Common use of Release of Escrow Funds Clause in Contracts

Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following: (a) Provided that the Escrow Funds total at least $500,000 at or before 4:00 p.m., Salt Lake City time, on August 22, 2000, (or September 22, 2000 if extended by the Company by written notice to the Escrow Agent given on or before August 22, 2000), or on any date prior thereto, the Escrow Funds (or any portion thereof) shall be paid to the Company or as otherwise instructed by the Company, within one (1) business day after the Escrow Agent receives a written release notice in substantially the form of Exhibit A attached hereto (a "Release Notice") signed by an authorized person of the Company and thereafter, the Escrow Account will remain open for the purpose of depositing therein the subscription price for additional securities sold by the Company in the Offering, which additional Escrow Funds shall be paid to the Company or as otherwise instructed by the Company upon receipt by the Escrow Agent of a Release Notice as described above; and (b) if the Escrow Agent has not received a Release Notice from the Company at or before 4:00 p.m. Salt Lake City time, on August 22, 2000, (or September 22, 2000 if extended by the Company by written notice to the Escrow Agent given on or before August 22, 2000), and the Escrow Funds do not total at least $500,000 at such time and date, then the Escrow Funds shall be returned to Subscribers. In the event that at any time the Escrow Agent shall receive from the Company written instructions signed by an individual who is identified on Exhibit B attached hereon as a person authorized to act on behalf of the Company, requesting the Escrow Agent to refund to a Subscriber the amount of a collected check or other funds received by the Escrow Agent, the Escrow Agent shall make such refund to the Subscriber within one (1) business day after receiving such instructions.

Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following: (a) Provided that the Escrow Funds total at least $500,000 80,000 at or before 4:00 p.m., Salt Lake City time, on August 22June 1, 20002001, (or September 22July 2, 2000 2001 if extended by the Company by written notice to the Escrow Agent given on or before August 22June 1, 20002001), or on any date prior thereto, the Escrow Funds (or any portion thereof) shall be paid to the Company or as otherwise instructed by the Company, within one (1) business day after the Escrow Agent receives a written release notice in substantially the form of Exhibit A attached hereto (a "Release Notice") signed by an authorized person of the Company and thereafter, the Escrow Account will remain open for the purpose of depositing therein the subscription price for additional securities sold by the Company in the Offering, which additional Escrow Funds shall be paid to the Company or as otherwise instructed by the Company upon receipt by the Escrow Agent of a Release Notice as described above; and (b) if the Escrow Agent has not received a Release Notice from the Company at or before 4:00 p.m. Salt Lake City time, on August 22June 1, 20002001, (or September 22July 2, 2000 2001 if extended by the Company by written notice to the Escrow Agent given on or before August 22June 1, 20002001), and the Escrow Funds do not total at least $500,000 80,000 at such time and date, then the Escrow Funds shall be returned to Subscribers. In the event that at any time the Escrow Agent shall receive from the Company written instructions signed by an individual who is identified on Exhibit B attached hereon as a person authorized to act on behalf of the Company, requesting the Escrow Agent to refund to a Subscriber the amount of a collected check or other funds received by the Escrow Agent, the Escrow Agent shall make such refund to the Subscriber within one (1) business day after receiving such instructions.

Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following: (a) Provided that the Escrow Funds total at least $500,000 250,000 at or before 4:00 p.m., Salt Lake City time, on August 22May 31, 20002007, (or September 22August 15, 2000 2007 if extended by the Company by written notice to the Escrow Agent given on or before August 22May 15, 20002007), or on any date prior thereto, the Escrow Funds (or any portion thereof) shall be paid to the Company or as otherwise instructed by the Company, within one (1) business day after the Escrow Agent receives a written release notice in substantially the form of Exhibit A attached hereto (a "“Release Notice"”) signed by an authorized person of the Company and thereafter, the Escrow Account will remain open for the purpose of depositing therein the subscription price for additional securities sold by the Company in the Offering, which additional Escrow Funds shall be paid to the Company or as otherwise instructed by the Company upon receipt by the Escrow Agent of a Release Notice as described above; and (b) if the Escrow Agent has not received a Release Notice from the Company at or before 4:00 p.m. Salt Lake City time, on August 22May 31, 20002007, (or September 22August 31, 2000 2007 if extended by the Company by written notice to the Escrow Agent given on or before August 22May 31, 20002007), and the Escrow Funds do not total at least $500,000 250,000 at such time and date, then the Escrow Funds shall be returned to Subscribers. In the event that at any time the Escrow Agent shall receive from the Company written instructions signed by an individual who is identified on Exhibit B attached hereon as a person authorized to act on behalf of the Company, requesting the Escrow Agent to refund to a Subscriber the amount of a collected check or other funds received by the Escrow Agent, the Escrow Agent shall make such refund to the Subscriber within one (1) business day after receiving such instructions.

Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following: (a) Provided that the Escrow Funds total at least $500,000 75,000 at or before 4:00 p.m., Salt Lake City Mountain time, on August 22Oct. 25, 20002001, (or September 22November 25, 2000 2001 if extended by the Company by written notice to the Escrow Agent given on or before August 22October 25, 20002001), or on any date prior thereto, the Escrow Funds (or any portion thereof) shall be paid to the Company or as otherwise instructed by the Company, within one (1) business day after the Escrow Agent receives a written release notice in substantially the form of Exhibit A attached hereto (a "Release Notice") signed by an authorized person of the Company and thereafter, the Escrow Account will remain open for the purpose of depositing therein the subscription price for additional securities sold by the Company in the Offering, which additional Escrow Funds shall be paid to the Company or as otherwise instructed by the Company upon receipt by the Escrow Agent of a Release Notice as described above; and (b) if the Escrow Agent has not received a Release Notice from the Company at or before 4:00 p.m. Salt Lake City Mountain time, on August 22Oct. 25, 20002001, (or September 22Nov. 25, 2000 2001 if extended by the Company by written notice to the Escrow Agent given on or before August 22Oct. 25, 20002001), and the Escrow Funds do not total at least $500,000 75,000 at such time and date, then the Escrow Funds shall be returned to Subscribers. In the event that at any time the Escrow Agent shall receive from the Company written instructions signed by an individual who is identified on Exhibit B attached hereon as a person authorized to act on behalf of the Company, requesting the Escrow Agent to refund to a Subscriber the amount of a collected check or other funds received by the Escrow Agent, the Escrow Agent shall make such refund to the Subscriber within one (1) business day after receiving such instructions.