Common use of Placement Agents Fees and Expenses Clause in Contracts

Placement Agents Fees and Expenses. At Closing, the Company shall pay to the Placement Agent a cash commission equal to 8% of the gross proceeds of the sale of the Units, a nonaccountable expense allowance equal to 3% of the gross proceeds of the sale of the Units less the $25,000 deposit paid by the Company upon the execution of the Letter of Intent dated November 30, 2000 as amended December 18, 2000. At the First Closing, the Company also shall reimburse the Placement Agent for the expenses described in Section 5.3 hereof. All the foregoing amounts and any other expenses to be paid pursuant to Section 5.3 are payable at the Placement Agent's direction directly to the parties who are owed same by deduction from the aggregate purchase price of the Units sold and to the extent any expenses occur after the First Closing, those expenses shall be reimbursed at the Final Closing.

Placement Agents Fees and Expenses. At each Closing, the Company shall pay to the Placement Agent a cash commission commissions equal to 86% of the gross proceeds of the sale of the Units and a nonaccountable expense allowance equal to 2% of the gross proceeds of the sale of the Units, a nonaccountable expense allowance equal to 3% of the gross proceeds of the sale of the Units less the $25,000 deposit paid by the Company upon the execution of the Letter of Intent dated November 30, 2000 as amended December 18, 2000. At the First ClosingInitial Closing (and if additional fees and expenses are incurred by the Placement Agent then at subsequent Closings as well), the Company also shall reimburse the Placement Agent for the expenses described in Section 5.3 5.2 hereof. All the foregoing amounts and any other expenses to be paid pursuant to Section 5.3 5.2 are payable at the Placement Agent's direction directly to the parties who are owed same by deduction from the aggregate purchase price of the Units sold and to the extent any expenses occur after the First Closing, those expenses shall be reimbursed at the Final Closingsold.