Common use of Establishment of the Bank Account Clause in Contracts

Establishment of the Bank Account. 2.1 The Escrow Agent maintains a non-interest bearing law firm trust account at the Seminole, Florida branch of Bank of America, titled Law Office of Xxxxxxxx X. Xxxx, P.A. Trust Account IOTA (heretofore defined as the “Bank Account”). The purpose of the Bank Account is for, among other things, (a) the deposit of all subscription monies (checks, cash or wire transfers) which are received by the Issuer from prospective purchasers of the Securities and are delivered by the Issuer 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 maintains a non-interest bearing law firm trust account at the Seminole, Florida branch of Bank of America, titled Law Office of Xxxxxxxx X. Xxxx, P.A. Trust Account IOTA (heretofore defined as the “Bank Account”). The purpose of the Bank Account is for, among other things, (a) the deposit of all subscription monies (checks, cash checks or wire transfers) which are received by the Issuer from prospective purchasers of the Securities and are delivered by the Issuer 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.