Common use of Disbursement from the Bank Account Clause in Contracts

Disbursement from the Bank Account. 4.1 If by the close of regular banking hours on the Termination Date the Offering has not closed pursuant to instructions from the Issuer and the Placement Agent, 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 rejecting the received deposits to the originating bank account and transmitting it to the purchaser. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent in advance of its distribution of the Fund. 4.2 If at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent has received joint written instructions from the Issuer and the Placement Agent that all conditions for release of Funds have been met for closing of the Offering, the Escrow Agent shall promptly disburse the Fund in accordance with instructions. 4.3 Upon disbursement of the Fund pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of further obligations and released from all liability under this Agreement. It is expressly agreed and understood that in no event shall the aggregate amount of payments made by the Escrow Agent exceed the amount of the Fund.

Disbursement from the Bank Account. 4.1 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 Offering has not closed pursuant Amount, as indicated by the Subscription Information submitted to instructions from the Issuer and the Placement Escrow Agent, then in such case, 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 therefromthere from, by rejecting drawing checks on the received deposits Bank Account for the amounts of such payments and transmitting them to the originating bank account and transmitting it to the purchaserpurchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent in advance of its distribution of the Fund. 4.2 If at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent has received joint written instructions from the Issuer and the Placement Agent that all conditions for release of Funds funds have been met for closing of the Offering, the Escrow Agent shall promptly disburse the Fund in accordance with instructions. 4.3 Upon disbursement of the Fund pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of further obligations and released from all liability under this Agreement. It is expressly agreed and understood that in no event shall the aggregate amount of payments made by the Escrow Agent exceed the amount of the Fund.

Disbursement from the Bank Account. 4.1 4.1. If by the close of regular banking hours on the Termination Date the Offering Escrow Agent has not closed pursuant to received joint instructions from the Issuer and the Placement AgentAgents that the Offering is terminated, 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 therefromthere from, by rejecting drawing checks on the received deposits Bank Account for the amounts of such payments and transmitting them to the originating bank account and transmitting it to the purchaserpurchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent in advance of its distribution of the Fund. 4.2 4.2. If at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent has received joint written instructions from the Issuer and the Placement Agent Agents that all conditions for release of Funds funds have been met for closing of the Offering, the Escrow Agent shall promptly disburse the Fund in accordance with instructions. 4.3 4.3. Upon disbursement of the Fund pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of further obligations and released from all liability under this Agreement. It is expressly agreed and understood that in no event shall the aggregate amount of payments made by the Escrow Agent exceed the amount of the Fund.