Qualifying Subscriptions definition

Qualifying Subscriptions as used herein shall mean all subscriptions which have been received by Telegen and which Telegen intends to accept. If Qualifying Subscriptions have been received for at least 1,971,429 Shares on or before the Offering Termination Date, Telegen shall notify the Escrow Agent and by instructions (which may accompany such notice or be provided subsequently) given at least 2 business days in advance, shall specify the "Initial Closing Date" (which must be not more than 10 days after the Offering Termination Date), the approximate amount of Qualifying Subscriptions for Telegen to be accepted as of such Initial Closing Date, the identity of the subscribers whose subscriptions are anticipated to be accepted as of the Initial Closing Date, and the approximate amount of the Funds to be paid to Telegen and to each Selling Agent, respectively. On the Initial Closing Date, the Escrow Agent, upon telephonic notice from Telegen and the Managing Dealer that all contingencies for payment have been satisfied as required by SEC Rule 15c2-4 and NASD Notices to Members 84-64 and 84-7 (which notice Telegen shall promptly confirm in writing) shall pay to Telegen and each Selling Agent the amounts specified by such notice, and shall additionally pay to Telegen the interest earned on such Funds pursuant to Section 4 hereof.

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Qualifying Subscriptions as used herein shall mean all subscriptions that have been received and accepted by the Corporation, including, but not limited to, subscriptions received and accepted from persons who have loaned money to the Corporation (the "Lenders") and who, pursuant to their agreement with the Corporation, have elected to seek payment of their loans through the issuance in the Offering to them of shares of Common Stock valued at $10.00 per share. If, at any time prior to the termination of the Escrow Period, the Corporation has received Qualifying Subscriptions for at least $2,400,000 in shares of Common Stock and the other condition of the Offering as described in the Prospectus has been satisfied, then the Corporation shall notify the Escrow Agent and by instructions (which may accompany such notice or be provided subsequently) given at least two (2) business days in advance of the date on which the Corporation intends to obtain a release of funds from the Escrow Account (the "Escrow Release Date"), shall specify the Escrow Release Date (which must be not more than ten (10) days after the termination of the Escrow Period), the amount of Qualifying Subscriptions accepted by the Corporation as of the Escrow Release Date and the identity of the subscribers whose subscriptions have been accepted as of the Escrow Release Date (the "Escrow Closing Notice"). On the Escrow Release Date, the Escrow Agent, upon receipt of a certificate from the Corporation certifying that all conditions of the Offering as set forth in the Prospectus have been met, including acceptance of Qualifying Subscriptions for at least $2,400,000 in shares of Common Stock, shall pay to the Corporation the amounts specified in the Escrow Closing Notice, and shall additionally pay to the Corporation the interest earned on such amount. The Escrow Agent shall pay the Corporation in the form of the Escrow Agent's check payable in New York Clearing House Funds or a wire transfer directly to a non-escrow deposit account (the "Deposit Account") established by the Corporation at the Escrow Agent.

Qualifying Subscriptions as used herein shall ------------------- mean all subscriptions that have been received and accepted by the Corporation. If, at any time prior to the termination of the Escrow Period, the Corporation has received Qualifying Subscriptions for at least $7,000,000, then the Corporation shall notify the Escrow Agent and by instructions (which may accompany such notice or be provided subsequently) given at least one (1) business day in advance of the date on which the Corporation intends to obtain a release of funds from the Escrow Account (the "Escrow Release Date"), shall specify the Escrow Release Date (which must be not more than ten (10) days after the termination of the Escrow Period), the amount of Qualifying Subscriptions accepted by the Corporation as of the Escrow Release Date and the identity of the subscribers whose subscriptions have been accepted as of the Escrow Release Date (the "Escrow Closing Notice"). On the Escrow Release Date, the Escrow Agent, upon receipt of a certificate from the Corporation certifying that the Corporation has accepted Qualifying Subscriptions for at least $7,000,000, shall pay to the Corporation the amount specified in the Escrow Closing Notice, and shall additionally pay to the Corporation the interest earned on such amount. The Escrow Agent shall pay the Corporation in the form of the Escrow Agent's check or a wire transfer directly to a non-escrow deposit account (the "Deposit Account") established by the Corporation at the Escrow Agent.

Examples of Qualifying Subscriptions in a sentence

If Qualifying Subscriptions for at least $3,000,000 of Units have not been received by the Minimum Offering Termination Date, then the Escrow Agent, upon instructions from the Managing Member, shall promptly return all collected funds and uncollected checks and other instruments to the subscribers, with such interest as has been credited to them pursuant to Section 5 hereof.
The term "Qualifying Subscriptions" shall refer to all subscriptions which have been received by the Managing Member and which the Managing Member intends to accept into the Fund.
If Qualifying Subscriptions for at least $3,000,000 of Units have not been received by the Minimum Offering Termination Date, then the fees of the Escrow Agent shall be paid by the Managing Member.
If Qualifying Subscriptions for at least $1,000,000 of Shares have not been received by the Minimum Offering Termination Date, then the Escrow Agent, upon instructions from the Company, shall promptly return all collected funds and uncollected checks and other instruments to the subscribers, with such interest as has been credited to them pursuant to Section 5 hereof.
The term "Qualifying Subscriptions" shall refer to all subscriptions which have been received by the Company and which the Company intends to accept into the Company.
The term "Qualifying Subscriptions" shall ---------------------- refer to all subscriptions which have been received by the Managing Member and which the Managing Member intends to accept into the Fund.
If Qualifying Subscriptions for at least 2,500,000 Units have not been received by the Minimum Offering Termination Date, then the Escrow Agent shall promptly return all collected funds and uncollected checks and other instruments to each subscriber, without deduction, penalty, or expense to the subscriber, and with such interest as has been credited to the subscriber pursuant to Section 5 hereof.
It is the intent of Borrower, Agent and Lenders in the execution of this Agreement, the Note and all other Loan Documents, that the Loan be exempt from the restrictions of the usury laws of the State of California.
On the Escrow Release Date, the Escrow Agent, upon receipt of a certificate from the Corporation certifying that the Corporation has accepted Qualifying Subscriptions for at least $7,000,000, shall pay to the Corporation the amount specified in the Escrow Closing Notice, and shall additionally pay to the Corporation the interest earned on such amount.
Qualifying Subscriptions" as used herein shall ------------------- mean all subscriptions that have been received and accepted by the Corporation.

More Definitions of Qualifying Subscriptions

Qualifying Subscriptions as used herein shall mean all subscriptions that have been received and accepted by the Company. If, at any time prior to the termination of the Escrow Period, the Company has received Qualifying Subscriptions for at least $5,000,000 of shares and all final regulatory approvals have been granted for the Company to become a bank holding company, and the Company's proposed bank subsidiary to become a bank, then the Company shall notify the Escrow Deposit Agent and by instructions which shall accompany such notice (such notice and such instructions to be referred to herein as the "Escrow Closing Notice") given at least one (1) business day in advance of the date on which the Company intends to obtain a release of funds from the Escrow Account (the "Escrow Release Date"), shall specify the Escrow Release Date and the amount of Qualifying Subscriptions accepted by the Company as of the date of the Escrow Closing Notice.