Common use of Distribution of Escrowed Funds Clause in Contracts

Distribution of Escrowed Funds. (a) Subject to the last sentence of this Paragraph 5(a), if at any time on or prior to the Closing Date, the full amount of Shares for Minimum Offering have been sold, then upon the happening of such event, the Escrow Agent shall deliver the Escrowed Funds to the Company. An affidavit or certification from an officer of the Managing Member of the Company stating the full amount of Shares have been timely sold, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred. Thereafter, the Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein, upon the written request from an officer of the Company as listed on the incumbency certificate provided to the Escrow Agent by the Company. (b) If the Escrowed Funds do not, on or prior to each Closing Date, become deliverable to the Company pursuant to subparagraph (a) above, the Escrow Agent shall return the Escrowed Funds to the respective subscribers in amounts equal to the subscription amount theretofore paid by each of them, without interestand without deduction, penalty or expense to the subscriber. The Escrow Agent shall notify the Company of any such return of subscription amounts. The purchase money returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors.

Distribution of Escrowed Funds. The Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein together with all interest earned thereon, upon written request of an officer of the Company. (a) Subject to the last sentence of this Paragraph 5(a), if at any time on or prior to the Closing Date, an aggregate of 25,000 Units of the full amount of Shares for Minimum Offering Company have been sold, then upon the happening of such event, the Escrow Agent shall deliver the Escrowed Funds to the Company. An affidavit or certification from an officer of the Managing Member of the Company stating the full amount of Shares 25,000 Units have been timely sold, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred. Thereafter, the Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein, together with all interest earned thereon, upon the written request from an officer of the Company as listed on the incumbency certificate provided to the Escrow Agent by the Company. (b) If the Escrowed Funds do not, on or prior to each the Closing Date, become deliverable to the Company pursuant to subparagraph (a) above, upon written request of an officer of the Company the Escrow Agent shall return the Escrowed Funds to the respective subscribers in amounts equal to the subscription amount theretofore paid by each of them, without interestand together with interest calculated as described in paragraph 6 below and without deduction, penalty or expense to the subscriber. The Escrow Agent shall notify the Company of any such return of subscription amounts. The purchase money returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors.

Distribution of Escrowed Funds. The Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein together with all interest earned thereon, upon written request of an officer of the Company. (a) Subject to the last sentence of this Paragraph 5(a), if at any time on or prior to the Closing Date, an aggregate of 57,500 Units of the full amount of Shares for Minimum Offering Company have been sold, then upon the happening of such event, the Escrow Agent shall deliver the Escrowed Funds to the Company. An affidavit or certification from an officer of the Managing Member General Partner of the Company stating the full amount of Shares 57,500 Units have been timely sold, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred. Thereafter, the Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein, together with all interest earned thereon, upon the written request from an officer of the General Partner of the Company as listed on the incumbency certificate provided to the Escrow Agent by the Company. (b) If the Escrowed Funds do not, on or prior to each the Closing Date, become deliverable to the Company pursuant to subparagraph (a) above, the Escrow Agent shall return the Escrowed Funds to the respective subscribers in amounts equal to the subscription amount theretofore paid by each of them, without interestand together with interest calculated as described in paragraph 6 below and without deduction, penalty or expense to the subscriber. The Escrow Agent shall notify the Company of any such return of subscription amounts. The purchase money returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors.

Distribution of Escrowed Funds. The Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein together with all interest earned thereon, upon written request of an offier of the Company. (a) Subject to the last sentence of this Paragraph 5(a5(s), if at any time on or prior to the Closing Date, an aggregate of 57,500 Units of the full amount of Shares for Minimum Offering Company have been sold, then upon the happening of such event, the Escrow Agent shall deliver the Escrowed Funds to the Company. An affidavit or certification from an officer of the Managing Member General Partner of the Company stating the full amount of Shares that 57,500 Units have been timely sold, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred. Thereafter, the Escrow Agent shall release from the Escrow Account to the Company any and all Escrowed Funds therein, together with all interest earned thereon, upon the written request from an officer offier of the General Partner of the Company as listed on the incumbency certificate provided to the Escrow Agent by the Company. (b) If the Escrowed Funds do not, on or prior to each the Closing Date, become deliverable to the Company pursuant to subparagraph (a) above, the Escrow Agent shall return the Escrowed Funds to the respective subscribers in amounts equal to the subscription amount theretofore paid by each of them, without interestand together with interest calculated as described in paragraph 6 below and without deduction, penalty or expense to the subscriber. The Escrow Agent shall notify the Company of any such return of subscription amounts. The purchase money returned to each subscriber shall be free and clear of any and all claims of the Company or any of its creditors.