RELEASE OF SUBSCRIPTION FUNDS Sample Clauses

RELEASE OF SUBSCRIPTION FUNDS. 6.1 The Trustee shall not at any time deliver any Subscription Funds received by it to the Corporation until it shall have received each of the following: (a) a certificate signed by the President of the Corporation or such other officer or director of the Corporation as the Trustee and Agent may accept, and countersigned by the Agent, to the effect that Successful Subscriptions for the Total Subscription have been received; (b) a written request from the Corporation requesting the delivery of Subscription Funds to the Corporation or as directed; and (c) a written instruction from the Agent instructing the Trustee to deliver the Subscription Funds to the Corporation or as directed. 6.2 Upon receiving the documentation referred to in Section 6.1 hereof, subject to Section 6.4 hereof, the Trustee shall forthwith deliver to the Corporation or as directed in Section 6.1(b) and (c) hereof, all Subscription Funds resulting from Successful Subscriptions held by it pursuant to this Agreement together with all interest earned on such funds and an accounting of all such Subscription Funds and interest. 6.3 If the Minimum Subscription is not received or if the Trustee has not received the documentation referred to in Section 6.1 hereof at or prior to the Time of Closing, the Trustee shall, promptly thereafter, remit by ordinary mail to each person whose Subscrip­tion Funds are held by the Trustee, such person's Subscription Funds, includ­ing without limiting the general­ity of the foregoing, all funds held pursuant to Section 4.3 hereof (but excluding all interest earned on such funds). 6.4 If the funds of any Subscriber delivered to the Trustee are for any reason rejected (in whole or in part) by the Corporation and Agent, such rejected funds shall be returned to such Subscriber without interest in the manner provided in Section 6.3 hereof. 6.5 All interest which shall have accrued with respect to Subscrip­tion Funds held by the Trustee pursuant to Section 4.3 shall be paid to the Cor­poration.
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RELEASE OF SUBSCRIPTION FUNDS. 3.1 The Company irrevocable directs the Trustee to release the subscription funds as follows: (a) To the Company upon receipt of a minimum of U.S. $100,000 in subscription funds within 90 days of commencement of the primary offering. (b) In the event the Company’s minimum offering of 100,000 shares is not sold within 90 days of commencement of the primary offering, the subscription funds shall be returned promptly to the Subscribers in full without interest or deductions unless extended for 30 days by agreement between the Company, the Trustee and the subscribers.
Sample 1
RELEASE OF SUBSCRIPTION FUNDS. (a) Upon receipt of Subscription Funds representing the sale of at least 100,000 shares of Common Stock in the aggregate on or before the Termination Date (the "Minimum Requirement"), the Escrow Agent will provide telephonic notice, followed by written confirmation, of such receipt to the Company. The Company will then deliver to the Escrow Agent a certificate executed by a duly authorized officer of the Company which shall provide (i) certification that Subscription Agreements representing the Minimum Requirement have been received and are deemed acceptable to the Company, (ii) a date for the release of the Subscription Funds (the "Initial Closing Date"), which date shall not be later than 10 business days after the receipt of the Escrow Agent's telephonic notice described in the preceding sentence, and (iii) instructions for the distribution to Subscribers of their respective pro rata share of any interest earned on Subscription Funds held by the Escrow Agent from the date each Subscriber's Subscription Funds were invested in the Escrow Account up to but excluding the Initial Closing Date. Within five business days after the Initial Closing Date, the
Sample 1
RELEASE OF SUBSCRIPTION FUNDS. 5.1 The Agent shall not at any time deliver any Subscription Funds received by it to the Corporation until the Minimum Subscription has been achieved and it has received at Closing a written direction from the Corporation requesting the delivery of Subscription Funds to the Corporation or as directed. 5.2 Upon receiving the direction referred to in Section 5.1 hereof, subject to Section 5.4 hereof, the Agent shall forthwith deliver to the Corporation or as directed in Section 5.1 hereof, all Subscription Funds resulting from Successful Subscriptions held by it pursuant to this Agreement, less the amounts to be deducted pursuant to Section 2.4 hereof. 5.3 If subscriptions for the Minimum Offering have not been received or if the Agent has not received the direction referred to in Section 5.1 hereof at or prior to the Time of Closing, the Agent shall promptly thereafter return to each Subscriber without interest or deduction the Subscription Funds held for the Subscriber by the Agent, unless such Subscriber has otherwise instructed the Agent. 5.4 If the funds of any Subscriber delivered to the Agent are for any reason rejected (in whole or in part) by the Corporation and the Agent, such rejected funds shall be returned to such Subscriber without interest or deduction in the manner provided in Section 5.3 hereof. 6.1 The Agent shall:
Sample 1
RELEASE OF SUBSCRIPTION FUNDS. 6.1 The Agent shall not at any time deliver any Subscription Funds received by it to the Corporation until it shall have received a written request from the Corporation requesting the delivery of Subscription Funds, net of the payments set out in Article 3 and Article 15 hereof, to the Corporation or as directed by the Corporation. 6.2 Upon receiving the documentation referred to in paragraph 6.1 hereof, subject to paragraph 6.4 and Article 12 hereof, the Agent shall forthwith deliver to the Corporation or as directed in paragraph 6.1 hereof, the net Subscription Funds held by it pursuant to this Agreement. 6.3 If the Agent has not received the documentation referred to in paragraph 6.1 hereof at or prior to the Termination Date, the Agent shall promptly thereafter return to each Purchaser by ordinary mail or otherwise without interest or deduction the Subscription Funds held for that Purchaser by the Agent, unless such Purchaser has otherwise instructed the Agent. 6.4 If a Subscription for Offered Securities is rejected (in whole or in part) by the Corporation or the Agent, any funds delivered to the Agent in connection therewith shall be returned to such Purchaser in the manner provided in paragraph 6.3 hereof.
Sample 1

