WITH DEPOSIT ACCOUNTS OF THE ESCROW AGENT OR OTHERWISE TREATED AS A DEPOSIT ACCOUNT OF THE ESCROW AGENT OR REFLECTED ON THE FINANCIAL STATEMENTS OF THE ESCROW AGENT. THE ESCROW AGENT SHALL KEEP ADEQUATE RECORDS TO IDENTIFY THE OWNERSHIP OF THE ESCROW FUNDS.