Common use of Distribution of the Funds from Tennessee Subscribers Clause in Contracts

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,000, whereupon the Escrow Agent shall (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. (b) If the Company has not received total subscriptions of at least $10,000,000 within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,00020,000,000, whereupon the Escrow Agent shall (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscriber whose subscription of which has been rejected or rescinded, if rescinded of which the Escrow Agent has been notified by the Company of such rejection Company, or rescissionotherwise in accordance with the Company’s written request. (b) If the Company has not received total subscriptions of at least $10,000,000 20,000,000 within 365 days after the Closing DateBreak Escrow Affidavit is delivered by the Company pursuant to Section 2(d), all the Processing Agent shall provide the Escrow Agent the information needed to return the principal amount of the funds in the Escrow Account that were contributed by Tennessee Subscribers will be Subscribers, together with any interest thereon, to the respective Tennessee Subscribers, and the Escrow Agent shall promptly returned create and dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in full to such the Escrow Account that were contributed by Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant thereon, without deduction, penalty or expense, to instructions made by the Company upon which respective Tennessee Subscribers, and the Escrow Agent may conclusively relyshall notify the Company and the Dealer Manager of its distribution of the funds.

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions gross offering proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,00010,000,000 (from persons who are not affiliated with the Company, its sponsor or the Advisor), whereupon the Escrow Agent shall shall: (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescissionrescission prior to the date of disbursement. (b) If the Company has not received total subscriptions gross offering proceeds of at least $10,000,000 (from persons who are not affiliated with the Company, its sponsor or the Advisor) within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions subscription proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,00010 million, whereupon the Escrow Agent shall (i) disburse to the Company, at the Company’s request, the principal amount of the any funds from the Tennessee Subscribers in the Escrow Account received by the Escrow Agent for accepted subscriptions and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Account. Howeversubscriptions, the Escrow Agent shall but not disburse those funds of a subscriber, the subscriber whose subscription of which has been rejected or rescinded, if rescinded of which the Escrow Agent has been notified by the Company of such rejection Company, or rescissionotherwise in accordance with the Company’s written request. (b) If the Company has not received total subscriptions of at least $10,000,000 within 365 days after 10 million prior to the Closing Date, termination of the Offering all funds in the Escrow Account that were contributed by Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company Company, upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions gross offering proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,00010,000,000 (from persons who are not affiliated with the Company, its sponsors or the Advisor), whereupon the Escrow Agent shall shall: (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions subscriptions; and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. (b) If the Company has not received total subscriptions gross offering proceeds of at least $10,000,000 (from persons who are not affiliated with the Company, its sponsors or the Advisor) within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions gross offering proceeds (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,000, whereupon the Escrow Agent shall shall: (i) disburse to the Company, at the Company’s request, the principal amount of the funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions subscriptions; and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Account. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. (b) If the Company has not received total subscriptions gross offering proceeds of at least $10,000,000 within 365 days after the Closing Date, all funds in the Escrow Account that were contributed by Tennessee Subscribers will be promptly returned in full to such Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant to instructions made by the Company upon which the Escrow Agent may conclusively rely.

Distribution of the Funds from Tennessee Subscribers. (a) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Tennessee Subscribers may only be distributed in compliance with the provisions of this Section 4. Irrespective of any disbursement of funds from the Escrow Account pursuant to Section 2 hereof, the Escrow Agent will continue to place deposits from the Tennessee Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts in the Escrow Account previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed $10,000,000, whereupon the Escrow Agent shall (i) disburse to the Company, at the Company’s 's request, the principal amount of the funds from the Tennessee Subscribers received by the Escrow Agent for accepted subscriptions and (ii) disburse directly to the Tennessee Subscribers any interest earned on such Tennessee Subscribers’ subscription payments while such payments were held in the Escrow Accountsubscriptions. However, the Escrow Agent shall not disburse those funds of a subscriber, the subscriber whose subscription of which has been rejected or rescinded, if rescinded of which the Escrow Agent has been notified by the Company of such rejection Company, or rescissionotherwise in accordance with the Company's written request. (b) If the Company has not received total subscriptions of at least $10,000,000 within 365 days after the Closing DateBreak Escrow Affidavit is delivered by the Company pursuant to Section 2(b), all the Processing Agent shall provide the Escrow Agent the information needed to return the principal amount of the funds in the Escrow Account that were contributed by Tennessee Subscribers will be Subscribers, together with any interest thereon, to the respective Tennessee Subscribers, and the Escrow Agent shall promptly returned create and dispatch checks and wires drawn on the Escrow Account to return the principal amount of the funds in full to such the Escrow Account that were contributed by Tennessee Subscribers, together with their pro rata share of any interest earned thereon pursuant thereon, without deduction, penalty or expense, to instructions made by the Company upon which respective Tennessee Subscribers, and the Escrow Agent may conclusively relyshall notify the Company and the Dealer Manager of its distribution of the funds.