5.0. EDSR 07-08-2002 - Laserfiche WebLink

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the Loan Fund Signature Page. Escrow Agent upon execution • g of the Loan Fund Signature Page and deposit of the funds delivered in the Loan Fund shall be deemed to have accepted the obligations of Escrow Agent with respect to such funds. Escrow Agent shall provide MCCF with a facsimile copy of the signed Loan Fund Signature Page. (b) The Member Funds shall be maintained by Escrow Agent as one escrow account for all Members and the Member Funds shall be deposited and commingled in such account. (c) Escrow Agent shall maintain records with respect to deposits and refunds to and from the account by each Member and the dates of such transactions, provide MCCF with a monthly report, and shall annually provide Members with Form 1099 and other reports as may be required with respect to interest earned on Member Funds held in the Loan Fund. 4. Fund Not Limited In Amount. There is no limit upon the number of Members or the aggregate amount which may be deposited in the Loan Fund by Members, provided no Member may deposit more than $250,000 in the Loan Fund. 5. Distribution and Advances of Member Funds from Loan Fund. • (a) Minimum Initial Funding. In the event Escrow Agent has not received a minimum of$2,500,000 from Members, together with their respective Loan Fund Signature Pages by October 31, 2002, the Loan Fund shall terminate and the Escrow Agent shall refund to Members,without interest,the amount each Member deposited. (b) Advances to MCCF. Escrow Agent shall advance Member Funds to MCCF upon MCCF providing Escrow Agent with a request signed by an Authorized Representative of MCCF stating: (i) MCCF requests an advance from the Loan Fund in the amount of$ as of the closing date of a Development Loan by MCCF to (name of borrower) in the principal amount of $ (the "Development Loan"); (ii) The advance requested will be used to fund111111 the principal amount of the Development 2