Document:

Unassociated Document

 

Exhibit 10.2

SHARE TRANSFER AGREEMENT

This Agreement (“Agreement”) is hereby signed by the following parties in Harbin, on May 31, 2011.

Transferor (Party A) (“Transferor”):

Qiang Wang

Transferee (Party B) (“Transferee”):

Harbin Zhong He Li Da Education Technology Co., Ltd.

Legal Representative: Xiqun Yu

Guarantor (Party C) (“Guarantor”)

Jiayin Guo

In view of:

	
  

	
1.

	
Transferor is the shareholder of Target School (as defined under Section 1.1), holding 100% of the equity interests of Target School. The Transferor has paid in full the registered capital of Target School.

	
  

	
2.

	
Transferor is willing to sell 60% of the equity interests of Target School to Transferee and Transferee is willing to purchase 60% of the equity interests of Target School under the conditions specified in this Agreement.

	
  

	
3.

	
The Guarantor guarantees that Transferor is the shareholder of Target School, holding 100% of the equity interests of Target School and Transferor has paid in full the registered capital of Target School and is jointly and severally liable.

Pursuant to the Company Law of People’s Republic of China and the Contract Law of People’s Republic of China, the Parties hereby entered into the following agreement on the share transfer.

	
  

	
1.

	
DEFINITIONS

	
  

	
1.1

	
Party A, share transferor and transferor refer to Qiang Wang. Target School refers to Harbin City Nangang District Nuoya Foreign Languages School.

	
  

	
1.2

	
Party B, share transferee and transferee refer to Harbin Zhong He Li Da Education Technology Co., Ltd.

	
  

	
1.3

	
“Transferred Share” refer to 100% of the equity interests of Target School held by Transferor to be transferred under the terms of the Agreement.

	
  

	
2.

	
TARGET AND CONSIDERATION OF TRANSFER

	
  

	
2.1

	
Transferor agrees to sell 100% of the equity interest of Target School to Transferee and Transferee agrees to purchase 100% of the equity interest of Target School.

	
  

	
2.2

	
The total consideration for the share transfer is Reminbi 8,000,000.

	
  

	
3.

	
PAYMENT

	
  

	
3.1

	
Within three business days after this Agreement is signed, Transferor shall submit the share transfer documents to Bureau of Civil Affairs, Bureau of Education and other relevant government authorities for processing.  On the date the share transfer documents are accepted by the government authorities for processing, Transferee shall pay to Transferor a deposit of Renminbi 50,000. Within five business days after Transferee receives the new business license, school permit and other relevant licenses, Transferee shall pay the remaining Renminbi 7,500,000 to Transferor.

 

  

  

  

	
  

	
3.2

	
Transferor shall complete all the procedures regarding the share transfer within 30 business days after the Agreement is signed.

	
  

	
4.

	
SHARE TRANSFER PROCEDURES AND EXPENSES

	
  

	
4.1

	
Procedures of Share Transfer

	
  

	
4.1.1

	
Transferor shall be responsible for the registration of share transfer and Transferee shall have the obligation to assist.

	
  

	
4.1.2

	
Within two days of this Agreement, Transferor shall provide to Transferee a list of all the assets, certificates, and documents (the “List”). Transferee shall sign under the “Confirm” column on the List after it has verified the accuracy of the List.

	
  

	
4.1.3

	
Transferor shall transfer to Transferee all the assets, properties, licenses, documents and technological, business and financial materials, etc. on the day of payment of the consideration as specified in Section 3.1. Transferee shall sign under the “Accept” column on the List after it receives all the above assets, licenses and documents. The List shall be in duplicate, with one copy to each of Transferor and Transferee.

	
  

	
4.1.4

	
On the same day of transferring all the items specified in Section 4.1.3, all the seals and stamps of Target School shall be destroyed or shall be sent to relevant authorities for destruction under the supervision of Transferor and Transferee. Transferor shall apply to make new seals and stamps of Target School separately.

