Common use of Transmittal of Funds Clause in Contracts

Transmittal of Funds. Until a minimum of $2,000,000 of subscription funds has been sold, the Dealer Manager shall instruct the Soliciting Dealers to forward all subscription funds together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When the Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and subscription funds were initially received by the Soliciting Dealer from the subscriber, the Dealer Manager shall instruct the Soliciting Dealers to transmit the Subscription Agreement and subscription funds to the Escrow Agent by the end of the next business day following receipt of the subscription funds and the Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager shall instruct the Soliciting Dealers to transmit the subscription funds and Subscription Agreement to the Final Review Office by the end of the next business day following the receipt of the Subscription Agreement and subscription funds; the Final Review Office will be instructed to forward both the Subscription Agreement and subscription funds to the Escrow Agent by the end of the next business day following the Final Review Office’s receipt of the Subscription Agreement and subscription funds. Once a minimum of $2,000,000 of subscription funds has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, the Dealer Manager shall instruct the Soliciting Dealers to forward subscription funds together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Deposit Account.

Transmittal of Funds. Until a minimum of $2,000,000 1,000,000 of subscription funds has been sold, the Dealer Manager shall instruct the Soliciting Dealers to forward all subscription funds together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Escrow Agent at the address provided in the Subscription Agreement. When the Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and subscription funds were initially received by the Soliciting Dealer from the subscriber, the Dealer Manager shall instruct the Soliciting Dealers to transmit the Subscription Agreement and subscription funds to the Escrow Agent by the end of the next business day following receipt of the subscription funds and the Subscription Agreement. When, pursuant to the Soliciting Dealer’s internal supervisory procedures, the final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager shall instruct the Soliciting Dealers to transmit the subscription funds and Subscription Agreement to the Final Review Office by the end of the next business day following the receipt of the Subscription Agreement and subscription funds; the Final Review Office will be instructed to forward both the Subscription Agreement and subscription funds to the Escrow Agent by the end of the next business day following the Final Review Office’s receipt of the Subscription Agreement and subscription funds. Once a minimum of $2,000,000 1,000,000 of subscription funds has been sold, subject to any continuing escrow obligations imposed by certain states as described in the Prospectus, the Dealer Manager shall instruct the Soliciting Dealers to forward subscription funds together with an original Subscription Agreement, executed and initialed by the subscriber as provided for in the Subscription Agreement, to the Deposit Account.