Common use of Subscription Funds Clause in Contracts

Subscription Funds. The undersigned understands that the subscription funds will be held in an escrow account at Regions Bank. In the event this Subscription Agreement is rejected in whole by the Company, or if subscriptions for a minimum of 500,000 Shares have not been received and accepted by the Escrow Agent, the funds will be promptly returned to the undersigned without interest or deduction, and this Subscription Agreement will be null and void. In the event this Subscription Agreement is accepted, in whole or in part, the funds and the Shares will be deposited with the Escrow Agent as described in the Prospectus. If all of the 500,000 shares are not sold within the 180 day period, all escrowed funds will be promptly returned, without interest. After the Escrow Agent receives a signed representation from the Company that the Company has consummated a business combination or acquisition in accordance with the requirements of Rule 419, all of the funds in the escrow account will be released to the Company and applied as described in the Prospectus (and any amounts which the undersigned has tendered in excess of the cash subscription price for the Shares allocated to the undersigned will be returned) and the Shares will be released to the undersigned.