Common use of Abandonment of Offering; Insolvency or Bankruptcy Clause in Contracts

Abandonment of Offering; Insolvency or Bankruptcy. As soon as practicable but no later than thirty (30) days after receipt by the Escrow Agent of (i) written notice from the Company that it is abandoning the Offering, together with a copy of a resolution of the Company’s Board of Managers so abandoning the Offering, duly attested to by the Secretary of the Company, or (ii) written notice from the Company of the Company’s insolvency or bankruptcy, or the institution of bankruptcy, reorganization, insolvency, or liquidation proceedings by or against the Company and, if against the Company, such proceedings have continued without termination for at least one hundred twenty (120) days; the Escrow Agent shall return directly to the Subscribers by certified mail the Subscribers’ Subscriptions, including funds equal to the Payments made by or on behalf of each such Subscriber, together with interest earned on the amount of such Payments and without deduction except as stated in Sections 7 and 13 of and Exhibit B to this Agreement (interest earned will be calculated at the end of the month of account termination and may be disbursed through a separate payment following calculation).