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 Escrow Agent determines that the amount in the account is less than the amount indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each Investor 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 there from, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent 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 (i) the Escrow Agent determines that the amount in the account Fund is less than the amount Minimum Offering Amount, as indicated by the Subscription Information submitted to the Escrow Agent, or (ii) the Offering has not closed by the Termination Date, then in either such case, the Escrow Agent shall promptly refund to each Investor 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 there fromfrom by the Escrow Agent, by drawing checks on rejecting the Bank Account for received deposits to the amounts of such payments originating bank account and transmitting them it to the purchaserspurchaser. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent Investor Representative 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 Investor Representative 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, which instructions shall include a payment of $75,000 to each of counsel to the Investors and counsel to the Issuer’s financial advisor. 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 account Fund is less than the amount Minimum Offering, as indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each Investor 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 there from, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent 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 account is less than the amount indicated by the Subscription Information submitted to the Escrow Agent, then in either such case, the Escrow Agent shall promptly refund to each Investor 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 there from, by drawing checks on the Bank Account for the amounts of such payments and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Placement Agent of its distribution of the Fund[Left blank intentionally.] 4.2 If Subject to Section 4.3 below, 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 determines that there are cleared Funds in the escrow account up to the Maximum Securities Amount and up to the Maximum Dollar Amount, the Escrow Agent shall promptly notify the Issuer and the Placement Agent that all conditions for release of funds have been met for closing of the Offering, the such fact in writing. The Escrow Agent shall promptly disburse the Fund in accordance with instructionsafter it receives written instructions signed by both the Company and the Placement Agent. In this regard, the Company and the Placement Agent may have multiple closings through the Termination Date. 4.3 [Left blank intentionally]. 4.4 Upon disbursement of the Fund pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of all 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. In the event the deposits exceed the amount of the fund, then the Company and the Placement Agent shall notify the Escrow Agent in writing which subscriber funds have been rejected and which subscriber(s) shall have their funds returned directly to them by the Escrow Agent without interest or deduction therefrom.