Common use of Deposit of Subscription Proceeds Clause in Contracts

Deposit of Subscription Proceeds. Pending receipt of the Minimum Offering Amount, and subject to Section 6, the Dealer-Manager and the General Partner shall deposit the Subscription Proceeds of each Subscriber to whom they sell Units with the Escrow Agent and shall deliver to the Escrow Agent a copy of the Subscription Agreement. A “Subscription Agreement” is the execution and subscription instrument signed by the Subscriber to evidence his agreement to purchase Units in the Partnership. Payment for each subscription for Units shall be in the form of a check made payable to “LEAF Equipment Leasing Income Fund III, L.P. Escrow Account.” Verification of the Subscription Proceeds by the Escrow Agent will be available via direct, on­line access, telecopier, or other electronic media as soon as practicable after receipt.

Deposit of Subscription Proceeds. Pending receipt of the Minimum Offering Amount, and subject to Section 6, the Dealer-Manager and the General Partner shall deposit the Subscription Proceeds of each Subscriber to whom they sell Units with the Escrow Agent and shall deliver to the Escrow Agent a copy of the Subscription Agreement. A “Subscription Agreement” is the execution and subscription instrument signed by the Subscriber to evidence his agreement to purchase Units in the Partnership. Payment for each subscription for Units shall be in the form of a check made payable to “LEAF Equipment Leasing Income Finance Fund III4, L.P. Escrow Account.” Verification of the Subscription Proceeds by the Escrow Agent will be available via direct, on­line online access, telecopier, or other electronic media as soon as practicable after receipt.