Common use of Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers Clause in Contracts

Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to disburse to the Company, as the Company shall direct, the principal amount of such escrowed funds together with any interest earned thereon (other than any funds received from Pennsylvania Subscribers, which cannot be released until the conditions of Section 3 has been met); provided, however, that the Escrow Agent shall not disburse the funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Transfer Agent stating that at least 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 Affidavit”). The 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.

Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to disburse to the Company, deliver such funds as the Company shall direct, the principal amount of such escrowed funds together with any interest earned thereon direct (other than any funds received from Pennsylvania Subscribers, Subscribers which cannot be released until the conditions of Section Sections 3 has and 4 hereof, respectively, have been met) (“Initial Closing”); provided, however, that the Escrow Agent shall not disburse the funds of a subscriber, the subscription of which has been rejected or rescinded, if the Escrow Agent has been notified by the Company of such rejection or rescission. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Transfer Agent stating that at least 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 Affidavit”). The 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 release funds and any interest or other income earned, based on the conditions of Section 4 hereof, thereon from the Escrow Account as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent from time to time. Accrued and unpaid interest on such Escrowed Funds shall be paid pursuant to Section 4 below.

Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to disburse to the Company, as the Company shall direct, deliver the principal amount of such escrowed funds together with any interest earned thereon as the Company shall direct (other than any funds received from Pennsylvania Subscribers, which cannot be released until the conditions of Section 3 has been met); provided, however, that the Escrow Agent shall not disburse the 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. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Transfer Agent stating that at least 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 Affidavit”). The 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, as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent, earned on such subscriber’s subscription payments while such payments were held in the Escrow Account.

Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to disburse to the Company, deliver such funds as the Company shall direct, the principal amount of such escrowed funds together with any interest earned thereon direct (other than any funds received from Pennsylvania Subscribers, Subscribers which cannot be released until the conditions of Section 3 hereof, respectively, has been met) (“Initial Closing”); provided, however, that the Escrow Agent shall not disburse the 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. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Transfer Agent stating that at least 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 Affidavit”). The 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 release funds and any interest or other income earned, based on the conditions of Section 4 hereof, thereon from the Escrow Account as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent from time to time. Accrued and unpaid interest on such Escrowed Funds shall be paid pursuant to Section 4 below.

Distribution of the Funds in the Escrow Account to Subscribers other than the Pennsylvania Subscribers. If at any time on or prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and the Dealer Manager instructing the Escrow Agent to disburse to the Company, deliver such funds as the Company shall direct, the principal amount of such escrowed funds together with any interest earned thereon direct (other than any funds received from Pennsylvania Subscribers, Subscribers which cannot be released until the conditions of Section 3 has hereof, respectively, have been met) (“Initial Closing”); provided, however, that the Escrow Agent shall not disburse the 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. An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow Agent and Transfer Agent stating that at least 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 Affidavit”). The 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 release funds and any interest or other income earned, based on the conditions of Section 4 hereof, thereon from the Escrow Account as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent from time to time. Accrued and unpaid interest on such Escrowed Funds shall be paid pursuant to Section 4 below.