Common use of Release of Escrow Fund upon Initial Closing Clause in Contracts

Release of Escrow Fund upon Initial Closing. Prior to the Initial Closing, the Issuer and the Depositor shall deliver to the Escrow Agent joint written instructions executed by a duly authorized executive officer of each of the Issuer and the Depositor (“Instructions”), which Instructions shall provide the day designated as the Initial Closing date, and acknowledge and agree that as of the Initial Closing date the Initial Closing Conditions have been or will be fully satisfied and shall specify the time and payment instructions, including the address and tax identification number of each payee, of the Escrow Fund, including with respect to placement fees that may be disbursed to the Depositor or to any other placement agent or selected dealer with respect to the Offering. The Escrow Agent shall, at the time and in accordance with the payment instructions specified in the Instructions, deliver the Escrow Fund (without interest).

Release of Escrow Fund upon Initial Closing. Prior to the Initial Closing, the Issuer and the Depositor shall deliver to the Escrow Agent joint written instructions executed by a duly authorized executive officer of each of the Issuer and the Depositor (“Instructions”), which Instructions shall provide the day designated as the Initial Closing date, and acknowledge and agree that as of the Initial Closing date the Initial Closing Conditions have been or will be fully satisfied and shall specify the time time, places and payment instructions, including the address and tax identification number method of each payee, delivery of the Escrow Fund, including with respect to placement Depositor fees that may be disbursed to the Depositor or to any other co-placement agent or selected dealer with respect to the Offeringdealer. The Escrow Agent shall, at the time and in accordance with place and by the payment instructions method specified in the Instructions, deliver the Escrow Fund (without interestalong with the interest earned on the investment of the Escrow Fund pursuant to Section 3 above).