Common use of Additional Closing Dates Clause in Contracts

Additional Closing Dates. Thereafter, from time to time prior to the Offering Termination Date, the Managing Member may notify the Escrow Agent and, by instructions given at least 2 business days in advance of each, specify Additional Closing Dates, the approximate amount of Qualifying Subscriptions for such Fund to be accepted as of each Additional Closing Date, the identity of the Subscribers whose subscriptions are anticipated to be accepted as of each Additional Closing Date, and the approximate amount of the Proceeds to be paid to the Fund and to the Participating Brokers, respectively. On each such Additional Closing Date, the Escrow Agent, upon telephonic notice from the Managing Member and the Dealer Manager that all contingencies for payment have been satisfied as required by Rule 15c2-4 under the Act (which notice the Managing Member promptly shall confirm in writing) shall pay to the Fund and each Selling Agent the amounts specified by such notice, and shall additionally pay to the Fund the interest earned on such Proceeds for disbursement to the subscribers pursuant to Section 5 hereof.