Common use of Receipt of Proceeds Clause in Contracts

Receipt of Proceeds. All proceeds from the marketing and sale of Units by Selling Agent will be remitted directly by the subscribing Partner to the Partnership or, if applicable, the Partnership escrow agent, and not to Selling Agent. Selling Agent shall not instruct any potential investor to remit any funds directly to Selling Agent, and any funds received by Selling Agent from any potential investor shall be forwarded via overnight courier for next day delivery to the Partnership or the Partnership escrow agent, and no funds (or portion thereof) so received by Selling Agent shall under any circumstances be retained by Selling Agent.