Common use of DEPOSIT INTO ESCROW Clause in Contracts

DEPOSIT INTO ESCROW. Until such time as prospective investors have subscribed for the Minimum Subscription, and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust, Inc." (the "ESCROW ACCOUNT"). ▇▇e Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investors. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. (a) Prior to the date that subscriptions have been received for the Minimum Subscription, investors will be instructed by Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks payable to the order of, or funds wired in favor of, "Trust Company of America, as escrow agent for NNN Apartment REIT." Any instruments of payment made payable to a party other than Escrow Agent shall be returned to Dealer Manager. (b) Until such time as prospective investors have subscribed for the Minimum Subscription, Subscription and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with send to Escrow Agent, or cause to be deposited with sent to Escrow Agent, all each Subscription Payments Payment received by it, accompanied by a list of the nameseach investor's name, social security numbers number or tax identification numbersnumber, and addresses address (and any other information required for withholding purposes) of), number of Shares subscribed for and amounts paid by, each prospective by such investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, withdraw such Subscription Payments from Escrow Agent, Agent except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. . (c) All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment TrustNNN Apartment REIT, Inc." (the "ESCROW ACCOUNTEscrow Account"). ▇▇e The Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. . (d) If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investorsDealer Manager. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. (a) Prior to the date that subscriptions have been received for the Minimum Subscription, investors will be instructed by Dealer Manager or any soliciting dealers to remit the purchase price in the form of checks payable to the order of, or funds wired in favor of, "Trust Company of America, as escrow agent for NNN H/O REIT." Any instruments of payment made payable to a party other than Escrow Agent shall be returned to Dealer Manager. (b) Until such time as prospective investors have subscribed for the Minimum Subscription, Subscription and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with send to Escrow Agent, or cause to be deposited with sent to Escrow Agent, all each Subscription Payments Payment received by it, accompanied by a list of the nameseach investor's name, social security numbers number or tax identification numbersnumber, and addresses address (and any other information required for withholding purposes) of), number of Shares subscribed for and amounts paid by, each prospective by such investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, withdraw such Subscription Payments from Escrow Agent, Agent except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. . (c) All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment TrustNNN Healthcare/Office REIT, Inc." (the "ESCROW ACCOUNTEscrow Account"). ▇▇e The Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. . (d) If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investorsDealer Manager. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. Until (a) The Underwriters shall deliver checks received from Subscribers whose Subscriptions have been accepted, together with copies (which may be by telecopy) of the Subscriptions (countersigned as acceptable by an Underwriter and the Company), to the Branch. Upon receipt of such time as prospective investors have subscribed checks, the Escrow Agent shall deposit them in the Escrow Account for collection. (b) In the event a Subscriber's check for the Minimum Purchase Price is received by the Company, the Company shall forward such check and a copy (which may be by telecopy) of the Subscription (countersigned as acceptable by an Underwriter and the Company) to the Branch. Upon receipt of such check, the Escrow Agent shall deposit it in the Escrow Account for collection. (c) In the event a Subscriber's check, together with a Subscription, andis received by the Escrow Agent directly from a Subscriber, thereafter, whenever the Dealer Manager receives an instrument Escrow Agent shall promptly forward a copy (which may be a telecopy) of payment made payable the Subscription to the Company. Upon receipt by the Escrow AgentAgent of a copy (which may be a telecopy) of the Subscription (countersigned as acceptable by the Company and an Underwriter), the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from shall deposit the check in the Escrow Agent, except as herein providedAccount for collection. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided should a Subscription not be accepted by law the Company and an Underwriter within five (5) business days following the Escrow Agent's delivery of a Subscription to rescind his or her subscriptionthe Company, the Escrow Agent shallshall return such check to the Subscriber, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period noting that such Subscription Payments were held by was "Not Accepted." (d) For purposes of this Agreement, a "business day" is a day other than a Saturday or Sunday or other day on which the Escrow Agent under this Escrow Agreement. Instruments is not open for business in the State of payment New York. (e) The Company and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered an Underwriter may sign and transmit accepted Subscriptions to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by the Escrow Agent in a separate account designated as counterparts. (f) Upon receipt of collected funds representing the "Escrow Account aggregate Purchase Price for at least the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust, Inc." Minimum Offering related to Subscriptions that have been accepted by the Company and at least one Underwriter during the Offering Period (the "ESCROW ACCOUNTMinimum Offering Proceeds"). ▇▇e Escrow Account shall be created and maintained subject to , the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing deliver notice to the Company and the Underwriters by telecopy confirming the Escrow Agent's receipt of such nonpayment Minimum Offering Proceeds and return disburse such instruments funds in accordance with section 6(a). (g) In the event that the Minimum Offering Proceeds are disbursed in accordance with section 6(a) of payment to this Agreement, the prospective investors. In any such instance, Escrow Agent is authorized to debit shall deposit in the Escrow Account for collection any additional funds representing Subscriptions accepted by the Company and an Underwriter that the Escrow Agent receives, and shall disburse such funds in accordance with section 6(b). (h) Until the amount expiration of such return payment as well as any earnings on the investment represented Offering Period, the Escrow Agent shall maintain a list of (i) the name, address and taxpayer identification number of each Subscriber, (ii) the number of Shares subscribed for by such paymentSubscriber, as accepted, and (iii) the aggregate Purchase Price received from each Subscriber. The Escrow Agent shall provide a copy of the foregoing information to the Company and the Underwriters periodically during the Offering Period upon the request of the Company or an Underwriter and at the expiration of the Offering Period.

