Common use of Disbursement of Proceeds Clause in Contracts

Disbursement of Proceeds. On a weekly basis, and at the end of the third business day following the Minimum Subscription Termination Date (and more frequently, if requested by the Company), the Escrow Agent shall notify the Company of the amount of Payment Instruments received (the “Collected Funds”) since the last report. If the Collected Funds are in an amount equal to or greater than the Minimum Amount at any time prior to the Minimum Subscription Termination Date, and the Company has delivered a written notice (the “Notice”) stating that the Company has received Collected Funds for the Minimum Amount of Shares, then the Escrow Agent shall deliver the Collected Funds and all earnings thereon to the Company when and as directed by the Notice. Following such disbursement, the Escrow Account shall close and thereafter the Escrow Agent shall forward directly to the Company, upon receipt, any subscription documents and Payment Instruments received from Subscribers. If the Collected Funds are not equal to the Minimum Amount on the Minimum Subscription Termination Date, the Escrow Agent shall (i) notify the Company and the Dealer Manager immediately following the Minimum Subscription Termination Date and (ii) within a reasonable time following the Minimum Subscription Termination Date, but in no event more than thirty (30) days after the Minimum Subscription Termination Date, refund to each of the Subscribers all sums paid by the Subscribers, with a pro-rata portion of any interest earned thereon, unless, prior to such Minimum Subscription Termination Date, the Minimum Subscription Termination Date has been extended by the Company for up to an additional one hundred and twenty (120) days. The Company shall provide written notice to the Escrow Agent of any such Minimum Subscription Termination Date extension.

Disbursement of Proceeds. On a weekly basis, and at the end of the third business day following the Minimum Subscription Termination Date (and more frequently, if requested by the Company), the Escrow Agent shall notify the Company of the amount of Payment Instruments received since the last report (the “Collected Funds”) since the last report). If the Collected Funds are in an amount equal to or greater than the Minimum Amount at any time prior to the Minimum Subscription Termination Date, and the Company has delivered a written notice (the “Notice”) stating that the Company has received Collected Funds for the Minimum Amount of Shares, then the Escrow Agent shall deliver pay out the Collected Funds and all earnings thereon to the Company when and as directed by the Notice. Following such disbursement, the Escrow Account shall close and thereafter the Escrow Agent shall forward directly to the Company, upon receipt, any subscription documents and Payment Instruments received from Subscribers. If the Collected Funds are not equal to the Minimum Amount on has not been attained prior to the Minimum Subscription Termination Date, the Escrow Agent shall (i) notify the Company and the Dealer Manager immediately following the Minimum Subscription Termination Date and (ii) shall, within a reasonable time following the Minimum Subscription Termination Date, but in no event more than thirty ten (3010) days after the Minimum Subscription Termination Date, refund to each of the Subscribers all sums paid by the Subscribers, with a pro-rata portion of any interest earned thereon, unless, prior to such . In the event that on the Minimum Subscription Termination Date, the Escrow Agent is not in receipt of evidence of subscriptions accepted on or before such date, and Subscription Payments dated not later than that date (or actual wired funds) at least equal to the Minimum Subscription Termination Date has been extended Amount, the Escrow Agent shall promptly notify the Company and the Dealer Manager, and the Escrow Agent shall promptly return all funds received in full directly to the investors, together with their pro rata share of any interest earned thereon, pursuant to instructions made by the Company for up to an additional one hundred and twenty (120) days. The Company shall provide written notice to or the Dealer Manager, upon the which the Escrow Agent of any such Minimum Subscription Termination Date extensionmay conclusively rely.

Disbursement of Proceeds. On a weekly basis, and at the end of the third business day following the Minimum Subscription Termination Date (and more frequently, if requested by the Company), the Escrow Agent shall notify the Company and Transfer Agent of the amount of Payment Instruments received (the “Collected Funds”) since the last report. If (a) the Collected Funds are in an amount equal to or greater than the Minimum Amount at any time prior to the Minimum Subscription Termination Date, and (b) an officer of the Company has delivered a written notice (an affidavit or certification to the “Notice”) Escrow Agent stating that the Company has received (i) Collected Funds for the Minimum Amount of SharesShares from persons who are not affiliated with the Company or its advisor has been timely raised, (ii) the date on which the Minimum Amount were raised and (iii) the actual number of total shares sold (the “Notice”), then the Escrow Agent shall deliver the Collected Funds and all earnings thereon to the Company when and as directed by the Notice. Following such disbursement, the Escrow Account shall close and thereafter the Escrow Agent shall forward directly to the CompanyTransfer Agent, upon receipt, any subscription documents and Payment Instruments received from Subscribers. If the Collected Funds are not equal to the Minimum Amount on the Minimum Subscription Termination Date, the Escrow Agent shall (i) notify the Company Company, Transfer Agent and the Dealer Manager immediately following the Minimum Subscription Termination Date and (ii) within a reasonable time following the Minimum Subscription Termination Date, but in no event more than thirty (30) days after the Minimum Subscription Termination Date, refund to each of the Subscribers all sums paid by the Subscribers, with a pro-rata portion of any interest earned thereon, unless, prior to such Minimum Subscription Termination Date, the Minimum Subscription Termination Date has been extended by the Company for up to an additional one hundred and twenty (120) days. The Company shall provide written notice to the Escrow Agent of any such Minimum Subscription Termination Date extension.

Disbursement of Proceeds. On a weekly basis, and at the end of the third business day following the Minimum Subscription Termination Date (and more frequently, if requested by the Company), the Escrow Agent shall notify the Company of the amount of Payment Instruments received since the last report (the “Collected Funds”) since the last report). If the Collected Funds are in an amount equal to or greater than the Minimum Amount at any time prior to the Minimum Subscription Termination Date, and the Company has delivered a written notice (the “Notice”) stating that the Company has received Collected Funds for the Minimum Amount of Shares, then the Escrow Agent shall deliver pay out the Collected Funds and all earnings thereon to the Company when and as directed by the Notice. Following such disbursement, the Escrow Account shall close and thereafter the Escrow Agent shall forward directly to the Company, upon receipt, any subscription documents and Payment Instruments received from Subscribers. If the Collected Funds are not equal to the Minimum Amount on has not been attained prior to the Minimum Subscription Termination Date, the Escrow Agent shall (i) notify the Company and the Dealer Manager immediately following the Minimum Subscription Termination Date and (ii) shall, within a reasonable time following the Minimum Subscription Termination Date, but in no event more than thirty (30) days after the Minimum Subscription Termination Date, refund to each of the Subscribers all sums paid by the Subscribers, with a pro-rata portion of any interest earned thereon, unless, prior to such Minimum Subscription Termination Date, the Minimum Subscription Termination Date has been extended by the Company for up to an additional one hundred and twenty (120) 120 days. The Company shall provide written notice to the Escrow Agent of any such Minimum Subscription Termination Date extension. In the event that on the Minimum Subscription Termination Date, the Escrow Agent is not in receipt of evidence of subscriptions accepted on or before such date, and Subscription Payments dated not later than that date (or actual wired funds) at least equal to the Minimum Amount, the Escrow Agent shall promptly notify the Company and the Dealer Manager, and the Escrow Agent shall promptly return all funds received in full directly to the investors, together with their pro rata share of any interest earned thereon, pursuant to instructions made by the Company or the Dealer Manager, upon the which the Escrow Agent may conclusively rely.