LAURUS MASTER FUND, LTD.Restricted Account Release Provision • February 2nd, 2005 • Creative Vistas Inc • Blank checks
Reference is made to (i) that certain Securities Purchase Agreement, dated as of September 30, 2004 (as amended, modified or supplemented from time to time, the "Purchase Agreement"), by and between Creative Vistas, Inc., an Arizona corporation (the "Company"), and Laurus Master Fund, Ltd. (the "Purchaser") and (ii) that certain Restricted Account Agreement, dated as of September 30, 2004 (as amended, modified or supplemented from time to time, the "Restricted Account Agreement"), by and among the Company, Laurus and North Fork Bank (the "Bank"). Capitalized terms used but not defined herein shall have the meanings ascribed them in the Purchase Agreement or the Restricted Account Agreement, as applicable. Pursuant to the Section 3.2 of the Purchase Agreement, the Company is required to place $1,250,000 in the Restricted Account, and, subject to the provisions of this letter, the Purchase Agreement and any Related Agreement, maintain such amount in the Restricted Account for as long as
