Distribution of the Funds in the Escrow Account to 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 a Break Escrow Affidavit (as defined below) provided by the Company and the Dealer Manager instructing the Escrow Agent to deliver such funds as the Company shall direct (the “Initial Closing”). An affidavit or certification from an officer of the Company and an officer of the Dealer Manager to the Escrow 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.
Appears in 6 contracts
Samples: Escrow Agreement (Terra Income Fund 6, Inc.), Escrow Agreement (Terra Income Fund 6, Inc.), Escrow Agreement (Terra Income Fund 6, Inc.)
