It has been apparent for the last few years that a large fraction of the total energy released during a solar flare appears initially in the form of energetic electrons accelerated during the impulsive phase. An estimate of the energy of these electrons is based on the observed hard x-ray spectra as well as the assumed form (thermal or non-thermal) of the electron distribution. Even after the basic form of the electron distribution is assumed, additional assumptions, such as the low energy cut-off in the case of the power law energy spectrum or existence of a multi-thermal source in the case of the thermal spectrum, are usually required. In order to test these assumptions, measurements of the hard x-ray spectrum with spatial resolution and covering a wide range of x-ray energy are essential. In absence of good spatial resolution, as is the case with most of the presently available hard x-ray observations, the impulsive x-ray emission at energies hv ≲ 10 keV is often unobservable because of the presence of a large background of relatively intense gradual emission associated with most flares. Observations made in the past suffered either because of the lack of a clearly identifiable impulsive x-ray emission at low energies (Peterson et al, 1973) or an adequate spectral resolution (Kahler, 1973). Thus so far it has not been possible to measure unambiguously the spectrum of impulsive x-rays ≲ 10 keV and hence to deduce a possible low energy cut-off in the energetic electron spectrum. Here we report briefly such an observation made with the ISEE-3 x-ray spectrometer experiment and its implications with regard to the characteristics of energetic electrons in solar flares.