Common use of Escrow Account Authorizations Clause in Contracts

Escrow Account Authorizations. Only officers of the Escrow Agent shall be entitled to withdraw funds from the Escrow Account as provided herein. OTEC shall deliver to Escrow Agent for deposit in the Escrow Account all funds, checks, bank money orders, etc., received by OTEC from the sale of membership units. All checks, bank money orders, etc. shall be made payable to "Midwest Bank N.A. as Escrow Agent for Oregon Trail Ethanol Coalition, L.L.C.". OTEC shall deliver to Escrow Agent with each subscriber's funds, the subscriber's name, address, amount of investment and date of deposit. Escrow Agent shall maintain this information in its records for the purpose of returning to each subscriber the subscriber's funds in the event that the minimum equity offering of $18 million is not subscribed by March 1, 2003, subject to extension by OTEC to up to April 30, 2003, the OTEC prospectus (the "Termination Date"). All proceeds so deposited shall remain the property of the subscriber and shall not be subject to any liens or charges by the Escrow Agent or judgments or creditors' claims against OTEC unless and until released to OTEC as hereinafter provided. The pro rata amount of interest to be allocated to each subscriber in the event the funds are returned to the subscribers will be based on the date of the deposit of the respective subscriber's funds into the Escrow Account by OTEC.

Escrow Account Authorizations. Only officers of the Escrow Agent shall ----------------------------- be entitled to withdraw funds from the Escrow Account as provided herein. OTEC shall deliver to Escrow Agent for deposit in the Escrow Account all funds, checks, bank money orders, etc., received by OTEC from the sale of membership units. All checks, bank money orders, etc. shall be made payable to "Midwest Bank N.A. as Escrow Agent for Oregon Trail Ethanol Coalition, L.L.C.". OTEC shall deliver to Escrow Agent with each subscriber's funds, the subscriber's name, address, amount of investment and date of deposit. Escrow Agent shall maintain this information in its records for the purpose of returning to each subscriber the subscriber's funds in the event that the minimum equity offering of $18 million is not subscribed by March 1, 2003, subject to extension by OTEC to up to April 30, 2003, the OTEC prospectus (the "Termination Date"). All proceeds so deposited shall remain the property of the subscriber and shall not be subject to any liens or charges by the Escrow Agent or judgments or creditors' claims against OTEC unless and until released to OTEC as hereinafter provided. The pro rata amount of interest to be allocated to each subscriber in the event the funds are returned to the subscribers will be based on the date of the deposit of the respective subscriber's funds into the Escrow Account by OTEC.

Escrow Account Authorizations. Only officers of the Escrow Agent shall be entitled to withdraw funds from the Escrow Account as provided herein. OTEC shall deliver to Escrow Agent for deposit in the Escrow Account all funds, checks, bank money orders, etc., received by OTEC from the sale of membership units. All checks, bank money orders, etc. shall be made payable to "Midwest Bank N.A. as Escrow Agent for Oregon Trail Ethanol Coalition, L.L.C.". OTEC shall deliver to Escrow Agent with each subscriber's funds, the subscriber's name, address, amount of investment and date of deposit. Escrow Agent shall maintain this information in its records for the purpose of returning to each subscriber the subscriber's funds in the event that the minimum equity offering of $18 million is not subscribed by March 1May 31, 2003, subject to extension by OTEC to up to April June 30, 2003, the OTEC prospectus 2003 (the "Termination Date"). All proceeds so deposited shall remain the property of the subscriber and shall not be subject to any liens or charges by the Escrow Agent or judgments or creditors' claims against OTEC unless and until released to OTEC as hereinafter provided. The pro rata amount of interest to be allocated to each subscriber in the event the funds are returned to the subscribers will be based on the date of the deposit of the respective subscriber's funds into the Escrow Account by OTEC.