Common use of Agreement to Act as Placement Agents Clause in Contracts

Agreement to Act as Placement Agents. On the basis of the representations, warranties and agreements of the Company herein contained and subject to all the terms and conditions of this Agreement, the Placement Agents agree to act as the Company’s exclusive Placement Agents in connection with the issuance and sale, on a minimum-maximum best efforts basis, by the Company of the Units to the Investors. The Placement Agents agree to use their commercially reasonable best efforts to identify prospective Investors and assist the Company in selling the Units in accordance with applicable federal and state laws. The Company shall pay to the Placement Agents an aggregate of eight percent (8%) of the proceeds received by the Company from the sale of the Units. The Placement Agents have agreed that their selling commissions would be allocated sixty percent (60%) to GHS and forty percent (40%) to Gilford, after the deduction by GHS of the amount of any unreimbursed sales and marketing expenses.