PowerCold Corporation Escrow Disbursement Instruction Letter to Loeb & Loeb LLP (July 29, 2004)

Contract Categories: Business Finance › Escrow Agreements
Summary

PowerCold Corporation, Laurus Master Fund, Ltd., and Loeb & Loeb LLP (as Escrow Agent) are parties to a Funds Escrow Agreement. This letter instructs Loeb & Loeb LLP to disburse $5,000,000 held in escrow: $4,798,500 to PowerCold Corporation, $175,000 and $24,500 to Laurus Capital Management, L.L.C. for management, due diligence, and legal fees, and $2,000 to Loeb & Loeb LLP for escrow agent fees. The instructions specify the exact amounts and bank details for each payment. Disbursement is subject to the terms of the underlying escrow agreement.

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EX-4.14 14 ex414disbursementlttr.htm POWERCOLD CORPORATION FORM S-1/A Digital Angel Corporation



Exhibit 4.14

POWERCOLD CORPORATION



July 29, 2004

Scott J. Giordano
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Direct Dial:  (212) 407-4104
Fax:  (212) 407-4990

RE:

POWERCOLD CORPORATION – Escrow Release

Gross Escrow Deposit: $5,000,000


Dear Mr. Giordano:

These instructions are given to you pursuant to a Funds Escrow Agreement among POWERCOLD CORPORATION (the “Company”), Laurus Master Fund, Ltd., and Loeb & Loeb LLP as Escrow Agent. Subject to the terms set forth below, you are instructed to disburse or allocate $5,000,000 of the investor’s funds received by you to and on the Company’s behalf as follows:


1.

$4,798,500 the Company pursuant to the following wire instructions:

The Northern Trust Company
801 South Canal Street
Chicago, IL  60607
ABA 071000152
Credit Account No. 57711 Legg Mason
Further Credit To: Account No. 366-03685 PowerCold Corporation



2.

$175,000 – Laurus Capital Management, L.L.C. (management fees)

North Fork Bank
New York, NY 10022
ABA Number: 021-407912
For Credit to:  Laurus Capital Management, L.L.C.
Account Number: 2774045278


3.

$24,500 - Laurus Capital Management, L.L.C. (due diligence and legal fees:)

Northfork Bank
New York, NY 10022
ABA Number: 021-407912
For Credit to:  Laurus Capital Management, L.L.C.
Account Number: 2774045278



  







4.

$2,000 – Loeb & Loeb LLP (escrow agent fee)

Bank:  

Citibank, N.A.

ABA No:

021000089

Acct. No.:

02674308

Reference:

Laurus Escrow Arrangement





 

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