Common use of Deposit of Proceeds Clause in Contracts

Deposit of Proceeds. All proceeds from subscriptions for Units in the Offering shall be delivered by the Company to the Escrow Agent, within forty-eight hours of the receipt thereof from Subscribers, endorsed (if appropriate) to the order of the Escrow Agent, together with an appropriate written statement setting forth the name, address and social security number/taxpayer identification number of each person or entity subscribing for Units, the number of Units subscribed for, and the amount paid by each such Subscriber. Any such proceeds deposited with the Escrow Agent in the form of uncollected checks shall be promptly presented by the Escrow Agent for collection through customary banking and clearing house facilities. As the proceeds of each sale are deposited with the Escrow Agent, the Company shall reserve the number of Units confirmed to the Subscriber thereof in connection with such subscription. All such deposited proceeds are referred to herein as the "Escrow Funds."