Common use of Escrow of Funds Clause in Contracts

Escrow of Funds. Pending Closing purchasers shall place all funds for purchase of Securities, less the fees and expenses of the Agent and its counsel, in an escrow account with an escrow agent to be designated by the Company and the Placement Agent ("Escrow Agent") and as set up by the Company in accordance with the terms of an escrow agreement between the Company, the Agent and the Escrow Agent. The Company shall have the right to approve or object to the subscriptions of any purchaser. At such time as purchasers purchasing the Debentures have delivered to the Agent a signed Purchase Agreement, and provided those purchasers 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 the Company shall release the certificates representing the Securities to the subscribers (the "Closing"). In the event the Closing is not held on or before June 12, 2000, all subscription proceeds shall be immediately returned to purchasers without deduction or charge by the Escrow Agent.

Escrow of Funds. Pending Closing purchasers shall place all funds for purchase of Securities, less the fees and expenses of the Agent and its counsel, in an escrow account with an escrow agent to be designated by the Company and the Placement Agent ("Escrow Agent") and as set up by the Company in accordance with the terms of an escrow agreement between the Company, the Agent and the Escrow Agent. The Company shall have the right to approve or object to the subscriptions of any purchaser. At such time as purchasers purchasing the Debentures have delivered to the Agent a signed Purchase Agreement, and provided those purchasers 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 the Company shall release the certificates representing the Securities to the subscribers (the "Closing"). In the event the Closing is not held on or before June 12August 28, 2000, (the "Escrow Period") all subscription proceeds shall be immediately returned to purchasers without deduction or charge by the Escrow Agent, unless the Escrow Period is extended by the parties mutually.

Escrow of Funds. Pending Closing purchasers shall place all funds for purchase of Securities, less the fees and expenses of the Agent and its counsel, Securities in an escrow account with an escrow agent to be designated by the Company and the Placement Agent ("Escrow Agent") and as set up by the Company in accordance with the terms of an escrow agreement between the Company, the Agent and the Escrow Agent. The Company shall have the right to approve or object to the subscriptions of any purchaser. At such time as purchasers purchasing the Debentures all 50 Securities have delivered to the Agent a signed Purchase Agreement, and provided those purchasers 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 the Company shall release the certificates representing the Securities to the subscribers (the "Closing"). In the event the Closing is not held on or before June 12[ ], 2000, all subscription proceeds shall be immediately returned to purchasers without deduction or charge by the Escrow Agent.