Common use of Deposit with Escrow Agent Clause in Contracts

Deposit with Escrow Agent. (a) On or before the commencement of the offering, the Manager shall establish an escrow account with the Escrow Agent (the “Escrow Account”). Until such time that the Manager receives and accepts subscriptions for the Minimum Offering, MCUSA, the Manager, and the Fund shall deposit the Subscription Funds with the Escrow Agent, which shall be accompanied by a schedule listing (a) the name, address, tax identification number and such other information as the Escrow Agent may require and (b) the amount of Subscription Funds being deposited with the Escrow Agent for each Subscriber (the “Schedule of Subscribers”). (b) The Escrow Agent shall have no duty to make any disbursement, investment or other use of Subscription Funds until and unless it has good and collected funds. In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Fund shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Manager. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by a Subscriber to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the offering.

Deposit with Escrow Agent. (a) On or before the commencement of the offering, the Manager shall establish an escrow account with the Escrow Agent (the “Escrow Account”). Until such time that the Manager receives and accepts subscriptions for the Minimum Offering, MCUSA, the Manager, and the Fund shall deposit the Subscription Funds with the Escrow Agent, which shall be accompanied by a schedule listing (a) the name, address, tax identification number and such other information as the Escrow Agent may require and (b) the amount of Subscription Funds being deposited with the Escrow Agent for each Subscriber (the “Schedule of Subscribers”). Payment for each subscription for Sharesshall be made to “▇▇▇▇▇ Fargo Bank as Escrow Agent for Macquarie Equipment Leasing Fund Two, LLC.” (b) The Escrow Agent shall have no duty to make any disbursement, investment or other use of Subscription Funds until and unless it has good and collected funds. In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented thereby have been released by the Escrow Agent, then the Fund shall promptly reimburse the Escrow Agent for any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Manager. The Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the right to deny, suspend or terminate participation by a Subscriber to the extent the Escrow Agent deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the offering.