Related to RELEASE OF SUBSCRIPTION FUNDS

  • TERMS OF SUBSCRIPTION Pending acceptance of this subscription by the Company, all funds paid hereunder shall be deposited by the Company and immediately available to the Company for its general corporate purposes.

  • Acceptance of Subscriptions 4.1 Following Agent’s first receipt of Subscriptions, on each business day, or more frequently if reasonably requested as to major tally figures, forward a report by email to [________________] (the “Company Representative”) as to the following information, based upon a preliminary review (and at all times subject to a final determination by Company) as of the close of business on the preceding business day or the most recent practicable time prior to such request, as the case may be: (i) the total number of shares of the Additional Common Stock Subscribed for; (ii) the total number of the Rights sold; (iii) the total number of the Rights partially Subscribed for; (iv) the amount of funds received; and (v) the cumulative totals in categories (i) through (iv), above. 4.2 As promptly as possible following the Expiration Time, advise the Company Representative by email of (i) the number of shares of the Additional Common Stock Subscribed for and (ii) the number of shares of the Additional Common Stock unsubscribed for.

  • Acceptance of Subscription At the Closing, if the Manager accepts this subscription in whole or in part, the Company shall execute and deliver to the Purchaser a counterpart executed copy of this Subscription Agreement and cause the Escrow Agent to release the Subscription Price (or applicable portion thereof if such subscription is only accepted in part) to the Company for the benefit of Series #TICKER. The Company shall have no obligation hereunder until the Company shall execute and deliver to the Purchaser an executed copy of this Subscription Agreement, and until the Purchaser shall have executed and delivered to the Manager this Subscription Agreement and a substitute Form W-9 (if applicable) and shall have deposited the Purchase Price in accordance with this Agreement. The Purchaser understands and agrees that this subscription is made subject to the condition that the Series #TICKER Interests to be issued and delivered on account of this subscription will be issued only in the name of and delivered only to the Purchaser. Effective upon the Company’s execution of this Subscription Agreement, the Purchaser shall be a member of the Company, and the Purchaser agrees to adhere to and be bound by, the terms and conditions of the Operating Agreement as if the Purchaser were a party to it (and grants to the Manager the power of attorney described therein).

  • Release of Funds On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

  • Release of Deposit If DSI does not receive Contrary Instructions from the Depositor, DSI is authorized to release the Deposit Materials to the Preferred Beneficiary or, if more than one beneficiary is registered to the deposit, to release a copy of the Deposit Materials to the Preferred Beneficiary. However, DSI is entitled to receive any fees due DSI before making the release. Any copying expense in excess of $300 will be chargeable to Preferred Beneficiary. This Agreement will terminate upon the release of the Deposit Materials held by DSI.

