Common use of Subscription Payments Clause in Contracts

Subscription Payments. (a) Payments received by us or you for Subscriptions shall be made payable to “Wilmington Trust, National Association, as Escrow Agent for Reef Oil & Gas Drilling and Income Fund, L.P.” (b) You shall transfer all such funds to us by noon of the next business day after their receipt by you so that we may transfer them to the Escrow Agent by noon of the next business day after their receipt by us for deposit in escrow in accordance with the Prospectus. In the event that the Minimum Offering is not achieved on or before the Termination Date for the Partnership, all funds held in the Escrow Account shall, within 10 days after the Termination Date for the Partnership, be returned directly to the respective subscribers, together with a pro rata share of any interest earned thereon. In the event the Minimum Offering is achieved on or before the Termination Date, all funds held in the Escrow Account attributable to subscribers whose Subscriptions for the Partnership are rejected by Reef, together with any interest earned thereon, shall, within 10 days after such Minimum Offering is achieved, be returned to such subscribers.

Subscription Payments. (a) Payments received by us or you for Subscriptions shall be made payable to “Wilmington Trust"Bank of Texas, National Association, N.A. as Escrow Agent for Reef Oil & Gas Drilling and Income FundGlobal Energy [VIII, IX, X, XI or XII], L.P.”" (b) You shall transfer all such funds to us by noon of the next business day after their receipt by you so that we may transfer them to the Escrow Agent by noon of the next business day after their receipt by us for deposit in escrow in accordance with the Prospectus. In the event that the Minimum Offering is not achieved on or before the Termination Date for the a Partnership, all funds held in the Escrow Account shall, within 10 days after the Termination Date for the such Partnership, be returned directly to the respective subscribers, together with a pro rata share of any interest earned thereon. In the event the Minimum Offering is achieved on or before the Termination Date, all funds held in the Escrow Account attributable to subscribers whose Subscriptions for the a Partnership are rejected by Reef, together with any interest earned thereon, shall, within 10 days after such Minimum Offering is achievedthe filing of the Certificate of Limited Partnership, be returned to such subscribers.