Common use of Rejected Subscriptions Clause in Contracts

Rejected Subscriptions. From time to time, upon instructions from ----------------------- the Managing Member identifying those subscribers whose subscriptions have been rejected, the Escrow Agent shall return such funds to the subscribers so identified with such interest as has been credited to them pursuant to Section 5 hereof. If the Managing Member rejects any subscription for which the Escrow Agent has already collected funds, the Escrow Agent shall promptly issue a refund check to the rejected subscriber. If the Managing Member rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriber's check for collection, the Escrow Agent shall promptly issue a check in the amount of the subscriber's check to the rejected subscriber after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted a rejected subscriber's check for collection, the Escrow Agent shall promptly remit the subscriber's check directly to the subscriber.

Rejected Subscriptions. From time to time, upon instructions from ----------------------- the Managing Member identifying those subscribers whose subscriptions have been rejected, the Escrow Agent shall return such funds to the subscribers so identified with such interest as has been credited to them pursuant to Section 5 hereof. If the Managing Member rejects any subscription for which the Escrow Agent has already collected funds, the Escrow Agent shall promptly issue a refund check to the rejected subscriber. If the Managing Member rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriber's ’s check for collection, the Escrow Agent shall promptly issue a check in the amount of the subscriber's ’s check to the rejected subscriber after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted a rejected subscriber's ’s check for collection, the Escrow Agent shall promptly remit the subscriber's ’s check directly to the subscriber.