Common use of Distribution of the Escrowed Funds Clause in Contracts

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Date, the Minimum Offering has been raised, the Escrow Agent shall notify the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, the Company shall instruct the Escrow Agent to deliver the amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. An officer’s certificate from an officer of the Company to the Escrow Agent stating that the Minimum Offering has been timely raised shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Certificate”). The Break Escrow Certificate shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified by the Company, Company of such rejection or otherwise in accordance with the Company’s written requestrescission. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateAffidavit”). The Break Escrow Certificate Affidavit shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateAffidavit”). The Break Escrow Certificate Affidavit shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Date, the Minimum Offering has been raised, the Escrow Agent shall notify the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, the Company shall instruct the Escrow Agent to deliver the amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, which cannot be released until the conditions of Sections Section 3 and Section 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. An officer’s certificate from an officer of the Company to the Escrow Agent stating that the Minimum Offering has been timely raised shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Certificate”). The Break Escrow Certificate shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, Washington Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified by the Company, Company of such rejection or otherwise in accordance with the Company’s written requestrescission. An officer’s certificate letter from an officer of the Company to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateLetter”). The Break Escrow Certificate Letter shall indicate indicate: (i) the date on which the Minimum Offering was raised raised; and (ii) the actual total number of Shares sold as of such date. The current form of the Break Escrow Letter is attached hereto as Exhibit B. Thereafter, the Escrow Agent shall distribute directly to the Company any interest earned on subscriber’s subscription payments while such payments were held in the Escrow Account. The Company hereby directs the Escrow Agent to provide the Processing Agent with all electronic files and information needed by the Processing Agent to maintain ownership records for the Company’s shares.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified by the Company, Company of such rejection or otherwise in accordance with the Company’s written requestrescission. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateAffidavit”). The Break Escrow Certificate Affidavit shall indicate indicate: (i) the date on which the Minimum Offering was raised raised; and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from New York Subscribers, Pennsylvania Subscribers and Tennessee Subscribers, Washington Subscribers which cannot be released until the conditions of Sections 3 3, 4 and 45, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified by the Company, Company of such rejection or otherwise in accordance with the Company’s written requestrescission. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateAffidavit”). The Break Escrow Certificate Affidavit shall indicate indicate: (i) the date on which the Minimum Offering was raised raised; and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the Company any interest earned on subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified received written notification by the Company, Company of such rejection or otherwise in accordance with rescission prior to the Company’s written requestdate of disbursement. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “"Break Escrow Certificate”Affidavit"). The Break Escrow Certificate Affidavit shall indicate indicate: (i) the date on which the Minimum Offering was raised raised; and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, which cannot be released until the conditions of Sections Section 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified by the Company, Company of such rejection or otherwise in accordance with the Company’s written requestrescission. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateAffidavit”). The Break Escrow Certificate Affidavit shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Closing Date, the Minimum Offering has been raised, then upon the Escrow Agent shall notify happening of such event, the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, written direction provided by the Company shall instruct and the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, Subscribers which cannot be released until the conditions of Sections 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those the funds of a subscriber whose subscriber, the subscription of which has been rejected or rescinded of which rescinded, if the Escrow Agent has been notified received written notification by the Company, Company of such rejection or otherwise in accordance with rescission prior to the Company’s written requestdate of disbursement. An officer’s certificate affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Processing Agent stating that at least the Minimum Offering has been timely raised raised, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow CertificateAffidavit”). The Break Escrow Certificate Affidavit shall indicate indicate: (i) the date on which the Minimum Offering was raised raised; and (ii) the actual total number of Shares sold as of such date. Thereafter, the Escrow Agent shall distribute directly to the subscribers any interest earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Escrowed Funds. If at any time on or prior to the Termination Date, the Minimum Offering has been raised, the Escrow Agent shall notify the Company and the Dealer Manager. The funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives the Break Escrow Certificate from the Company. Thereafter, the Company shall instruct the Escrow Agent to deliver the amount of such escrowed funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers and Tennessee Subscribers, which cannot be released until the conditions of Sections Section 3 and 4, respectively, have been met); provided, however, that the Escrow Agent shall not disburse those funds of a subscriber whose subscription has been rejected or rescinded of which the Escrow Agent has been notified by the Company, or otherwise in accordance with the Company’s written request. An officer’s certificate from an officer of the Company to the Escrow Agent stating that the Minimum Offering has been timely raised shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break Escrow Certificate”). The Break Escrow Certificate shall indicate (i) the date on which the Minimum Offering was raised and (ii) the actual total number of Shares sold as of such date.