Common use of Establishment of the Bank Account Clause in Contracts

Establishment of the Bank Account. 2.1 The Escrow Agent shall establish a non-interest-bearing bank account at the branch of Chase Manhattan Bank or such other bank as selected by the Escrow Agent and reasonably acceptable to the Issuer and the Underwriter, and bearing the title set forth on the Information Sheet (heretofore defined as the "Bank Account"). The purpose of the Bank Account is for (a) the deposit of all subscription monies (checks, cash or wire transfers) which are received by the Underwriter from prospective purchasers of the Securities and are delivered by the Underwriter to the Escrow Agent, (b) the holding of amounts of subscription monies which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.

Establishment of the Bank Account. 2.1 The Escrow Agent shall establish a non-interest-bearing interest bank account at the branch of Chase Manhattan Bank or such other bank as XX Xxxxxx Xxxxx selected by the Escrow Agent and reasonably acceptable to the Issuer and the UnderwriterAgent, and bearing the title designation set forth on the Information Sheet (heretofore defined as the "“Bank Account"”); while the funds are on deposit, the Escrow Agent may earn bank credits or other consideration. The purpose of the Bank Account is for (a) the deposit of all subscription monies (checks, cash or wire transfers) which are received by the Underwriter from prospective purchasers of the Securities and are delivered by the Underwriter to the Escrow Agent, (b) the holding of amounts of subscription monies which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.