Common use of Establishment of the Escrow Account Clause in Contracts

Establishment of the Escrow Account. 2.1 The Issuer shall establish a non-interest-bearing Escrow Account at the Escrow Agent. The purpose of the Escrow Account is for (a) the deposit of all subscription funds (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 funds which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.

Establishment of the Escrow Account. 2.1 The Issuer shall establish a non-interest-bearing Escrow Account at the Escrow Agent. The purpose of the Escrow Account is for (a) the deposit of all subscription funds (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 funds which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.

Establishment of the Escrow Account. 2.1 The Issuer shall establish a non-interest-bearing Escrow Account at the Escrow Agent. The purpose of the Escrow Account is for (a) the deposit of all subscription funds (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 AgentEscrowAgent; (b) the holding of amounts of subscription funds which are collected through the banking system, and (c) the disbursement of collected funds, all as described herein.