While most escrow arrangements or holdback agreements will provide some restriction or limit on a seller's right to escrowed
funds, it cannot be assumed that every restriction will be sufficiently substantial to avoid application of the constructive receipt doctrine.
On June 5, 1998, T purchases two of the three identified properties, using $587,000 of the escrowed
Behrens, CPA verified the mathematical accuracy of computations of the receipts from escrowed
funds and investments and debt service requirements of refunded bonds, contained in schedules provided to them by Ziegler Capital Markets Group, underwriter for the refunding bonds.
The escrow agent, Deutsche Bank National Trust Company, will hold escrowed
funds and securities in a segregated irrevocable escrow fund pledged to the holders of 2003A bonds.
No additional amounts are being escrowed
from this distribution.
In recognizing the contributions that have been made to the Company by John O'Bireck and Dan Amadori in their roles as directors of the Company, their respective roles in connection with the completion of the Qualifying Transaction and Dan Amadori's role as Chief Financial Officer of the Company, the Company has agreed to the termination of the Performance Based Escrow Agreement and in replacement thereof the entering into of a Time Based Escrow Agreement with the escrowed