DEPOSIT INTO ESCROW. Until such time as prospective investors have subscribed for the Minimum Subscription, and, thereafter, whenever the Dealer Manager receives an instrument of payment a check made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust, Inc." (the "ESCROW ACCOUNT"). ▇▇e Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investorsDealer Manager. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. Until such time as prospective investors have subscribed for the Minimum Subscription, and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust, Inc." (the "ESCROW ACCOUNT"). ▇▇e Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investorsDealer Manager. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. Until such time as prospective investors have subscribed for the Minimum Subscription, and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) instruct subscribers to remit the Subscription Payments by wire transfer directly to the Escrow Account (as defined below), (ii) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's Escrow Agent’s receipt of the sameSubscription Payments, deposit with send to Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by Agent a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered to received by Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "“Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust▇▇▇▇▇ REIT Institutional, Inc." ” (the "ESCROW ACCOUNT"“Escrow Account”). ▇▇e The Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investorsDealer Manager. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. Until (a) The Underwriter shall deliver checks received from Subscribers whose Subscriptions have been accepted, together with copies (which may be by telecopy) of the Subscriptions (countersigned as acceptable by the Underwriter and the Company), to the Branch. Upon receipt of such time as prospective investors have subscribed checks, the Escrow Agent shall deposit them in the Escrow Account for collection. (b) In the event a Subscriber's check for the Minimum Purchase Price is received by the Company, the Company shall forward such check and a copy (which may be by telecopy) of the Subscription (countersigned as acceptable by the Underwriter and the Company) to the Branch. Upon receipt of such check, the Escrow Agent shall deposit it in the Escrow Account for collection. (c) In the event a Subscriber's check, together with a Subscription, andis received by the Escrow Agent directly from a Subscriber, thereafter, whenever the Dealer Manager receives an instrument Escrow Agent shall promptly forward a copy (which may be a telecopy) of payment made payable the Subscription to the Company. Upon receipt by the Escrow AgentAgent of a copy (which may be a telecopy) of the Subscription (countersigned as acceptable by the Company and the Underwriter), the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from shall deposit the check in the Escrow Agent, except as herein providedAccount for collection. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided should a Subscription not be accepted by law the Company and the Underwriter within five (5) business days following the Escrow Agent's delivery of a Subscription to rescind his or her subscriptionthe Company, the Escrow Agent shallshall return such check to the Subscriber, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period noting that such Subscription Payments were held by was "Not Accepted." (d) For purposes of this Agreement, a "business day" is a day other than a Saturday or Sunday or other day on which the Escrow Agent under this Escrow Agreement. Instruments is not open for business in the State of payment New York. (e) The Company and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered the Underwriter may sign and transmit accepted Subscriptions to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by the Escrow Agent in a separate account designated as counterparts. (f) Upon receipt of collected funds representing the "Escrow Account aggregate Purchase Price for at least the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust, Inc." Minimum Offering related to Subscriptions that have been accepted by the Company and the Underwriter during the Offering Period (the "ESCROW ACCOUNTMinimum Offering Proceeds"). ▇▇e Escrow Account shall be created and maintained subject to , the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing deliver notice to the Company and the Underwriter by telecopy confirming the Escrow Agent's receipt of such nonpayment Minimum Offering Proceeds and return disburse such instruments funds in accordance with section 6(a). (g) In the event that the Minimum Offering Proceeds are disbursed in accordance with section 6(a) of payment to this Agreement, the prospective investors. In any such instance, Escrow Agent is authorized to debit shall deposit in the Escrow Account for collection any additional funds representing Subscriptions accepted by the Company and the Underwriter that the Escrow Agent receives, and shall disburse such funds in accordance with section 6(b). (h) Until the amount expiration of such return payment as well as any earnings on the investment represented Offering Period, the Escrow Agent shall maintain a list of (i) the name, address and taxpayer identification number of each Subscriber, (ii) the number of Shares subscribed for by such paymentSubscriber, as accepted, and (iii) the aggregate Purchase Price received from each Subscriber. The Escrow Agent shall provide a copy of the foregoing information to the Company and the Underwriter periodically during the Offering Period upon the request of the Company or the Underwriter and at the expiration of the Offering Period.

DEPOSIT INTO ESCROW. Until such time as prospective investors have subscribed for the Minimum Subscription, Subscription and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's ’s receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "“Escrow Account for the Benefit of Subscribers for Common Stock of Wells ▇▇▇▇▇ Timber Real Estate Investment Trust, Inc." ” (the "ESCROW ACCOUNT"“Escrow Account”). ▇▇e The Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' ’ instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investors. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.

DEPOSIT INTO ESCROW. Until such time as prospective Pennsylvania investors have subscribed for the Pennsylvania Minimum Subscription, Subscription and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer Manager's ’s receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by itit from Pennsylvania investors, accompanied by a list of the names, social security numbers or tax identification numbers, and addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate account designated as the "“Pennsylvania Escrow Account for the Benefit of Subscribers for Common Stock of Wells ▇▇▇▇▇ Timber Real Estate Investment Trust, Inc." ” (the "ESCROW ACCOUNT"“Pennsylvania Escrow Account”). ▇▇e The Pennsylvania Escrow Account shall be created and maintained subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. If any of the prospective investors' ’ instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Pennsylvania Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in writing of such nonpayment and return such instruments of payment to the prospective investors. In any such instance, Escrow Agent is authorized to debit the Pennsylvania Escrow Account in the amount of such return payment as well as any earnings on the investment represented by such payment.