Common use of Description of the Offering Clause in Contracts

Description of the Offering. All funds received from subscribers in the Offering will be held in escrow by HIBERNIA NATIONAL BANK ("Escrow Agent"), pursuant to an agreement among the Placement Agent, the Company and the Escrow Agent ("Escrow Agreement"). The Company will determine, in its sole discretion, to accept or reject subscriptions for Units within five days following receipt thereof. Funds of an investor whose subscription is rejected will be promptly returned directly to such person by the Escrow Agent, without interest thereon or deduction therefrom, pursuant to the terms of the Escrow Agreement. In the event that at least 100,000 Units have not been sold within 120 days from the initial effective date of the Registration Statement (as hereinafter defined) under the Securities Act of 1933, as amended ("Securities Act"), the Offering will terminate and all funds received from subscribers will be promptly returned in full by the Escrow Agent directly to subscribers, without interest thereon or deduction therefrom, as provided in the Escrow Agreement. Provided that at least 100,000 Units are sold within the foregoing period, the Company may continue to offer the Units for sale until (i) 250,000 Units are sold or (ii) six months from the effective date of the offering, whichever first occurs; the Offering may be terminated at any time prior thereto at the discretion of the Company. The Company reserves the right to refuse to sell shares of Units to any person at any time. The Company, the Units and the Offering are more fully described in the Registration Statement (as hereinafter defined) and the Prospectus (as hereinafter defined). All terms used in this Agreement, unless specifically defined herein, shall have the meanings set forth in such Registration Statement and Prospectus.

Description of the Offering. All funds received from subscribers in the Offering will be held in escrow by HIBERNIA NATIONAL BANK ("Escrow Agent"), pursuant to an agreement among the Placement Agent, the Company and the Escrow Agent ("Escrow Agreement"). The Company will determine, in its sole discretion, to accept or reject subscriptions for Units within five days following receipt thereof. Funds of an investor whose subscription is rejected will be promptly returned directly to such person by the Escrow Agent, without interest thereon or deduction therefrom, pursuant to the terms of the Escrow Agreement. In the event that at least 100,000 Units have not been sold within 120 days from the initial effective date of the Registration Statement (as hereinafter defined) under the Securities Act of 1933, as amended ("Securities Act"), the Offering will terminate and all funds received from subscribers will be promptly returned in full by the Escrow Agent directly to subscribers, without interest thereon or deduction therefrom, as provided in the Escrow Agreement. Provided that at least 100,000 Units are sold within the foregoing period, the Company may continue to offer the Units for sale until (i) 250,000 Units are sold or (ii) six months from the effective date of the offering[INSERT DATE], 2003, whichever first occurs; the Offering may be terminated at any time prior thereto at the discretion of the Company. The Company reserves the right to refuse to sell shares of Units to any person at any time. The Company, the Units and the Offering are more fully described in the Registration Statement (as hereinafter defined) and the Prospectus (as hereinafter defined). All terms used in this Agreement, unless specifically defined herein, shall have the meanings set forth in such Registration Statement and Prospectus.