Common use of Rejection of Subscriptions Clause in Contracts

Rejection of Subscriptions. If the Escrow Agent shall receive, prior to receipt of the Closing Notice, written instructions from an authorized officer of the Company and the Placement Agent, substantially in the form attached hereto as Exhibit E hereto (a "Subscription Termination Notice"), requesting the Escrow Agent to refund to one or more Subscribers such Subscriber's Subscription Payment, then the Escrow Agent shall release such Subscriber's Subscription Payment (together with interest actually accrued thereon), to such Subscriber, at the address given by such Subscriber in such Subscriber's Purchase Agreement. All disbursements by the Escrow Agent pursuant to this Section shall be made in accordance with Section 5(d) above.