	
  

	
4.2

	
Expenses

	
  

	
4.2.1

	
The expenses incurred in the share transfer including registration fee, notarization fee, appraisal fee or audit fee shall be borne by Transferor.

	
  

	
4.2.2

	
The taxes and fees incurred in connection with the share transfer shall be borne by Transferor and Transferee, respectively, pursuant to the laws and regulations.

	
  

	
5.

	
REPRESENTATIONS AND WARRANTIES

	
  

	
5.1

	
Transferor and Transferee represent and warrant the following:

	
  

	
5.1.1

	
The parties have the requisite power, authority and capacity to enter into and execute this Agreement and fully understand this Agreement.

	
  

	
5.1.2

	
The parties’ statements and the content of the preface are accurate, complete and not misleading.

	
  

	
5.1.3

	
If necessary, the parties shall sign any document and undertake any action to make the share transfer legally effective.

	
  

	
5.2

	
Transferor further represents and warrants to Transferee as follows:

	
  

	
5.2.1

	
Transferor represents that Transferred Share is his true and legal capital contribution to Target School and is legally owned by him. Transferor has full dispositive power of the share. The procedure and validity of the share transfer fully complies with the bylaws of Target School.

 

  

  

  

	
  

	
5.2.2

	
The Transferred Share and the properties of Target School are not frozen and auctioned by the People’s Court and are not subject to any mortgage, pledge, guarantee, or any other defects that may affect Transferee’s interests. Before the completion of the procedures in Section 4.1, Transferor shall not decrease or impair the property interests of Target School by transfer, gift, mortgage, pledge or any other manner that may affect Transferee’s interests.

	
  

	
5.2.3

	
Target School is not subject to any undisclosed existing or potential material debt, litigation, claims or liability; Target School is not indebted to Transferor before the completion of the share transfer.

	
  

	
5.2.4

	
The debts and other liabilities incurred prior to the completion of the share transfer shall be borne by Transferor.

	
  

	
5.2.5

	
In the event that Transferor’s failure to fulfill its obligations under the Agreement leads to the non-performance or partial performance of this Agreement, Transferee may request Transferor to assume the breach liability in accordance with Article 7.

	
  

	
5.2.6

	
In the event that Transferor breaches any of the aforementioned guarantees and promises, Transferor shall assume any economic and legal liability resulting from his breach.

	
  

	
6.

	
Management of Target School

Transferee shall manage all the future operations of Target School.

	
  

	
7.

	
Breach Liability

	
  

	
7.1

	
Breach

	
  

	
7.1.1

	
Any party hereto shall be deemed in breach of this Agreement if such party fails to perform any obligation under this Agreement.

	
  

	
7.1.2

	
If, without written approval from Transferee, Transferor directly or indirectly sells any assets of Target School to a third party or impairs the interests of Target School, Transferor shall be deemed in breach of this Agreement.

  

	
  

	
7.2

	
Breach Liability

	
  

	
7.2.1

	
If Transferor fails to transfer the share to transferee timely in accordance with this Agreement, or fails to perform any obligation within the time specified in this Agreement, Transferor shall pay a liquidated damage in the amount of 5‰ of the total consideration per day for each day delayed. If the delay exceeds 30 days, Transferee shall have the right to cancel this Agreement and request Transferor to return twice of the amount that has been paid by Transferee.

	
  

	
7.2.2

	
If Transferor fails to complete the procedures to effect the share transfer within 30 business days after the submission of the materials, Transferee shall have the right to request Transferor to assume the liability for breach or to cancel this Agreement and request Transferor to assume the liability for breach pursuant to Section 7.2.1.

	
  

	
7.2.3

	
If Transferor conducts any act stipulated in Section 7.1.2, Transferee shall have the right to request Transferor to pay a liquidated damage of twice of the value of the assets sold to the third party.

	
  

	
7.2.4

	
If Transferor conducts any of the afore-mentioned breaching acts, Transferee shall have the right to require Guarantor to jointly and severally assume the liability.

