Common use of Termination of Offering Clause in Contracts

Termination of Offering. If the Offering should be terminated, the Company shall promptly so advise the Bank in writing, and shall authorize and direct the Bank to return the Subscription Payments to the Purchasers. The Bank thereupon shall return those Subscription Payments to the extent they have not been distributed per Section 1.6 to the Purchasers from whom they were received. Any interest earned on the Subscription Payments and not theretofore distributed pursuant to Section 1.3 hereof shall be paid in accordance with Section 1.3 hereof. Upon paying such disbursements to the Purchasers and the Company, the Bank shall be relieved of all of its obligations and liabilities under this Bank Agreement.