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 for each Closing in an escrow account set up by the Company. The Company shall have the right to approve or object the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for the Shares delivered to the 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 to the Company and counsel to the Agent shall release the certificates representing the Securities to the subscribers (the "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 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 Company. The Company shall have the right to approve or object the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for the Shares delivered to the 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 to the Company and counsel to the Agent shall release the certificates representing the Securities to the subscribers (the "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 Offering Period.

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 to approve or object the subscriptions of each subscriber, as described in the Subscription Agreement. At such time as subscribers subscribing for the Minimum Shares 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 "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 the 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 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 Companyaccount. The Company shall have the right to approve or object the subscriptions of each subscriber, as described in the Subscription AgreementAgreement prior to each closing. At such time as subscribers subscribers, subscribing for the Shares at least $100,000 of Securities, 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 counsel to the Agent shall release the certificates representing the Securities to the subscribers (the "CLOSINGInitial 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 CLOSINGSubsequent Closing") throughout the 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 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 Companyaccount. The Company shall have the right to approve or object the subscriptions of each subscriber, as described in the Subscription AgreementAgreement prior to each closing. At such time as subscribers subscribers, subscribing for the Shares at least $100,000 of Securities, 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 counsel to the Agent shall release the certificates representing the Securities to the subscribers (the "CLOSINGInitial 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 CLOSINGSubsequent Closing") throughout the 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.