Common use of Failure to Reach Escrow Closing Clause in Contracts

Failure to Reach Escrow Closing. If, by the date that is five (5) business days after the Escrow Closing Date, the Escrow Agent is not in receipt of the documents described in Section 4(a), then the Escrow Agent shall (i) notify the Company in writing that the conditions set forth in Section 4(a) have not been satisfied, (ii) as soon as practicable but no later than thirty (30) days following the Escrow 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 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 Reach Escrow Closing. If, by the date that is five (5) business days after the Escrow Closing Date, the Escrow Agent is not in receipt of the documents described in Section 4(a), then the Escrow Agent shall (i) notify the Company in writing that the conditions set forth in Section 4(a) have not been satisfied, (ii) as soon as practicable but no later than thirty (30) days following the Escrow 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 Exhibits Exhibit 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 Reach Escrow Closing. If, by the date that is five (5) business days after the Escrow Closing Date, the Escrow Agent is not in receipt of the documents described in Section 4(a), then the Escrow Agent shall (i) notify the Company in writing that the conditions set forth in Section 4(a) have not been satisfied, (ii) as soon as practicable but no later than thirty (30) days following the Escrow 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 Exhibits B and C to Exhibit Bto 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.