Common use of Disbursements from the Escrow Account Clause in Contracts

Disbursements from the Escrow Account. In the event the Escrow Agent has not received the Investment Amount prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder and the Placement Agent of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders or any of their creditors. In the event the Escrow Agent has received the Investment Amount prior to termination of the Escrow Period, on the Closing Date (as defined in Section 8), the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event that the Escrow Agent has does not received receive deposits for the Investment Amount sale of 3,000,000 Shares prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Agent and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event that the Escrow Agent has received does receive minimum deposits for the Investment Amount sale of 3,000,000 Shares prior to the termination of the Escrow Period, on the date of Closing Date (as defined in Section 8)below), the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, ; provided, however, that in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event the Escrow Agent has not received the Investment Amount prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Agent and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from held in the Escrow Account for such purchaser, without deduction, penalty, or expense payment of interest to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent of its distribution of the funds. The purchase money Offering Proceeds returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their creditors. In the event the Escrow Agent has received the Investment Amount prior to termination of the Escrow Period, on the Closing Date (as defined in Section 8)8) or as soon as practicable thereafter, the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event that the Escrow Agent has does not received receive deposits for the Investment Amount sale of 1,200,000 Shares prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Agent and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event that the Escrow Agent has received does receive minimum deposits for the Investment Amount sale of 1,200,000 Shares prior to the termination of the Escrow Period, on the date of Closing Date (as defined in Section 8)below), the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, ; provided, however, that in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In If the event the Escrow Agent has not received the Investment Amount prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Underwriter and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without interest or deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent Underwriter of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event the Escrow Agent receives notice from the Company and the Underwriter that the Offering has received the Investment Amount prior to termination of the Escrow PeriodClosed, on the Closing Date (as defined in Section 8)date of Closing, the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event that the Escrow Agent has does not received the Investment Amount receive at least $12,000,000 in Offering Proceeds prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) IAA and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from of Offering Proceeds held in the Escrow Account for such purchaser, without deduction, penalty, or expense to the purchaserpayment of interest, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent IAA of its distribution of the funds. The purchase money Offering Proceeds returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event that the Escrow Agent has received the Investment Amount does receive at least $12,000,000 in Offering Proceeds prior to the termination of the Escrow Period, on the Closing Date (or as defined in Section 8)soon as practicable thereafter), the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, ; provided, however, that in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event the Escrow Agent has does not received the Investment Amount receive minimum deposits totaling $27,000,000 ("Minimum Proceeds") prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Underwriter and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent Underwriter of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event the Escrow Agent has received does receive the Investment Amount prior Minimum Proceeds by (date) , subject to termination extension upon the mutual consent of the Escrow Period, on Company and the Closing Date (as defined in Section 8)Underwriter, the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “"collected funds” " shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event that the Escrow Agent has does not received receive deposits for the Investment Amount sale of Units [NOTE: Insert minimum amount] prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Sales Agent and the Company notify the Escrow Agent that the Offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Sales Agent of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event that the Escrow Agent has received does receive minimum deposits for the Investment Amount sale of Units [NOTE: Insert minimum amount] prior to the termination of the Escrow Period, on the Closing Date (as defined in Section 8)Date, the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, ; provided, however, that in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

Disbursements from the Escrow Account. In the event the Escrow Agent has does not received receive deposits for the Investment Amount sale of 1,333,334 Units prior to the termination of the Escrow Period, or if the Placement Agent, the Selling Stockholder) Agent and the Company notify the Escrow Agent that the Offering offering has been terminated, the Escrow Agent shall promptly refund to each purchaser the amount received from the purchaser, without deduction, penalty, or expense to the purchaser, and the Escrow Agent shall notify the Company, the Selling Stockholder Company and the Placement Agent of its distribution of the funds. The purchase money returned to each purchaser shall be free and clear of any and all claims of the Company, Selling Stockholders Company or any of their its creditors. In the event the Escrow Agent has received does receive minimum deposits for the Investment Amount sale of 1,333,334 Units prior to termination of the Escrow Period, on the Closing Date (as defined in Section 8)date of Closing, the Escrow Agent shall disburse the Escrow Amount pursuant to the provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company or Selling Stockholders until such amount is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.