Common use of Procedures for Deposits Clause in Contracts

Procedures for Deposits. Upon receipt by Agent of any Cash Investment Instrument for the purchase of Shares, Agent shall forward to Escrow Agent the Cash Investment Instrument for deposit into the following escrow account, or shall wire to Escrow Agent funds aggregating the Cash Investments of one or more Subscribers for deposit in the following escrow account: First Union National Bank, Escrow Agent Charlotte, North Carolina ABA # 000000000 Account # 5000000016439 ATTN: Xxxxx Xxxxxxxx for Apple Suites, Inc. Escrow Account Notify (000) 000-0000 Each such deposit shall be accompanied by a Subscription Accounting. The Escrow Agent is under no obligation to accept deposits from anyone other than the Agent. If a deposit is received by 12:00 P.M. on a given business day, it will be accepted that business day; otherwise it will be accepted on or as of the next business day, except that a wire of funds will be deemed to be received on the actual day of receipt. ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST COMPANY UNTIL RELEASED TO COMPANY IN ACCORDANCE WITH SECTION 4(A) HEREOF.

Procedures for Deposits. Upon receipt by Agent of any Cash Investment Instrument for the purchase of SharesUnits, Agent shall forward to Escrow Agent shall, by noon of the Cash Investment Instrument for deposit into the following escrow accountnext business day after receipt, or shall wire to Escrow Agent funds aggregating the sum total of all Cash Investments of one or more Subscribers Investment Instruments received the previous business day. The Agent shall wire all such funds for deposit in the following escrow account: First Union Wachovia National Bank, Escrow Agent Charlotte, North Carolina [ABA # 000000000 000000000] [Account # 5000000016439 ATTN________________] Attn: Xxxxx Xxxxxxxx for Corporate Trust-Bond Admin/_______________ FFC: Apple SuitesHosp Five, Inc. Escrow Account Notify (000) 000-0000 NCS # ______________ Each such deposit shall be accompanied by the following documents: (1) a report containing such Subscriber's name, social security number or taxpayer identification number, address and other information required for withholding purposes; (2) a Subscription Accounting; and (3) instructions regarding the investment of such deposited funds in accordance with Section 6 hereof. The Escrow Agent is under no obligation to accept deposits from anyone other than the Agent. If a deposit is received by 12:00 P.M. on a given business day, it will be accepted that business day; otherwise it will be accepted on or as of the next business day, except that a wire of funds will be deemed to be received on the actual day of receipt. ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST COMPANY UNTIL RELEASED TO COMPANY IN ACCORDANCE WITH SECTION 4(A) 4 HEREOF.

Procedures for Deposits. Upon receipt by Agent of any Cash Investment Instrument for the purchase of Shares, Agent shall forward to Escrow Agent shall, by noon of the Cash Investment Instrument for deposit into the following escrow accountnext business day after receipt, or shall wire to Escrow Agent funds aggregating the sum total of all Cash Investments of one or more Subscribers Investment Instruments received the previous business day. The Agent shall wire all such funds for deposit in the following escrow account: First Union National Bank, Escrow Agent Charlotte, North Carolina ABA # 000000000 Account 053000219 Xxxxxnt # 5000000016439 ATTN5000 0000 16439 Attn: Xxxxx Xxxxxxxx for Corporate Trust-Bond Admin/Allison L. Poole XXX: Apple SuitesHosp Two, Inc. Escrow Account Notify (000) 000-0000 NCS # 1072006752 Each such deposit shall be accompanied by the following documents: (1) a report containing such Subscriber's name, social security number or taxpayer identification number, address and other information required for withholding purposes; (2) a Subscription Accounting; and (3) instructions regarding the investment of such deposited funds in accordance with Section 6 hereof. The Escrow Agent is under no obligation to accept deposits from anyone other than the Agent. If a deposit is received by 12:00 P.M. on a given business day, it will be accepted that business day; otherwise it will be accepted on or as of the next business day, except that a wire of funds will be deemed to be received on the actual day of receipt. ALL FUNDS SO DEPOSITED SHALL REMAIN THE PROPERTY OF THE SUBSCRIBERS ACCORDING TO THEIR RESPECTIVE INTERESTS AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY ESCROW AGENT OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST COMPANY UNTIL RELEASED TO COMPANY IN ACCORDANCE WITH SECTION 4(A) 4 HEREOF.