Common use of Disposition of Proceeds on Exercise of Warrants Clause in Contracts

Disposition of Proceeds on Exercise of Warrants. Upon the exercise of any Warrant, the Warrant Agent shall promptly deposit the payment into an escrow account established by mutual agreement of the Company and the Warrant Agent at a federally insured commercial bank. All funds deposited in the escrow account will be disbursed on a weekly basis to the Company once they have been determined by the Warrant Agent to be collected funds. Once the funds are determined to be collected, the Warrant Agent shall cause the share certificate(s) representing the exercised warrants to be issued. The Warrant Agent shall keep copies of this Agreement available for inspection by holders of Warrants during normal business hours at the stock transfer office of the Warrant Agent. Copies of this Agreement may be obtained upon written request addressed to the Warrant Agent at its stock transfer office.