Common use of Rejection of Any Subscription or Termination of the Offering Clause in Contracts

Rejection of Any Subscription or Termination of the Offering. No later than fifteen (15) business days after receipt by Escrow Agent of written notice (i) from Company or Agent that Company intends to reject a Subscriber's subscription, or (ii) that a subscriber has revoked his subscription or (iii) from the SEC or any other federal or state regulatory authority that a stop order has been issued with respect to the Offering Document and has remained in effect for at least twenty (20) days, Escrow Agent will, upon written instructions given by the Company, transmit to the Agent that portion of the escrowed funds attributable to such subscriber or subscribers affected by such event, or equal to the amount of the reduction, as the case may be, with interest, and the Agent shall promptly deposit such funds directly to the account of the subscriber entitled thereto, each Subscriber's share of interest to be calculated on a Pro Rata Basis.