 

  

  

  

 

	
  

	
8.

	
Amendment or Cancellation

The parties may amend or cancel this Agreement upon mutual consent. If by mutual consent the parties amend or cancel this Agreement, the parties shall enter into and execute the amendment Agreement or cancellation Agreement.

	
  

	
9.

	
Confidentiality

	
  

	
9.1

	
Through the process of executing the Agreement, the information on its operation and financial condition disclosed by one party to the other party shall be confidential. The party receiving the confidential information shall keep it in confidence. Unless expressly required by relevant laws and regulations and relevant stock exchanges rules or for purposes of the share transfer, no party shall disclose the terms of this Agreement to any third party other than the parties hereto without the prior written consent of the other party before completion of the transaction contemplated hereunder.

	
  

	
9.2

	
The confidentiality obligation shall not be terminated by the invalidation or termination of this Agreement.

	
  

	
10.

	
Force Majeure

	
  

	
10.1

	
Force Majeure means any natural or social occurrence that is unpredictable or unavoidable by the parties hereto, including earthquake, fire, flood, war, riot and material changes in the country’s laws and policies. Force Majeure does not include the commercial risks borne by any party.

	
  

	
10.2

	
In the event that the occurrence of Force Majeure leads to non-performance or termination of this Agreement, the affected party shall notify the other party within 30 days after the occurrence and provide documents evidencing the particulars of such occurrence and reasons for non-performance of all or part of this Agreement or delay performance of this Agreement. Then both parties shall not be responsible for any breach liability.

	 	
10.3

	
In the event that Force Majeure that happens before the completion of the share transfer causes the destruction of major assets of Target School, Transferee shall have the right to cancel this Agreement and Transferor shall return any payment to Transferee. Neither party shall be responsible to each other. In the event that Force Majeure that happens before the completion of the share transfer causes the impairment of major assets of Target School, Transferee shall have the right to cancel this Agreement or to demand the deduction of contract price.

 

	
  

	
11.

	
Dispute resolution

Any dispute arising out of or relating to this Agreement shall be settled by the parties hereto through friendly negotiation. If the negotiation fails, any party may resort to litigation in the People’s Court located at the place of the execution of this Agreement.

	
  

	
12.

	
Miscellaneous

	
  

	
12.1

	
All appendixes to this Agreement constitute part of this Agreement and have the same legal effect of this Agreement.

	
  

	
12.2

	
  This Agreement has eight copies, with one copy to each of Transferor, Transferee and Target School. The remaining copies shall be kept for record. This Agreement shall become effective when it is signed or stamped by both Transferor and Transferee.

(No text below)

 

  

  

  

 

Transferor: /s/ Qiang Wang

 

Transferee: /s/ Xiqun Yu

 

    /stamp/ Harbin Zhong He Li Da Education Technology Co., Ltd.

 

Guarantor: /s/ Jiayin Guo

 

Target School: /stamp/ Harbin City Nangang District Nuoya Foreign Languages SchoolESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT AGREEMENT (this “Agreement”) dated as of this 31st day of May, 2011, by and among Excel Corporation, a Delaware corporation (the “Company”), having an address at 1384 Broadway, New York, New York 10018, and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office at [insert address of Signature Bank’s financial center maintaining the account].  All capitalized terms not herein defined shall have the meaning ascribed to them in the Prospectus contained in that certain Registration Statement, dated May 31, 2011, as amended or supplemented from time-to-time, including all attachments, schedules and exhibits thereto (the “Prospectus”).

