Purchase Escrow Sample Clauses
Purchase Escrow. Buyer will deposit, at the Closing, $15 million of the Purchase Price (the “Escrow Amount”) by wire transfer of immediately available funds into an escrow fund (“Escrow Fund”). The Escrow Fund shall be held by the Escrow Agent pursuant to the terms of the Escrow Agreement, and subject to the terms of Section 12.2(c), as the initial but non-exclusive source of funds for amounts owing to Buyer for indemnification under this Agreement. Any amounts remaining in the Escrow Fund at the Escrow Termination Date (as defined in the Escrow Agreement) shall be disbursed and released on such date subject to the terms and conditions of the Escrow Agreement.
Purchase Escrow. On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Purchasers will purchase, severally and not jointly, an aggregate of up to Six Million Dollars ($6,000,000) of securities comprised of an aggregate of Six Thousand (6,000) shares of Preferred Stock at a purchase price of $1,000 per share of Preferred Stock, with an aggregate Stated Value for each Purchaser equal to such Purchaser’s Preferred Stock Subscription Amount as set forth on the signature page hereto executed by such Purchaser. The purchase will be completed in a single tranche as provided herein. The Preferred Stock and the shares of Common Stock issuable upon conversion are collectively referred to as (the “Securities”). Each Purchaser shall deliver to the Escrow Agent, via wire transfer, immediately available funds equal to the Purchaser’s Preferred Stock Subscription Amount for the Preferred Stock as set forth on the signature page hereto executed by the Purchaser.
Purchase Escrow