Common use of Deposit of Escrow Funds Clause in Contracts

Deposit of Escrow Funds. Simultaneously with the execution and delivery of this Escrow Agreement, the Company will transfer the Escrow Funds in the amount set forth on Schedule A hereto to Escrow Agent, by wire transfer of immediately available funds, to the account of the Escrow Agent referenced on Schedule A hereto. The Escrow Funds shall be held separate and apart from other funds of the Company and shall be used exclusively for the uses and purposes as set forth in this Escrow Agreement. The Officer and his beneficiaries shall have no preferred claim on, or any beneficial ownership interest in the Escrow Funds. Any rights created under this Escrow Agreement shall be mere unsecured contractual rights of the Officer. The Escrow Funds held by the Escrow Agent will be subject to the claims of the Company’s general creditors under federal and state law in the event of Insolvency.