Common use of Deposits in Escrow Clause in Contracts

Deposits in Escrow. (a) The Company shall deposit or cause to be deposited with the Escrow Agent, to be held in escrow under the terms of this Agreement, all proceeds received from the sale of the Shares to the Subscribers (the “Subscription Proceeds”). The Escrow Agent shall have no responsibility for Subscription Proceeds until such proceeds are actually received, clear through normal banking channels and constitute collected funds. The Escrow Agent shall have no duty to collect or seek to compel payment of any Subscription Proceeds, except to place such proceeds or instruments representing such proceeds for deposit and payment through customary banking channels. Checks for Subscription Proceeds furnished by Subscribers shall be made payable to: SunTrust Bank, as Escrow Agent for Stem Sales, Inc.

Deposits in Escrow. (a) The Company shall direct Subscribers to deposit or cause to be deposited with the Escrow Agent, to be held in escrow under the terms of this Agreement, all proceeds received from the sale of purchase price for the Shares to subscribed for by the Subscribers (the “Subscription Proceeds”). The Escrow Agent shall have no responsibility for Subscription Proceeds until such proceeds are actually received, clear through normal banking channels and constitute collected funds. The Escrow Agent shall have no duty to collect or seek to compel payment of any Subscription Proceeds, except to place such proceeds or instruments representing such proceeds for deposit and payment through customary banking channels. Checks for Subscription Proceeds furnished by Subscribers shall be made payable to: SunTrust Bank, as Escrow Agent for Stem Sales, Inc.Boxlight Corporation.

Deposits in Escrow. (a) The Company shall deposit or cause to be deposited with the Escrow Agent, to be held in escrow under the terms of this Agreement, all subscription proceeds received from for purchases of Preferred Units in the sale of the Shares to the Subscribers Offering (the “Subscription Proceeds”). The Escrow Agent shall have no responsibility for Subscription Proceeds until such proceeds are actually received, clear through normal banking channels and constitute collected funds. The Escrow Agent shall have no duty to collect or seek to compel payment of any Subscription Proceeds, except to place such proceeds or instruments representing such proceeds for deposit and payment through customary banking channels. Checks for Subscription Proceeds furnished by Subscribers shall be made payable to: SunTrust “Truist Bank, as Escrow Agent for Stem SalesModular Medical, Inc.Inc. Best Efforts Public Offering.”