Common use of Escrow of Funds Clause in Contracts

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities in an escrow account set up by the Company. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for at least the Minimum Shares (but not more than the Maximum Shares, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout the

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Companyaccount. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject object the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for at least the Minimum Shares (but not more than the Maximum Shares, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and the Agent shall release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout thethe Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Preferred Stock or Securities as set forth in Section 5 herein.

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is ------------------ attached hereto as Exhibit "A" (the "Escrow AgreementESCROW AGREEMENT"), executed by the Company, the Agent and the escrow agent (the "Escrow AgentESCROW AGENT"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Company. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject object the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for at least the Minimum Shares (but not more than the Maximum Shares, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and counsel to the Agent shall release the certificates representing the Securities to the subscribers (the "Initial ClosingCLOSING"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount, the Offering may be continued, and additional Closings may be held (each a "Subsequent ClosingSUBSEQUENT CLOSING") throughout thethe Offering Period.

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Companyaccount. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject the subscriptions of each subscriber, as described in the Subscription AgreementAgreement prior to each closing. At such time as subscribers subscribing for at least the Minimum Shares $200,000 of Securities (but not more than the Maximum SharesSecurities, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and the Agent shall release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout thethe Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Debentures or Securities as set forth in Section 5 herein.

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of --------------- which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Companyaccount. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject the subscriptions of each subscriber, as described in the Subscription AgreementAgreement prior to each closing. At such time as subscribers subscribing for at least the Minimum Shares $200,000 of Securities (but not more than the Maximum SharesSecurities, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and the Agent shall release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount, the Offering may be continued, and additional Closings may be held ("each a "Subsequent Closing") throughout thethe Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Debentures or Securities as set forth in Section 5 herein.

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Company. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject object the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for at least the Minimum Shares (but not more than the Maximum Shares, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout thethe Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Securities or other equity or debt of the Company as set forth in Section 5 herein.

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Companyaccount. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject object the subscriptions of each subscriber, as described in the Subscription AgreementAgreement prior to each closing. At such time as subscribers subscribers, subscribing for at least the Minimum Shares (but not more than the Maximum Shares$100,000 of Securities, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company Company, and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount$800,000, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout thethe Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Debentures or Securities as set forth in Section 5 herein.

Escrow of Funds. Pursuant to the Escrow Agreement, a copy of which is attached hereto as Exhibit "A" (the "Escrow Agreement"), executed by the Company, the Agent and the escrow agent (the "Escrow Agent"), the subscribers shall place all funds for purchase of Securities for each Closing in an escrow account set up by the Companyaccount. The Company shall have the right in its sole and absolute discretion, for any reason or no reason, to approve or reject object the subscriptions of each subscriber, as described in the Subscription AgreementAgreement prior to each closing. At such time as subscribers subscribers, subscribing for at least the Minimum Shares (but not more than the Maximum Shares$100,000 of Securities, unless otherwise agreed by the Company and Agent, and consented to by the subscribers) have delivered to the Escrow Agent their signed subscription documents, those subscribers have been approved by the Company Company, and all other Closing conditions have been met, Escrow Agent shall release the subscription funds and signed documents to the Company and release the certificates representing the Securities to the subscribers (the "Initial Closing"). In the event that the Initial Closing shall be for an amount of Securities less than the Maximum Amount$700,000, the Offering may be continued, and additional Closings may be held (each a "Subsequent Closing") throughout thethe Offering Period. In addition, the Agent shall have the right to act as agent for the sale of additional Debentures or Securities as set forth in Section 5 herein.