Common use of Termination of Escrow Account Clause in Contracts

Termination of Escrow Account. In the event that OTEC has not received subscriptions for the minimum offering amount by the Termination Date, then OTEC shall instruct the Escrow Agent to return to the subscribers, all funds from the sale of membership units held in the Escrow Account with interest determined on a pro rata basis per subscriber. OTEC may, in its sole discretion, abandon the sale of the membership units at any time prior to the termination of the offering period. Upon the receipt of written instructions from the Chairman of the Board or President of OTEC that the offering is being abandoned, the Escrow Agent shall refund the monies on deposit to the subscribers thereof as provided in this Paragraph 5.

Termination of Escrow Account. In the event that OTEC has not received ----------------------------- subscriptions for the minimum offering amount by the Termination Date, then OTEC shall instruct the Escrow Agent to return to the subscribers, all funds from the sale of membership units held in the Escrow Account with interest determined on a pro rata basis per subscriber. OTEC may, in its sole discretion, abandon the sale of the membership units at any time prior to the termination of the offering period. Upon the receipt of written instructions from the Chairman of the Board or President of OTEC that the offering is being abandoned, the Escrow Agent shall refund the monies on deposit to the subscribers thereof as provided in this Paragraph 5.