Agreement Regarding Dispersal of Escrow Funds and Further Security InterestAgreement Regarding Dispersal of Escrow Funds and Further Security Interest • July 11th, 2003 • Murdock Communications Corp • Telegraph & other message communications • Michigan
Payment from Escrow Fund. To further induce Affiliated Investments, L.L.C. (the “Lender”) to extend or continue credit or some other benefit to Polar Molecular Corporation (the “Borrower”), in addition to the Fourth Amendment to the Loan Extension and Release and Waiver Agreement executed the same day as this Agreement, Polar agrees to pay to Lender from Borrower’s funds held in escrow by Berthel Fisher & Company Financial Services, Inc. (“Berthel”) relating to the exercise of Borrower’s warrants (the “Escrow Fund”)), at the closing of the merger of Borrower with a wholly owned subsidiary of Murdock Communications Corporation, the following amounts: the $75,000 loaned earlier this year, together with all unpaid interest accrued thereon (collectively, the “Amount Due at Closing”). Borrower agrees to pay all costs and expenses including, without limitation, all court costs and attorneys’ fees and expenses paid or incurred by the Lender in endeavoring to collect all or any part of the Amo
