Common use of Termination of Escrow Clause in Contracts

Termination of Escrow. Unless sooner terminated pursuant to Section 7 below, this Agreement and the Escrow Account created hereunder shall terminate as of the date, which is one year and one day following the date upon which the Commission authorizes the Offering (the “Offering Effective Date”) or later 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, that if prior to the Termination Date, the Company has accepted subscriptions for Units equal to the Minimum Escrow Deposit, and the Company has advised the Subscribers for those Units to remit to the Escrow Agent the balance of the purchase price, then the Escrow Account may continue beyond the Termination Date until all amounts payable by such Subscribers have been paid and the conditions for releasing the Escrow Funds have been satisfied. In no event shall this date be later than three (3) months following the Termination Date.

Termination of Escrow. Unless sooner terminated pursuant to Section 7 below, this Agreement and the Escrow Account created hereunder shall terminate as of the date, date which is one year and one day following the date upon which the Commission authorizes the Offering (the “Offering Effective Date”) or later 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, that if prior to the Termination Date, the Company has accepted subscriptions for Units equal to the Minimum Escrow Depositminimum offering amount, and the Company has advised the Subscribers for those Units to remit to the Escrow Agent the balance of the purchase price, then the Escrow Account may continue beyond the Termination Date until all amounts payable by such Subscribers have been paid and the conditions for releasing the Escrow Funds have been satisfied. In no event shall this date be later than three (3) months following the Termination Date.