Common use of Acceptance or Rejection of Subscription Clause in Contracts

Acceptance or Rejection of Subscription. As soon as practicable following receipt of each subscription, the General Partner will determine whether or not the subscription is to be accepted or rejected in whole or in part. With respect to each subscription which is to be accepted, the General Partner will notify the Escrow Agent of such acceptance. With respect to each subscription which is to be rejected (in whole or in part), the General Partner will notify the Escrow Agent of such rejection in writing, and upon receipt of such notification, the Escrow Agent will promptly as practicable, but in no event later than three Business Days following receipt by the Escrow Agent of such notice or the date of the Closing for which such subscription was tendered, whichever comes first, transfer to the Selling Agent the amount represented by such subscription and any interest earned thereon. For purposes of this Agreement, “Business Day” is each day in which the New York Stock Exchange is open for business.

Acceptance or Rejection of Subscription. As soon as practicable following receipt of each subscription, the General Partner will determine whether or not the subscription is to be accepted or rejected in whole or in part. With respect to each subscription which is to be accepted, the General Partner will notify the Escrow Agent of such acceptance. With respect to each subscription which is to be rejected (in whole or in part), the General Partner will notify the Escrow Agent of such rejection in writing, and upon receipt of such notification, the Escrow Agent will promptly as practicable, but in no event later than three Business Days following receipt by the Escrow Agent of such notice or the date of the Closing for which such subscription was tendered, whichever comes first, transfer to the Selling Agent the amount represented by such subscription and any interest earned thereon. For purposes of this Agreement, “"Business Day” " is each day in which the New York Stock Exchange is open for business.