Common use of Distribution of the Escrowed Funds Clause in Contracts

Distribution of the Escrowed Funds. (1) In that event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, equal or exceed the Minimum Offering Amount, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Processing Agent that the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, equal or exceed the Minimum Offering Amount, the Escrow Agent shall (1) disburse to the Company, by check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers (the “Primary Funds”) and (2) disburse to the Primary Subscribers any interest earned on the Primary Funds and IRS Forms 1099. If the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, do not equal or exceed the Minimum Offering Amount on or prior to the Closing Date, the Processing Agent shall provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the Primary Funds.

Distribution of the Escrowed Funds. (1) In that the event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania SubscribersSubscribers (the “Primary Proceeds”), equal or exceed the Minimum Offering Amount, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Processing Agent that the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, Primary Proceeds equal or exceed the Minimum Offering Amount, Amount the Escrow Agent shall (1) disburse to the Company, by check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers Subscribers, (the “Primary Funds”) ), and (2) disburse to any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers any interest earned on shall no longer be subject to the escrow provisions of this Agreement. For the avoidance of doubt, the Primary Funds and IRS Forms 1099Subscribers referred to in the preceding sentence include Affiliated Persons who are not Tennessee Subscribers or Pennsylvania Subscribers. If the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, Primary Proceeds do not equal or exceed the Minimum Offering Amount on or prior to the Closing Date, the Processing Agent shall provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the Primary Funds.

Distribution of the Escrowed Funds. (1) In that the event that, at any time on or prior to the close of business on the date that is one year following the commencement of the Offering (the “Closing Date”), the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania SubscribersSubscribers (the “Primary Proceeds”), equal or exceed the Minimum Offering Amount, the Escrow Agent shall promptly notify the Company. Upon receiving written confirmation from the Processing Agent that the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, Primary Proceeds equal or exceed the Minimum Offering Amount, Amount the Escrow Agent shall (1) promptly disburse to the Company, by check, ACH or wire transfer, the funds in the Escrow Account representing the gross purchase price for the Shares received from the Primary Subscribers Subscribers, (the “Primary Funds”) ), and (2) disburse to any interest earned thereon, and any subscription proceeds thereafter received from the Primary Subscribers any interest earned on shall no longer be subject to the escrow provisions of this Agreement. For the avoidance of doubt, the Primary Funds and IRS Forms 1099Subscribers referred to in the preceding sentence include Affiliated Persons who are not Tennessee Subscribers or Pennsylvania Subscribers. If the total subscription proceeds, excluding for these purposes any funds received from Affiliated Persons, Tennessee Subscribers and Pennsylvania Subscribers, Primary Proceeds do not equal or exceed the Minimum Offering Amount on or prior to the Closing Date, the Processing Agent shall promptly provide the Escrow Agent the information needed to return to the Primary Subscribers the Primary Funds, together with any interest earned thereon, and the Escrow Agent shall promptly create and dispatch checks and wires drawn on the Escrow Account to return the Primary Funds, together with any interest thereon and IRS Forms 1099, without deduction, penalty or expense, to the respective Primary Subscribers, and the Escrow Agent shall promptly notify the Company and the Dealer Manager of its distribution of the Primary Funds.