Disbursement from the Escrow 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 amount of the offering, 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 Escrow 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 Escrow Account. 4.1 The Deposited Proceeds may be released to the Company and the Securities delivered to the purchaser or other registered holder only at the same time as or after:
Disbursement from the Escrow Account. 4.1 The Deposited Proceeds may be released to the Company and the Shares delivered to the Stockholders only at the same time as or after:
Disbursement from the Escrow Account. 4.1 The Deposited Proceeds may be released to the Company and the Deposited Securities delivered to the purchaser or other registered owner only at the same time as or after the Escrow Agent has received a signed representation letter from the Company, together with an opinion of counsel that the requirements of Rule 419 as promulgated pursuant to the Securities Act of 1933 as amended (the "Act") as to the consummation of a business acquisition have been satisfied.
Disbursement from the Escrow Account. Upon obtaining the occurrence of the events set forth in Paragraph above this escrow will terminate and 10% of the proceeds on deposit shall be delivered to or on behalf of the Company as directed by the company's counsel or designated principal officer. In no event shall the Escrow Agent release to the Company funds held in Escrow until $ 20,000 in collected funds are in Escrow. For purposes of this Agreement, the term "collected funds" shall mean all funds received by the Escrow Agent which have cleared normal banking channels and are in the form of cash.
Disbursement from the Escrow 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 $75,000, 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 Escrow Account for the amounts of such payments and mail them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer of its distribution of the Fund. If the fund is equal to $75,000, the Escrow Account shall remain open beyond the Termination Date in accordance with Section 4.2 below.
Disbursement from the Escrow Account. 4.1 Concurrently with an Investor’s electronic delivery of Shares to the Escrow Agent by Deposit/Withdrawal at Custodian (DWAC) and the delivery of written instructions confirming the delivery of Shares to the Escrow Agent on the Put Date pursuant to Section 1(b) of the Purchase Agreement, the Escrow Agent shall (a) release to the Investor from the Escrowed Funds an amount equal to the Shares Purchase Price multiplied by the number of Shares delivered by such Investor to the Escrow Agent on the Put Date, (b) promptly disburse such amount without any fees or setoffs and (c) promptly deliver to the Company all such Shares delivered by the Investor to the Escrow Agent. If the Investor fails to deliver a Put Share Sales Notice (as defined in the Purchase Agreement) to the Company and the Escrow Agent three (3) Business Days prior to the Put Date in accordance with Section 1(a) of the Purchase Agreement, the Escrow Agent shall on the Put Date release to the Company from the Escrowed Funds an aggregate amount equal to the Shares Purchase Price multiplied by the number of Shares held by such Investor on the Put Date. In the event that the Investor notifies the Escrow Agent that an Investor does not intend to exercise such Investor’s right to sell any of its Shares to the Company pursuant to Section 1(b) of the Purchase Agreement, then, the Escrow Agent shall release to the Company for the Company’s use without restriction an amount equal to the number of Shares held by such non-selling Investor multiplied by the Shares Purchase Price, and the Escrow Agent shall promptly disburse such Escrowed Funds in accordance with the payment instructions provided by the Company. The Escrow Agent shall have no duty to look beyond the instructions provided by the Investor in order to confirm the number of Shares held or sold. At any time after the date that is three (3) Business Days prior to the Put Date, the Company may deliver written instructions to the Escrow Agent to release to the Company all remaining Escrowed Funds in the Escrow Account after release to the Investor of the Investor Shares Purchase Price (as such term is defined in the Purchase Agreement) in respect of all Shares (x) identified in the Put Shares Sale Notice and (y) that are timely delivered to the Company in accordance with Section 1(a) of the Purchase Agreement and that are properly delivered to the Company on the Put Date in accordance with Section 1(b) of the Purchase Agreement.
Disbursement from the Escrow Account. The Fund shall be disbursed as follows:
Disbursement from the Escrow Account. 4.1. The Escrow Agent shall release the shares deposited by the Issuer with the Escrow Agent as provided in Section 1, above, as follows:
Disbursement from the Escrow Account. 4.1 Subject to Section 4.3 below, in the event that at 5:00 p.m. Boston, MA time on the Termination Date the amount constituting the Fund (a) shall be less than the Minimum Dollar Amount, or (b) shall represent the sale of less than the Minimum Share Amount, in each case as indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly but in no event later than five (5) business days after the Termination Date 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, together with any investment income received thereon, and the Escrow Agent shall notify the Issuer and the Best Efforts Underwriter of its distribution of the Fund.
