Subscription Proceeds Sample Clauses
The 'Subscription Proceeds' clause defines how and when the funds paid by investors for their subscriptions are to be handled by the company or fund. Typically, this clause outlines the process for collecting, holding, and applying the subscription monies, such as requiring payment to a designated account and specifying the timing of fund transfers. Its core practical function is to ensure that all parties understand the procedures for managing investor funds, thereby reducing the risk of mismanagement and providing transparency in the investment process.
Subscription Proceeds. The Company agrees that it shall deliver to the Escrow Agent via insured overnight mail, courier or by similar acceptable means, immediately upon receipt thereof, all subscription proceeds from the subscription for Units in the Offering, together with a copy of each such subscriber's completed and executed Subscription Agreement. The Company will instruct subscribers to make checks for Unit subscriptions payable to the order of the Escrow Agent. Any checks received by the Escrow Agent that are made payable to a party other than as set forth above shall be returned to the Company for restrictive endorsement by the payee to the Escrow Agent. Upon approval of each subscription by the Company (but not prior thereto), the Escrow Agent is authorized to forward each subscription check received for collection and, upon collection of such check, to immediately deposit the collected proceeds in the Escrow Account.
Subscription Proceeds. (A) If (1) a Investing Member’s I-526 Petition has been denied (without appeal or after denial of any appeal) by USCIS and (2) the Subscription Proceeds from such Investing Member still remains in the Escrow Account at such time, then the Escrow Agent shall return to the denied Investing Member identified in the Written Direction of the Manager, all of his or her Subscription Proceeds to the account from which such Subscription Proceeds originated, without deduction or payment of interest.
(B) If (1) a Investing Member’s I-526 Petition has been denied (without appeal or after denial of any appeal) by USCIS and (2) the denied Investing Member’s Subscription Proceeds previously were released from the Escrow Account in accordance with Section 4(a) of the Escrow Agreement, the Escrow Agent shall return the Subscription Holdback Amount to the account from which such Subscription Holdback Amount originated, if such funds are still in the Subscription Holdback Account, to the denied Investing Member identified in the Written Direction of the Manager, without deduction or payment of interest. In such circumstances, the Manager shall also include in the Written Direction to the Escrow Agent instructions to release an additional amount from the Subscription Holdback Account (representing the Subscription Holdback Amount of other Investing Members) to the Company Account to enable the Company to continue its operations without deficit being caused by the Company’s refund of the denied Investing Member’s Subscription Proceeds in accordance with the terms and conditions set forth in the Company’s Operating Agreement. The additional amount to be disbursed from the Subscription Holdback Account to the Company Account shall equal $400,000.00 (in the case where the denied Investing Member’s Subscription Holdback Amount has been directly refunded by the Escrow Agent from the Subscription Holdback Account) or $500,000.00 (in the case where a denied Investing Member’s Subscription Holdback Amount has been previously released from the Escrow Account into the Company Account in accordance with Section 4(b)(III)(i)(B)) of the Escrow Agreement.
(C) If there are insufficient funds available in the Subscription Holdback Account or the Company Account to refund the full amount of the Subscription Proceeds to the denied Investing Member as provided in Section 4(b)(III)(i)(B) of Escrow Agreement, then such refund may be delayed until there is at least $500,000.00 of funds in the Subsc...
Subscription Proceeds. All subscription proceeds received upon acceptance of the subscription by the Company at the Closing shall be deposited directly into the Company’s operating account. Following payment by the Company of its costs and expenses such funds will be used by the Company for general working capital purposes.
Subscription Proceeds. All subscription proceeds received and accepted will be deposited directly into the Company’s operating account or assigned escrow account and following acceptance by the Company hereunder and payment by the Company of its costs and expenses, including organization and Offering expenses and commissions, if any, such funds will be used by the Company for expansion of current operations and development and launch of new products and general corporate purposes, including salaries. The Company may use proceeds of the Offering immediately upon each Closing.
Subscription Proceeds. The Trustee shall receive subscription proceeds in respect of the initial public offering of Trust Units of the Fund and hold the same in trust for the subscribers in accordance with a separate agreement to be entered into with respect thereto.
Subscription Proceeds. All subscription proceeds received pursuant to this Agreement shall be placed into a segregated trust account established by the Company in a financial institution having assets of not less than $1 billion whose accounts are insured by the Federal Deposit Insurance Corporation for the benefit of the Subscribers, and upon acceptance of the subscription and the Initial Closing, such subscription proceeds shall be deposited directly into the Company’s operating account. Following payment by the Company of its costs and expenses, including organization and Offering expenses and the fees and expenses of Alexander Capital, L.P., the placement agent for this Offering (“Placement Agent”), such funds will be used by the Company for general working capital purposes. Adamas Convertible Note Purchase Agreement
Subscription Proceeds. All subscriptions shall be deposited in an escrow account at Bank of New York reference: Elite Pharmaceuticals, Inc for the benefit of customers established under Exchange Act Rule 15c2-4 pending the Closing or termination of the Offering. Prior to the Closing or termination of the Offering, the Company will notify the Placement Agent as to which, if any, subscriptions it will not accept; provided that proceeds for subscriptions not accepted will be promptly returned without interest following termination of the Offering. The Company may not accept subscriptions if the aggregate subscription do not equal or exceed $4,000,000 or if the Closing Price is less than $1.40.
Subscription Proceeds. All subscription proceeds received pursuant to this Agreement shall be wired directly to the Company pursuant to the terms of this Agreement. Following payment by the Company of its costs and expenses, including Offering expenses and the fees and expenses of Alexander Capital, L.P., the placement agent for this Offering (“Placement Agent”), such funds will be used by the Company to repurchase all of the outstanding secured debt previously issued by the Company (the “Outstanding Notes”). Adamas One Convertible Note Purchase Agreement
Subscription Proceeds. All funds received by the Managing Dealer, if any, for the sale of Shares shall be deposited in an account established by the Company at a bank to be selected by the Company (the “Bank”), by the close of the first business day following receipt of such funds by the Managing Dealer. Checks may be made payable to the Company. The Managing Dealer may authorize certain Participating Brokers to instruct their customers to make their checks for Shares subscribed for payable directly to the Participating Broker. In such case, the Participating Broker will collect the proceeds of the subscribers’ checks and issue a check made payable to the order of the Company for the aggregate amount of the subscription proceeds. The Company represents and covenants that it will forward copies of the bank statements to the Managing Dealer on a monthly basis and such other times as reasonably requested by the Managing Dealer.
Subscription Proceeds. All subscription proceeds received pursuant to this Agreement shall be placed into an escrow account, and upon acceptance of the subscription and the Initial Closing, such subscription proceeds shall be deposited directly into the Company’s operating account. Following payment by the Company of its costs and expenses, including organization and Offering expenses and the fees and expenses of Alexander Capital, L.P., the placement agent for this Offering (“Placement Agent”), such funds will be used by the Company for general working capital purposes. Adamas One Note Purchase Agreement 1