Common use of Withdrawals From Escrow Account Clause in Contracts

Withdrawals From Escrow Account. OTEC shall not withdraw funds from the Escrow Account for use by OTEC prior to the time that the following conditions are met (the "Release Conditions"): (a) OTEC closes the offering and has obtained signed Subscription Agreements for sales of membership units totaling at least $20,000,000; ( b) OTEC has obtained a commitment letter for financing construction of the ethanol plant; (c) there shall not be any legal orders prohibiting the offering or release of funds from escrow, or orders from the United States Securities and Exchange Commission revoking the effectiveness of the Registration Statement related to the offering, and (d) the Escrow Agent has contacted the Securities Bureau of the Nebraska Department of Banking and Finance (the "Bureau") and the Bureau has indicated that the funds may be released from the Escrow Account.

Withdrawals From Escrow Account. OTEC Husker Ag shall not withdraw funds from the Escrow Account for use by OTEC Husker Ag prior to the time that the following conditions are met (the "Release Conditions"): (a) OTEC Husker Ag closes the offering and has obtained signed Subscription Agreements for sales of membership units totaling at least $20,000,00013,000,000; ( b) OTEC Husker Ag has obtained a commitment letter for financing construction of the ethanol plant; (c) there shall not be any legal orders prohibiting the offering or release of funds from escrow, or orders from the United States Securities and Exchange Commission revoking the effectiveness of the Registration Statement related to the offering, and (d) the Escrow Agent has contacted the Securities Bureau of the Nebraska Department of Banking and Finance (the "Bureau") and the Bureau has indicated that the funds may be released from the Escrow Account.