Common use of Distribution of the Funds from New York Subscribers Clause in Contracts

Distribution of the Funds from New York Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by New York Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the New York Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscription proceeds (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $2,500,000, whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from New York Subscribers in the Escrow Account received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. (b) If the Company has not received total subscriptions of at least $2,500,000 prior to the termination of the Offering all funds in the Escrow Account that were contributed by New York Subscribers will be promptly returned in full to such New York Subscribers, together with their pro rata share of any remaining interest earned thereon pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from New York Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by New York Subscribers may only be distributed in compliance with the provisions of this Section 43. Irrespective of any Notwithstanding the disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the New York Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscription gross offering proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow AccountAccount for New York Subscribers) equal or exceed $2,500,000, whereupon the Escrow Agent shall shall: (i) disburse to the Company, at the Company’s request, any the principal amount of the funds from New York Subscribers in the Escrow Account received by the Escrow Agent for accepted subscriptions; and (ii) disburse directly to the Company any interest earned on New York Subscribers’ subscription payments while such payments were held in the Escrow Account. However, but the Escrow Agent shall not disburse those funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified by the Company, Company of such rejection or otherwise in accordance with the Company’s written requestrescission. (b) If the Company has not received total subscriptions gross offering proceeds of at least $2,500,000 prior to the termination of the Offering Offering, all funds in the Escrow Account that were contributed by New York Subscribers will be promptly returned in full to such New York Subscribers, together with their pro rata share of any remaining interest earned thereon pursuant to instructions made by the Company, Company upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from New York Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by New York Subscribers may only be distributed in compliance with the provisions of this Section 43. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the New York Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscription proceeds (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $2,500,0002.5 million, whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from New York Subscribers in the Escrow Account received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. (b) If the Company has not received total subscriptions of at least $2,500,000 2.5 million prior to the termination of the Offering all funds in the Escrow Account that were contributed by New York Subscribers will be promptly returned in full to such New York Subscribers, together with their pro rata share of any remaining interest earned thereon pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from New York Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by New York Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the New York Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscription proceeds (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $2,500,000, whereupon the Escrow Agent shall disburse to the Company, at the Company’s request, any funds from New York Subscribers in the Escrow Account received by the Escrow Agent for accepted subscriptions, but not those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. (b) If the Company has not received total subscriptions of at least $2,500,000 prior to the termination of the Offering all funds in the Escrow Account that were contributed by New York Subscribers will be promptly returned in full to such New York Subscribers, together with their pro rata share of any remaining interest earned thereon pursuant to instructions made by the Company, upon which the Escrow Agent may conclusively rely.