Common use of Duties and Responsibilities of Escrow Agent Clause in Contracts

Duties and Responsibilities of Escrow Agent. The duties and ------------------------------------------- responsibilities of the Escrow Agent shall be limited to the following: (a) At the expiration of five days after the sale of 62,500 shares of Common Stock totaling $250,000 by the Company and the deposit of the proceeds from the sale thereof in the Escrow Account, together with information as to the names and addresses of the Subscribers and the amount subscribed for by each such Subscriber by 5:00 p.m., Houston, Texas time, 180 days from the effective date of the Prospectus (herein referred to as the "Initial Closing Date"), the Company, in writing, shall direct the Escrow Agent to pay all fees and commissions then due in connection with the offering as specified in the Prospectus, and disburse the remainder of such proceeds of such sales to the Company. (b) In the event that the proceeds representing the sale of 62,500 shares of Common Stock shall not have been deposited by the Company into the Escrow Account by 5:00 p.m., Houston, Texas time, 180 days from the effective date of the Prospectus or the Company terminates the Offering before such date, then in such event, the Escrow Agent shall send within five business days to the Subscribers, by checks, the cash theretofore contributed by them to the Company and deposited in the Escrow Account, with interest. (c) Upon the happening of (i) the complete disbursement from the Escrow Account by the Escrow Agent to the Company of the proceeds from the Offering in accordance with the distribution terms hereinabove set forth, or (ii) the repayment to the Subscribers of their subscriptions in the event the Offering does not close as provided in the Registration Statement, or (iii) the Offering is terminated before the Initial Closing Date, and the repayment to the Subscribers of their subscriptions, the Escrow Agent shall be relieved of all liabilities in connection with the Escrow Account and this Agreement shall terminate.

Duties and Responsibilities of Escrow Agent. The duties and ------------------------------------------- responsibilities of the Escrow Agent shall be limited to the following: (a) At the expiration of five days after the sale of 62,500 500,000 shares of Common Stock totaling $250,000 2,000,000 by the Company and the deposit of the proceeds from the sale thereof in the Escrow Account, together with information as to the names and addresses of the Subscribers and the amount subscribed for by each such Subscriber by 5:00 p.m., Houston, Texas time, 180 days from the effective date of the Prospectus (herein referred to as the "Initial Closing Datedate the Company has accepted subscriptions for at least 500,000 shares"), the Company, in writing, shall direct the Escrow Agent to pay all fees and commissions then due in connection with the offering as specified in the Prospectus, and disburse the remainder of such proceeds of such sales to the Company. (b) In the event that the proceeds representing the sale of 62,500 500,000 shares of Common Stock shall not have been deposited by the Company into the Escrow Account by 5:00 p.m., Houston, Texas time, 180 days from the effective date of the Prospectus or the Company terminates the Offering before such date, then in such event, the Escrow Agent shall send within five by the end of the next business days day to the Subscribers, by checks, the cash theretofore contributed by them to the Company and deposited in the Escrow Account, with interest. (c) Upon the happening of (i) the complete disbursement from the Escrow Account by the Escrow Agent to the Company of the proceeds from the Offering in accordance with the distribution terms hereinabove set forth, or (ii) the repayment to the Subscribers of their subscriptions in the event the Offering does not close as provided in the Registration StatementProspectus, or (iii) the Offering is terminated before the Initial Closing Datedate the Company has accepted subscriptions for at least 500,000 shares, and the repayment to the Subscribers of their subscriptions, the Escrow Agent shall be relieved of all liabilities in connection with the Escrow Account and this Agreement shall terminate.