Common use of Termination of Escrow Clause in Contracts

Termination of Escrow. This Agreement and the Escrow created hereunder shall be terminated as provided in paragraph 8 hereof or as of the date one year and one day following the date upon which the Commission authorizes the Offering (the "Offering's Effective Date") or longer if the Commission, upon the request of the Company, extends the effectiveness of the Offering beyond the initial one year and one day period of effectiveness (the “Termination Date”), provided; however, if the Company has filed for an extension of the offering with the Commission prior to the termination date and the application has not been rejected, this Agreement shall not terminate until such time as the Commission rejects the application for extension or for 180 days after the Commission grants such application. Prior to the Termination Date, the Company has received subscription agreements for membership units equal to the minimum offering amount and the Company has advised the Subscribers of those membership units to remit to the Escrow Agent the balance of the purchase price, then the Escrow may continue beyond the Termination Date until all Funds have been paid and the conditions for releasing the Funds have been satisfied. In no event shall this date be later than three (3) months following the Termination Date. The Company shall notify Escrow Agent of the Offering's Effective Date or extension thereof, within thirty (30) days of the receipt of notice of the Offering's Effective Date or extension from the Securities and Exchange Commission.