Distribution of Subscription Proceeds. Subject to Section 6, if the Escrow Agent: (a) receives written notice from an authorized officer of the General Partner that at least the Minimum Offering Amount has been received and accepted by the General Partner; and (b) determines that the Minimum Offering Amount has cleared the banking system and constitutes good funds; then the Escrow Agent shall promptly release and distribute to the General Partner the escrowed Subscription Proceeds which have cleared the banking system and constitute good funds plus any interest paid and investment income earned on the Subscription Proceeds while held by the Escrow Agent in the escrow account. Any remaining Subscription Proceeds, plus any interest paid and investment income earned on the Subscription Proceeds while held by the Escrow Agent in the escrow account, shall be promptly released and distributed to the General Partner by the Escrow Agent as the Subscription Proceeds clear the banking system and become good funds.
Appears in 11 contracts
Samples: Dealer Manager Agreement (LEAF Equipment Leasing Income Fund III, L.P.), Dealer Manager Agreement (LEAF Equipment Leasing Income Fund III, L.P.), Dealer Manager Agreement (LEAF Equipment Finance Fund 4, L.P.)
Distribution of Subscription Proceeds. Subject to Section 6, if the Escrow Agent:
(a) receives written notice from an authorized officer of the General Partner that at least the Minimum Offering Subscription Amount has been received and accepted by the General Partner; and
(b) determines that the Minimum Offering Subscription Amount has cleared the banking system and constitutes good funds; then the Escrow Agent shall promptly release and distribute to the General Partner the escrowed Subscription Proceeds which have cleared the banking system and constitute constitutes good funds plus any interest paid and investment income earned on the Subscription Proceeds while held by the Escrow Agent in the escrow account. Any remaining Subscription Proceeds, plus any interest paid and investment income earned on the Subscription Proceeds while held by the Escrow Agent in the escrow account, shall be promptly released and distributed to the General Partner by the Escrow Agent as the Subscription Proceeds clear the banking system and become good funds.
Appears in 1 contract
Samples: Dealer Manager Agreement (Lease Equity Appreciation Fund I Lp)
