Disbursement from the Bank Account. 4.1 Subject to 4.3 below, if by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount or the Minimum Securities Amount, as indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer of its distribution of the Fund.
Disbursement from the Bank Account. 4.1 Subject to 4.3 below, if by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Fixed Offering Dollar Amount, or Fixed Securities Amount, as indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest (since the funds are being held in a non-interest bearing account) thereon or deduction there from, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer of its distribution of the Fund.
Disbursement from the Bank Account. 4.1 If by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Minimum Offering Amount, as indicated by the Subscription Information submitted to the Escrow Agent, then the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer of its distribution of the Fund.
Disbursement from the Bank Account. 4.1 If at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent receives subscription monies, the Escrow Agent shall promptly notify the Issuer and the Joint Bookrunning Manager of such fact in writing. The Escrow Agent shall promptly disburse the Fund, by drawing checks on the Bank Account in accordance with instructions in writing signed by both the Issuer and the Joint Bookrunning Manager as to the disbursement of the Fund, promptly after it receives such instructions and funds have cleared.
Disbursement from the Bank Account. 4.1 Promptly following the date that is twenty four (24) months after the closing date of the Offering (the “Closing Date”), the Escrow Agent shall retain in the Escrow Account such amount that is the subject of all claim notices, if any, delivered by the Underwriter to the Issuer in connection with the Company’s indemnification obligations in accordance with the Underwriting Agreement, and shall pay the remaining balance of the Escrow Account, if any, to the Issuer (subject to withholding as applicable) based on a release instruction issued jointly by the Issuer and the Underwriter (the “Joint Release Instruction”).
Disbursement from the Bank Account. 4.1 [Left blank intentionally.]
Disbursement from the Bank Account. 4.1 If by the close of regular banking hours on the Termination Date the Offering has not closed pursuant to instructions from the Issuer and the Placement Agent, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by rejecting the received deposits to the originating bank account and transmitting it to the purchaser. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent in advance of its distribution of the Fund.
Disbursement from the Bank Account. 4.1 If so instructed by the Issuer, at any time, or subject to Section 4.3 below, if by the close of regular banking hours on the Termination Date, the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount, then the Escrow Agent shall promptly refund to each Escrow Subscriber the amount of payment received from such Escrow Subscriber or which thereafter clears the banking system, plus interest earned and paid from investment of such payment in the Investment Fund, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the Escrow Subscribers. In such event, the Escrow Agent shall promptly notify the Issuer in writing of these payments.
Disbursement from the Bank Account. 4.1 Subject to Section 4.3 below, if by the close of regular banking hours on the Termination Date the Escrow Agent determines that the amount in the Fund is less than the Minimum Dollar Amount or the Minimum Securities Amount, as indicated by the Subscription information submitted to the Escrow Agent or the Notice described in Section 4.2 below is not received within ten days of the Termination Date, then in any such case, the Escrow Agent shall promptly refund to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Underwriter of its distribution of the Fund.
Disbursement from the Bank Account. 4.1 Subject to Section 4.3 below, if the Offering is terminated before the Termination Date by the Issuer, the Escrow Agent shall, upon its receipt of written instructions signed by both the Issuer and the Placement Agent, refund to each prospective subscriber the aggregate amount of the payment from said subscriber then held in the Fund or which thereafter clears the banking system, without interest thereon or deduction therefrom.
