Common use of Failure to Obtain Minimum Offering Proceeds Clause in Contracts

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, 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) and (iii) notify the Company in writing of such return.

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 20,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, together with interest earned on the amount of such Payments and without deduction except as stated in Sections 7 and 13 of and Exhibit Exhibits B and C 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) and (iii) notify the Company in writing of such return.

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 50,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, together with interest earned on the amount of such Payments and without deduction except as stated in Sections 7 and 13 of and Exhibit Exhibits B and C 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) and (iii) notify the Company in writing of such return.

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, 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) and (iii) notify the Company in writing of such return.

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 26,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, together with interest earned on the amount of such Payments and without deduction except as stated in Sections 7 and 13 of and Exhibit Exhibits B and C 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) and (iii) notify the Company in writing of such return.

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 60,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, 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) and (iii) notify the Company in writing of such return.

Failure to Obtain Minimum Offering Proceeds. If, by the date that is five (5) business days after the Final Offering Closing Date, the Escrow Agent is not in receipt of approved Subscriptions, including Payments and Promissory Notes, but exclusive of interest, which total $30,000,000 70,000,000 or more, then the Escrow Agent shall (i) notify the Company in writing that the minimum Subscriptions required for the Offering have not been received, (ii) as soon as practicable but no later than thirty (30) days following the Final Offering Closing Date, return the Subscriptions and Escrow Funds then held by the Escrow Agent directly to the Subscribers by certified mail, including a check in the amount of the Payments received in respect of such Subscriptions and on deposit in the Escrow Account, together with interest earned on the amount of such Payments and without deduction except as stated in Sections 7 and 13 of and Exhibit Exhibits B and C 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) and (iii) notify the Company in writing of such return.