Common use of Delivery of the Escrowed Funds Clause in Contracts

Delivery of the Escrowed Funds. Upon the closing of the Offering, the Escrowed Funds shall be delivered on behalf of the Company to the Escrow Agent, as escrow agent, into an interest-bearing escrow account maintained by the Escrow Agent (the “Escrow Account”) by wire transfer in accordance with the wire transfer instructions set forth on Schedule A hereto. Such Escrow Account shall bear interest at such rates as provided from time to time by the bank account in which the Escrow Funds are deposited. In no event shall the aggregate amount of Escrowed Funds delivered to the Escrow Account be less than Four Hundred Thousand Dollars ($400,000). The parties hereto agree that (i) all interest accrued on the Escrowed Funds shall be paid to the Company (regardless of whether the Escrowed Funds are distributed to the Company or the Underwriter), and (ii) for tax reporting purposes, all interest and/or other taxable income earned on the Escrowed Funds in any tax year shall be taxable to the Company. The Escrow Agent agrees to provide to the Company the appropriate form to report such interest and/or other taxable income earned (i.e., 1099 Misc., etc.).

Delivery of the Escrowed Funds. Upon the closing of the Offering, the Escrowed Funds shall be delivered on behalf of the Company to the Escrow Agent, as escrow agent, into an interest-interest bearing escrow account maintained by the Escrow Agent (the “Escrow Account”) by wire transfer in accordance with the wire transfer instructions set forth on Schedule A hereto. Such Escrow Account shall bear interest at such rates as provided from time to time by the bank account in which the Escrow Funds are deposited. In no event shall the aggregate amount of Escrowed Funds delivered to the Escrow Account be less than Four Six Hundred Thousand Dollars ($400,000600,000). The parties hereto agree that (i) all interest accrued on the Escrowed Funds shall be paid to the Company (regardless of whether the Escrowed Funds are distributed to the Company or the Underwriter), and (ii) for tax reporting purposes, all interest and/or other taxable income earned on the Escrowed Funds in any tax year shall be taxable to the Company. The Escrow Agent agrees to provide to the Company the appropriate form to report such interest and/or other taxable income earned (i.e., 1099 Misc., etc.).