Common use of Escrow Procedures Clause in Contracts

Escrow Procedures. The Underwriter and the Company shall enter into an escrow agreement (the "Escrow Agreement") in substantially the form appended hereto as Annex B with The National Bank of Southern California, Newport Beach, California (the "Escrow Agent") pursuant to which the Underwriter will deposit subscription funds it receives on behalf of the Company for Units prior to the Closing Date with the Escrow Agent, to be released by the Escrow Agent as provided in the Escrow Agreement. The Underwriter and/or any broker/dealers which are members of the selling group shall transmit any checks received from subscribers directly to the Escrow Agent by noon, California time, of the next business day after receipt of such checks.