Common use of Collection Procedure Clause in Contracts

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Agent. In such cases, the Escrow Agent will promptly notify the Sponsor of such return. If the Sponsor 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 Sponsor 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. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from be returned to the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow AgentIssuer. In such cases, the Escrow Agent will promptly notify the Sponsor Issuer of such return. If the Sponsor Issuer rejects any subscription for which the Escrow Agent has already collected funds, the Escrow Agent shall promptly issue a refund check to the rejected subscriberprospective purchaser. If the Sponsor Issuer rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriberprospective purchaser's check for collection, the Escrow Agent shall promptly issue a check in the amount of the subscriberprospective purchaser's check to the rejected subscriber prospective purchaser after the Escrow Agent has cleared such funds. If the rejected prospective purchaser's check which has been submitted for collection by the Escrow Agent is uncollectible, and if the Escrow Agent has issued a check to the rejected subscriber hereunder, then the Escrow Agent shall notify the Issuer and the Issuer shall immediately reimburse the Escrow Agent for the amount of such funds. If the Escrow Agent has not yet submitted a rejected subscriberprospective purchaser's check for collection, the Escrow Agent shall promptly remit the subscriberprospective purchaser's check directly to the subscriber. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsorprospective purchaser.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. shall be returned to the Selected Dealer that submitted the check, at the address indicated on the Written Account or such other address that Escrow Agent shall promptly return any check or instrument received from the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Agentcan determine. In such cases, the Escrow Agent will promptly notify the Sponsor Company of such return. If the Sponsor Company rejects any subscription for which the Escrow Agent has already collected fundsfunds and upon written notice of such rejection to the Escrow Agent from the Company, the Escrow Agent shall promptly issue a refund check to the rejected subscriber in the amount of the subscriber's check plus any interest credited thereon. If the Sponsor Company rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriber's check for collectioncollection and upon written notice of such rejection to Escrow Agent from the Company, 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 is satisfied that such fundsuncollected funds are collected. If the Escrow Agent has not yet submitted a rejected subscriber's check for collectioncollection and upon written notice to Escrow Agent from the Company is rejecting such subscription, the Escrow Agent shall promptly remit return the subscriber's check directly to the subscriber. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to -------------------- forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. shall be returned to the Selected Dealer that submitted the check, at the address indicated on the Written Account or such other address that Escrow Agent shall promptly return any check or instrument received from the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Agentcan determine. In such cases, the Escrow Agent will promptly notify the Depositor-Sponsor of such return. If the Depositor-Sponsor rejects any subscription for which the Escrow Agent has already collected fundsfunds and upon written notice of such rejection to Escrow Agent from the Depositor-Sponsor, the Escrow Agent shall promptly issue a refund check to the rejected subscriber in the amount of the subscriber's check plus any interest credited thereon. If the Depositor-Sponsor rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriber's check for collectioncollection and upon written notice of such rejection to Escrow Agent from the Depositor-Sponsor, 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 is satisfied that such fundsuncollected funds are collected. If the Escrow Agent has not yet submitted a rejected subscriber's check for collectioncollection and upon written notice to Escrow Agent from the Depositor-Sponsor is rejecting such subscription, the Escrow Agent shall promptly remit return the subscriber's check directly to the subscriber. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from be returned to the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow AgentCompany. In such cases, the Escrow Agent will promptly notify the Sponsor Company of such return. If the Sponsor Company 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 Sponsor Company 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 rejected subscriber's check which has been submitted for collection by the Escrow Agent is uncollectible, and if the Escrow Agent has issued a check to the rejected subscriber hereunder, then the Escrow Agent shall notify the Company and the Company shall immediately reimburse the Escrow Agent for the amount of 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. If Escrow Agent has disbursed funds subscriber and shall promptly notify the Company as to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsorsuch action.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from be returned to the Sponsor or agent of Selected dealer that submitted the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Agentcheck. In such cases, the Escrow Agent will promptly notify the Sponsor Company of such return. If the Sponsor Company 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 Sponsor Company 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. If Should any released Escrow funds be found to be uncollectable by Escrow Agent has disbursed after funds have been released to Sponsor and subsequently subscriber's check is returned for any reasonthe Company, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Company will immediately deposit such amount via federal fund with Escrow Agent will return subscriber's check to Sponsorupon demand. Company shall be responsible in pursuing subscriber regarding the status of their deposit.