Common use of Distribution of the Escrowed Funds Clause in Contracts

Distribution of the Escrowed Funds. (1) In the event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the Company has received the Primary Minimum, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Company that the Primary Minimum has been received, the Escrow Agent shall promptly disburse to the Company, by check or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers, (the “Primary Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers shall no longer be subject to the escrow provisions of this Agreement. If the Primary Minimum has not been received on or prior to the Closing Date, the Processing Agent shall promptly provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the Primary Funds.

Distribution of the Escrowed Funds. (1) In the event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the Company has total subscription proceeds, excluding for these purposes any funds received from Tennessee Subscribers, Ohio Subscribers and Pennsylvania Subscribers (the “Primary MinimumProceeds”), equal or exceed the $2M Minimum Offering Amount, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Company Processing Agent that the Primary Proceeds equal or exceed the $2M Minimum has been receivedOffering Amount, the Escrow Agent shall promptly disburse to the Company, by check check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers, (the “Primary Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers shall no longer be subject to the escrow provisions of this Agreement. If the Primary Proceeds do not equal or exceed the $2M Minimum has not been received Offering Amount on or prior to the Closing Date, the Processing Agent shall promptly provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the Primary Funds.

Distribution of the Escrowed Funds. (1) In the event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the Company has total subscription proceeds, excluding for these purposes any funds received from Tennessee Subscribers and Pennsylvania Subscribers (the “Primary MinimumProceeds”), equal or exceed the $2M Minimum Offering Amount, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Company Processing Agent that the Primary Proceeds equal or exceed the $2M Minimum has been receivedOffering Amount, the Escrow Agent shall promptly disburse to the Company, by check check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers, (the “Primary Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers shall no longer be subject to the escrow provisions of this Agreement. If the Primary Proceeds do not equal or exceed the $2M Minimum has not been received Offering Amount on or prior to the Closing Date, the Processing Agent shall promptly provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the Primary Funds.

Distribution of the Escrowed Funds. (1) In the event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the Company has received the Primary Minimum, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Company Processing Agent that the Primary Minimum has been received, the Escrow Agent shall promptly disburse to the Company, by check check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers, (the “Primary Funds”), and any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers shall no longer be subject to the escrow provisions of this Agreement. If the Primary Minimum has not been received on or prior to the Closing Date, the Processing Agent shall promptly provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the Primary Funds.