1INITIAL CLOSING Sample Clauses

1INITIAL CLOSING. Subject to the provisions of Section 1.5 and hereof, so long as: A. the amount of the Escrow Funds, exclusive of any interest or other amount accrued on the Escrow Funds, is then not less than Two Million Five Hundred Thousand Dollars ($2,500,000); and B. the written instructions described below are delivered by the Company to Escrow Agent no later than 90 days after the effective date of the Registration Statement ( no later than 180 days after the effective date of the Registration Statement if extended thereto by the Company); Escrow Agent shall disburse to the Company all of the Escrow Funds and all interest and other amounts accrued thereon within five (5) days after its receipt of written instructions from the President of the Company or issued by a court of competent jurisdiction confirming that (i) the Company has accepted the subscriptions for the Escrow Funds then held by Escrow Agent, (ii) the Registration Statement is then effective and no stop order or other suspension is then effective with respect to the Registration Statement or the offering, and (iii) the other terms and conditions of the Offering relating to such Escrow Funds have been fully satisfied. Escrow Agent may condition its disbursement of the Escrow Funds on its receipt of such acknowledgments, receipts and other documents as it reasonably may request for purposes of confirming compliance with the terms of this Agreement.