  • Direction to Escrow Agent The Issuer and the Securityholders direct the Escrow Agent to hold the escrow securities in escrow until they are released from escrow under this Agreement.

  • Acknowledgements of Subscriber 7.1 The Subscriber acknowledges and agrees that: (a) none of the Shares have been or will be registered under the Securities Act of 1933 (the “1933 Act”), or under any state securities or "blue sky" laws of any state of the United States, and, unless so registered, may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons, as that term is defined in Regulation S under the 1933 Act ("Regulation S"), except pursuant to an effective registration statement under the 1933 Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the 1933 Act and in each case only in accordance with applicable securities laws; (b) the Company has not undertaken, and will have no obligation, to register any of the Shares under the 1933 Act or any other applicable securities legislation; (c) the Subscriber has received and carefully read this Agreement; (d) the decision to execute this Agreement and acquire the Shares hereunder has not been based upon any oral or written representation as to fact or otherwise made by or on behalf of the Company and such decision is based entirely upon a review of any public information which has been filed by the Company with the Securities and Exchange Commission ("SEC") in compliance, or intended compliance, with applicable securities legislation; (e) the Subscriber and the Subscriber’s advisor(s) have had a reasonable opportunity to ask questions of and receive answers from the Company in connection with the issuance of the Shares hereunder, and to obtain additional information, to the extent possessed or obtainable by the Company without unreasonable effort or expense; (f) upon the issuance thereof, and until such time as the same is no longer required under the applicable securities laws and regulations, the certificates representing any of the Shares will bear a legend in substantially the following form: THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. (g) the Subscriber has been advised to consult the Subscriber's own legal, tax and other advisors with respect to the merits and risks of an investment in the Shares and with respect to applicable resale restrictions, and it is solely responsible (and the Company is not in any way responsible) for compliance with applicable resale restrictions; (h) none of the Shares are listed on any stock exchange or automated dealer quotation system and no representation has been made to the Subscriber that any of the Shares will become listed on any stock exchange or automated dealer quotation system, except that currently certain market makers make market in the shares of common stock of the Company on the OTC Markets Group Inc.’s Over-the-Counter Bulletin Board; (i) neither the SEC nor any other securities commission or similar regulatory authority has reviewed or passed on the merits of the Shares; (j) no documents in connection with the sale of the Shares hereunder have been reviewed by the SEC or any state securities administrators; (k) there is no government or other insurance covering any of the Shares; (l) the issuance and sale of the Shares to the Subscriber will not be completed if it would be unlawful or if, in the discretion of the Company acting reasonably, it is not in the best interests of the Company; and (m) this Agreement is not enforceable by the Subscriber unless it has been accepted by the Company.

  • Escrow of Funds Subject to the terms and conditions of the Grant Agreement, OPWC will disburse to Escrow Agent Grant funds available to Recipient, which disbursement shall be made by a check sent to Escrow Agent via regular U.S. Mail, or by such other means determined by the Director in the Director’s sole discretion, prior to the closing date as scheduled under the Contract (the “Escrow Funds”). The Escrow Funds shall be held by Escrow Agent, together with any funds of Recipient made available prior to closing on the terms and conditions hereinafter set forth.

  • Delivery to Escrow Agent You may tender your escrow securities to a person or company in a business combination. At least five business days prior to the date the escrow securities must be tendered under the business combination, you must deliver to the Escrow Agent: (a) a written direction signed by you that directs the Escrow Agent to deliver to the depositary under the business combination any share certificates or other evidence of the escrow securities and a completed and executed cover letter or similar document and, where required, transfer power of attorney completed and executed for transfer in accordance with the requirements of the depositary, and any other documentation specified or provided by you and required to be delivered to the depositary under the business combination; and (b) any other information concerning the business combination as the Escrow Agent may reasonably request.

  • Notice to Escrow Agent Documents will be considered to have been delivered to the Escrow Agent on the next business day following the date of transmission, if delivered by fax, the date of delivery, if delivered by hand during normal business hours or by prepaid courier, or 5 business days after the date of mailing, if delivered by mail, to the following: [Name, address, contact person, fax number]

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