Common use of Subscription Payments Clause in Contracts

Subscription Payments. The Company shall deliver to the Escrow Agent all checks, drafts and money orders ("Subscription Payments") and all Subscription Agreements and other related documents ("Subscription Documents") received by the Company from Subscribers in connection with the Offering. All Subscription Payments shall be made payable to "PEOPLES STATE BANK OF FRANCESVILLE AS ESCROW AGENT FOR - IROQUOIS BIO-ENERGY COMPANY, LLC ESCROW." ALL FUNDS HELD BY THE ESCROW AGENT SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY THE ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST THE COMPANY OR THE ESCROW AGENT UNTIL RELEASED TO THE COMPANY IN ACCORDANCE WITH SECTION 3 HEREOF. IN NO EVENT SHALL ANY OF THE SUBSCRIPTION PAYMENTS BE COMMINGLED WITH DEPOSIT ACCOUNTS OF THE ESCROW AGENT OR OTHERWISE TREATED AS A DEPOSIT ACCOUNT OR REFLECTED ON THE FINANCIAL STATEMENTS OF THE ESCROW AGENT.