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Escrow Agreement

 

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Title:

Escrow Agreement

Entities:

BounceBackTechnologies.com Inc.

Date:

2001

Size:

Preview shows 5KB of 20KB total

Price:

$37

ID:

#614851

 

 

► Legal ► Escrow Agreements
► Services ► Business Services

 

 

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                                ESCROW AGREEMENT


THIS ESCROW AGREEMENT is made as of the 21 day of November 2000 among
BounceBack Technologies.com, Inc., a Minnesota corporation ("Seller"), On Stage
Entertainment, Inc., a Nevada corporation ("Buyer") and Schnader Harrison Segal
& Lewis, LLP ("Escrow Agent").

RECITALS
--------

Buyer and Seller are parties to a Letter of Intent, dated as of even date
herewith (the "Letter of Intent"). Pursuant to the Letter of Intent, Buyer
wishes to deposit in escrow with Escrow Agent the Escrowed Property (as defined
below) and Buyer and Seller wish to have the Escrowed Property released by the
Escrow Agent in accordance with the provisions set forth below.

NOW, THEREFORE, the parties hereto, in consideration of the mutual
obligations herein provided, and each intending to be legally bound hereby, do
hereby agree as follows:

I. Receipt and Escrow of Escrowed Property. The Escrow Agent hereby
acknowledges receipt from Seller of One Hundred Thousand and 00/100 Dollars
($100,000), which, together with any interest or income earned thereon, is
defined in this Escrow Agreement as the "Escrowed Property".

II. Disbursement of Escrowed Property.

A. The Escrow Agent shall continue to hold and invest the
Escrowed Property in accordance with Section 3 of this Escrow
Agreement until instructed to disburse the same, in accordance
with the following:

1. At the earlier of the closing of the transactions
contemplated by the Letter of Intent (the "Closing") or 5:00
p.m. EST on January 31, 2001, the Escrowed Property and any
interest earned thereon shall be delivered by Escrow Agent's
check or wire transfer to Seller; provided, however, that in
the event Escrow Agent is notified in writing by Buyer (a)
prior to 5:00 p.m. EST on December 29, 2000 of the
occurrence of one or more of the events set forth in Section
1.2 footnote (1) subparagraph (ii) of the Letter of Intent
or (b) prior to 5:00 p.m. EST on January 31, 2001 of the
occurrence of the event set forth in Section 1.2 footnote
(1) subparagraph (i) of the Letter of Intent, Escrow Agent
{PAGE}

shall send to Seller a copy of Buyer's written notice and
Escrow Agent shall only pay the Escrowed Property, together
with any interest earned thereon, to the party entitled
thereto pursuant to the joint written instructions of Seller
and Buyer; or

2. A final, non-appealable order of a court of competent
jurisdiction. The Escrow Agent may require that such court
order be accompanied by a legal opinion by counsel for the
presenting party (which counsel shall be reasonably
acceptable to the Escrow Agent satisfactory to the Escrow
Agent to the effect that the order is final and
non-appealable. The Escrow Agent shall be entitled to act on
such court order and legal opinion (if any) without further
question.

B. In the event of any dispute between Buyer and Seller
concerning the disbursement of the Escrowed Property or if the
entire Escrowed Property shall not have been disbursed within six
(6) months after the date hereof, the Escrow Agent may pay the
entire Escrowed Property into court and shall thereafter have no
further obligation under this agreement.

III. Investment of Escrowed Property.

A. Buyer and Seller hereby instruct Escrow Agent to invest the
Escrowed Property as follows:

1. Escrow Agent shall hold, pursuant to the terms hereof,
the Escrowed Property and shall invest and reinvest, as
directed in writing by the Seller, any money or property

 

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