Common use of Depository Account Clause in Contracts

Depository Account. After acceptance of any tendered Subscription Agreement by the Company, the accompanying Subscription Payment shall, prior to the Impound Release Date, be placed in an interest-bearing escrow account ("Depository Account") at a bank or financial institution selected by the Manager in California for Investor Units and held there until such time ("Impound Release Date") as $1,000,000 in the aggregate of good or collected Subscription Payments for Investor Units have been deposited. Upon receipt of at least $1,000,000 of collected funds from acceptable subscriptions of Investor Units, funds in the Depository Account shall be released to the Company. After the Impound Release Date, any additional Subscription Payments received (a) for Investor Units shall be sent directly to and retained by the Company. Investors in the Company shall be admitted into the Company on the first day of the calendar month following the month in which the Company accepts such subscriber's subscription unless admitted earlier by the Manager, in its sole discretion. All subscriptions shall be accepted or rejected by the Company within 30 days of their actual receipt by the Company. If rejected, all Subscription Payments shall be returned to the subscriber.

Depository Account. After acceptance of any tendered ------------------ Subscription Agreement by the Company, the accompanying Subscription Payment shall, prior to the Impound Release Date, be placed in an interest-bearing escrow account ("Depository Account") at a bank or financial institution selected by the Manager in California for Investor Units and held there until such time ("Impound Release Date") as $1,000,000 500,000 in the aggregate of good or collected Subscription Payments for Investor Units have been deposited. Upon receipt of at least $1,000,000 500,000 of collected funds from acceptable subscriptions of Investor Units, funds in the Depository Account shall be released to the Company. After the Impound Release Date, any additional Subscription Payments received (a) for Investor Units shall be sent directly to and retained by the Company. Investors in the Company shall be admitted into the Company on the first day of the calendar month following the month in which the Company accepts such subscriber's subscription unless admitted earlier by the Manager, in its sole discretion. All subscriptions shall be accepted or rejected by the Company within 30 days of their actual receipt by the Company. If rejected, all Subscription Payments shall be returned to the subscriber.