 

WITNESSETH:

 

WHEREAS, pursuant to the terms of the Prospectus the Company desires to sell (the “Offering”) 250,000 shares of common stock, $.0001 par value (“Shares”) in the amount of $100,000 (“Total Amount”). Each Share is being sold at a price of $.40 per Share, with no minimum investment required; and

 

WHEREAS, unless the Total Amount is sold by the Termination Date, the Offering shall terminate and all funds shall be returned to the Investors in the Offering; and

 

WHEREAS, the Company desires to establish an escrow account with the Escrow Agent into which the Company shall instruct Investors (the “Investors”) to deposit checks and other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for Excel Corporation,” and Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter set forth; and

 

WHEREAS, the Company represents and warrants to the Escrow Agent that it has not stated to any individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the Company warrants to the Escrow Agent that a copy of each document that has been delivered to Investors and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE, IT IS AGREED as follows:

 

1.           Delivery of Escrow Funds.

 

(a) The Company shall instruct Investors to deliver to Escrow Agent checks made payable to the order of “Signature Bank, as Escrow Agent for Excel Corporation,” or wire transfer to Signature Bank, 950 Third Avenue, 9th Floor NY, NY 10022, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Excel Corporation, Account No. 1501555122, in each case, with the name, address and social security number or taxpayer identification number of the individual or entity making payment.  In the event any Subscriber’s address and/or social security number or taxpayer identification number are not provided to Escrow Agent by the Subscriber, then the Company agrees to promptly provide Escrow Agent with such information in writing.  The checks or wire transfers shall be deposited into a non interest-bearing account at Signature Bank entitled “Signature Bank, as Escrow Agent for Excel Corporation]” (the “Escrow Account”).

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

  

  

  

 

(b)           The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)           The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account.  If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Subscriber and advise the Company promptly thereof.

 

2.           Release of Escrow Funds.  The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)           In the event that the Company advises the Escrow Agent in writing that the Offering has been terminated (the “Termination Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest or offset.

 

(b)           Provided that the Escrow Agent does not receive the Termination Notice in accordance with paragraph 2(a) and further provided the Total Amount deposited into the Escrow Account on or prior to the Termination Date and received by the Escrow Agent has cleared the banking system, the Escrow Agent shall, upon receipt of written instructions, in the form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent, received from the Company, pay the Escrow Funds in accordance with such written instructions, such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions.  Such instructions must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Banking Day for the Escrow Agent to process such instructions that Banking Day.

 

(c)           If by 3:00 P.M. Eastern time on the Termination Date the Escrow Agent has not received in accordance with paragraph 2(b) above, written instructions from the Company regarding the disbursement of the Escrow Funds or the total amount of the Escrow Funds is less than the Total Amount, then the Escrow Agent shall promptly return the Escrow Funds to the Investors without interest or offset.  The Escrow Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

 

(d)           The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

2

  

 

(e)           If the Termination Date, or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to take action is not a Banking Day, then such date shall be the Banking Day that immediately preceding that date. A Banking Day is any day other than a Saturday, Sunday or a day that a New York State chartered bank is not legally obligated to be opened.

 

3.           Acceptance by Escrow Agent.  The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that:

 

(a)           The Escrow Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated by the Company to give any written instructions, notice or receipt, or make any statements in connection with the provisions hereof has been duly authorized to do so.  Escrow Agent shall have no duty to make inquiry as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions.  The names and true signatures of each individual authorized to act singly on behalf of the Company are stated in Schedule II, which is attached hereto and made a part hereof. The Company may remove or add one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories.

 

(b)           The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith.  The Escrow Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its willful misconduct or gross negligence.

 

(c)           The Company agrees to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses, costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow Agent’s gross negligence or willful misconduct.

 

(d)           In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)           The Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected and are available for withdrawal.

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

3

  

 

4.           Escrow Account Statements and Information. The Escrow Agent agrees to send to the Company a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing account statements to its non-escrow clients and to also provide the Company, or its designee, upon request other deposit account information, including Account balances, by telephone or by computer communication, to the extent practicable. The Company agrees to complete and sign all forms or agreements required by the Escrow Agent for that purpose.  The Company consents to the Escrow Agent’s release of such Account information to any of the individuals designated by Company, which designation has been signed in accordance with paragraph 3(a) by any of the persons in Schedule II.  Further, the Company has an option to receive e-mail notification of incoming and outgoing wire transfers.  If this e-mail notification service is requested and subsequently approved by the Escrow Agent, the Company agrees to provide a valid e-mail address and other information necessary to set-up this service and sign all forms and agreements required for such service.  The Company and consents to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es).  The Escrow Agent’s liability for failure to comply with this section shall not exceed the cost of providing such information.

