Common use of Distribution of Escrowed Funds Clause in Contracts

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration September 30, 1997, or such subsequent extension date of the offering as described in the prospectus relating to the offeringnot later than March 31, 1998 (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 7,700,000 in Escrowed FundsFunds which are collected funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. In all events, the Escrow Agent shall deliver not less than $7,700,000 in collected funds to the Company, except as provided in Paragraph 3(b) hereof.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company and the Sales Agent in writing that the Escrow Agent has received at least $12,000,000 7,400,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman another authorized representative of the Board of the Company company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds funds are not collected funds, then the Escrow Agent shall notify the Company and the Sales Agent of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. In all events, the Escrow Agent shall deliver not less than $7,400,000 in collected funds to the Company, except as provided in Paragraphs 3(b) and 3(c) hereof.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 6,000,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. In all events, the Escrow Agent shall deliver not less than $6,000,000 in collected funds to the Company, except as provided in Paragraphs 3(b) and 3(c) hereof.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the timestime, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 7,000,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company and the Sales Agent in writing that the Escrow Agent has received at least $12,000,000 5,500,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board another authorized representative of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company and the Sales Agent of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. In all events, the Escrow Agent shall deliver not less than $5,500,000 in collected funds to the Company, except as provided in Paragraphs 3(b) and 3(c) hereof.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ ------------------------------- distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 6,300,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels.

Distribution of Escrowed Funds. The Escrow Agent shall distribute ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration September 30, 1998, or such subsequent extension date of the offering as described in the prospectus relating to the offeringnot later than March 31, 1999 (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 8,000,000 in Escrowed FundsFunds which are collected funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels. In all events, the Escrow Agent shall deliver not less than $8,000,000 in collected funds to the Company, except as provided in Paragraph 3(b) hereof.

Distribution of Escrowed Funds. The Escrow Agent shall ------------------------------ distribute the Escrowed Funds in the amounts, at the times, and upon the conditions hereinafter set forth in this Agreement. (a) If at any time on or prior to the expiration date of the offering as described in the prospectus relating to the offering, (the "Closing Date"), (i) the Escrow Agent has certified to the Company in writing that the Escrow Agent has received at least $12,000,000 6,100,000 in Escrowed Funds, and (ii) the Escrow Agent has received a certificate from the President or the Chairman of the Board of the Company that all other conditions to the release of funds as described in the Company's Registration Statement filed with the Securities and Exchange Commission pertaining to the public offering have been met, then the Escrow Agent shall deliver the Escrowed Funds and any interest earned thereon to the Company company to the extent such Escrowed Funds are collected funds. If any portion of the Escrowed Funds are not collected funds, then the Escrow Agent shall notify the Company of such facts and shall distribute such funds to the Company only after such funds become collected funds. For purposes of this Agreement, "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels.