Common use of Return of Escrowed Funds Clause in Contracts

Return of Escrowed Funds. If the Escrow Agent has not received a Break Escrow Affidavit on or prior to the Closing Date, the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in the Escrow Account, together with any interest thereon, without deduction for fees, penalties or expenses, to the respective subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. The subscription payments returned to each subscriber (including those, if any, returned to New York Subscribers, Pennsylvania Subscribers and Washington Subscribers pursuant to Sections 3, 4 and 5, respectively) shall be free and clear of any and all claims of the Company or any of its creditors.

Return of Escrowed Funds. If the Escrow Agent has not received a Break Escrow Affidavit Letter on or prior to the Closing Date, the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in the Escrow Account, together with any interest thereon, without deduction for fees, penalties or expenses, to the respective subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. The subscription payments returned to each subscriber (including those, if any, returned to New York Subscribers, Pennsylvania Subscribers and Washington Subscribers pursuant to Sections 3, 4 3 and 54, respectively) shall be free and clear of any and all claims of the Company or any of its creditors.