 

5.           Resignation and Termination of the Escrow Agent.  The Escrow Agent may resign at any time by giving 30 days’ prior written notice of such resignation to the Company.  Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period.  In such event, the Escrow Agent shall not take any action, other than receiving and depositing Investors checks and wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor.  Upon receipt of such written designation signed by the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder.  If such instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor.  In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds.

 

5.           Termination.  The Company may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such notice.  In the event of such termination, the Company shall, within 30 days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company, turn over to such successor escrow agent all of the Escrow Funds; provided, however, that if the Company fails to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the Escrow Agent shall continue to be bound by all of the provisions hereof.  Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Signature Bank shall be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

4

  

 

6.           Investment.  All funds received by the Escrow Agent shall be invested only in non-interest bearing bank accounts at Signature Bank.

 

7.           Compensation.  Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $3,500, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s fees.  Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission.  To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing.

 

8.           Notices.  All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

  If to the Company:

 

Excel Corporation

1384 Broadway, 17th Floor

New York, New York 10018

Attention: Ruben Azrak

Fax: 212-382-3392

  If to Escrow Agent:

 

Signature Bank

950 Third Avenue, 9th Floor

New York, NY 10022

Attention: John Gonzalez

Fax: 646-822-1520

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

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9.            General.

    

(a)This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder shall be brought in the courts of the State of New York, located in the County of New York.  Each party hereto irrevocably waives any objection on the grounds of venue, forum nonconveniens or any similar grounds and irrevocably consents to service of process by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts.  Each of the parties hereto hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated by this Agreement.

 

(b)           This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and supersedes all prior agreements, arrangements and understandings relating thereto.

 

(c)           All of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto, as well as their respective successors and assigns.

 

(d)           This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance.  The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.  No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement.  No party may assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)           If any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining provisions.

 

(f)           This Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

10.          Form of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party.

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

6

  

 

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set forth above.

 

	
EXCEL CORPORATION

	  
	
By:

	  
	  	
Name:

	  	
Title:

	  
	
SIGNATURE BANK

	  
	
By:

	  
	  	
Name:

	  	
Title:

	  	  
	
By:

	  
	  	
Name:

	  	
Title:

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

  

  

Schedule I

OFFERING DOCUMENTS

 

Excel Corporation Escrow Agmt - public offering form (rev 4 2010)

 

  

  

  

 

Schedule II

 

The Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of the Company.

 

[Excel Corporation]

 

	 	
Name

	  	
True Signature

	 
	 	  	  	  	 
	 	 	 	 	 
	 	 	 	 	 

 

Date: __________________

 

  

  

  

 

Exhibit A

FORM OF ESCROW RELEASE NOTICE

Date:

Signature Bank

950 Third Avenue, 9th Floor

New York, NY 10022

Attention: John Gonzalez, Group Director & Senior Vice President

Dear : Mr. Gonzalez:

In accordance with the terms of paragraph 2(c) of an Escrow Deposit Agreement dated as of May, 2011 (the "Escrow Agreement"), by and between Excel Corporation (the "Company") and, Signature Bank (the "Escrow Agent"), the Company hereby notifies the Escrow Agent that the ________ closing will be held on ___________ for gross proceeds of $_________.

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions attached):

 

	
________________________:

	
$

	  	  
	
________________________:

	
$

	  	  
	
________________________:

	
$

Very truly yours,

	
EXCEL CORPORATION

	
By:

	  
	
Name:

	  
	
Title:

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