Common use of Closing Requirements Clause in Contracts

Closing Requirements. The issue and sale of the Units and the release of the funds from the Escrow Account to the Partnership shall be subject to the accuracy on and as of the Closing Date of, and compliance on each Closing Date with, the representations and warranties of the General Partner, the Selling Agent and the Commodity Broker herein and the performance by the Partnership, the General Partner, the Selling Agent and the Commodity Broker of their obligations hereunder. The General Partner may terminate this Agreement at any time, in its discretion. In the event of any such termination, all subscriptions received from prospective limited partners of the Partnership shall promptly be returned to them as provided in Section 2 hereof.