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, Any check returned unpaid to the Escrow Agent may shall be returned to either the Placement Agent or the Selected Dealer that submitted the check, at its discretion telephone the bank address indicated on which the check is drawn to confirm Written Account or such other address that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Agentcan determine. In such cases, the Escrow Agent will promptly notify the Sponsor Company of such return. If the Sponsor Company rejects any subscription for which the Escrow Agent has already collected fundsfunds and upon written notice of such rejection to the Escrow Agent from the Company and the Placement Agent, the Escrow Agent shall promptly issue a refund check to the rejected subscriber in the amount of the subscriber's check plus any interest credited thereon. If the Sponsor Company rejects any subscription for which the Escrow Agent has not yet collected funds but has submitted the subscriber's check for collectioncollection and upon written notice of such rejection to Escrow Agent from the Company, 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 is satisfied that such fundsuncollected funds are collected. If the Escrow Agent has not yet submitted a rejected subscriber's check for collectioncollection and upon written notice to Escrow Agent from the Company is rejecting such subscription, the Escrow Agent shall promptly remit return the subscriber's check directly to the subscriber. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check be returned to the Company or instrument received from the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Placement Agent. In such cases, the Escrow Agent will promptly notify the Sponsor Company of such return. If the Sponsor Company 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 Sponsor Company 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 rejected subscriber's check which has been submitted for collection by the Escrow Agent is uncollectible, and if the Escrow Agent has issued a check to the rejected subscriber hereunder, then the Escrow Agent shall notify the Company and the Company shall immediately reimburse the Escrow Agent for the amount of 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. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from be returned to the Sponsor or agent of the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow AgentCompany. In such cases, the Escrow Agent will promptly notify the Sponsor Company of such return. If the Sponsor Company 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 Sponsor Company 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 rejected subscriber's check which has been submitted for collection by the Escrow Agent is uncollectible, and if the Escrow Agent has issued a check to the rejected subscriber hereunder, then the Escrow Agent shall notify the Company and the Company shall immediately reimburse the Escrow Agent for the amount of 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. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and upon collection of the proceeds of each check, deposit the collected proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by from the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from the Sponsor Grantor or agent of the Sponsor Grantor upon which payment is refused, together with the related documents which were delivered to Escrow Agent. In such cases, the Escrow Agent will promptly notify the Sponsor Grantor of such return. If the Sponsor Grantor 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 Sponsor Grantor rejects any subscription for which the Escrow Agent has not yet collected funds fund but has ha 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. If Escrow Agent has disbursed funds to Sponsor Grantor and subsequently subscriber's ’s check is returned for any reason, the Sponsor Grantor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow /escrow Agent will return subscriber's ’s check to SponsorGrantor.

Collection Procedure. The Escrow Agent shall be under no duty or responsibility to enforce collection of any checks delivered to Escrow Agent. The Escrow Agent is hereby authorized to forward each check for collection and and, upon collection of the proceeds Proceeds of each check, deposit the collected proceeds Proceeds in the Escrow Account. As an alternative, the Escrow Agent may at its discretion telephone the bank on which the check is drawn to confirm that the check has been paid. The Escrow Agent will not be accountable for the proceeds of any such item until the proceeds are received by Any check returned unpaid to the Escrow Agent in final collected funds. Escrow Agent shall promptly return any check or instrument received from be returned to the Sponsor or agent of Participating Broker that submitted the Sponsor upon which payment is refused, together with the related documents which were delivered to Escrow Agentcheck. In such cases, the Escrow Agent will shall promptly notify the Sponsor Company of such return. From time to time, upon instructions from the Company 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 Sponsor Company 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 Sponsor Company 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. If Escrow Agent has disbursed funds to Sponsor and subsequently subscriber's check is returned for any reason, the Sponsor shall become responsible for reimbursing the Escrow Agent. Upon receipt of reimbursement funds, Escrow Agent will return subscriber's check to Sponsor.