Common use of Payment Acknowledgement Clause in Contracts

Payment Acknowledgement. (a) The Subscription Receipt Agent hereby acknowledges receipt from Scotia, on behalf of the Underwriters, of a wire transfer of funds in the aggregate amount of $1,495,043,700 and confirms that such funds have been deposited in a segregated account in the name of the Corporation designated as the “Baytex Energy Corp. — Subscription Receipts”, or as otherwise directed by the Corporation and the Co-Lead Underwriters, and the Subscription Receipt Agent will retain such amount in accordance with the terms of this Agreement pending payment of such amount in accordance with the terms of this Agreement. (b) The Corporation hereby acknowledges that the amount received by the Subscription Receipt Agent pursuant to Section 2.1(a) in accordance with the Corporation’s direction to the Co-Lead Underwriters, represents payment in full by the Underwriters of the Subscription Price for 38,433,000 Subscription Receipts and irrevocably directs the Subscription Receipt Agent to retain such amounts in accordance with the terms of this Agreement pending payment of such amount in accordance with the terms of this Agreement.

Payment Acknowledgement. (a) The Subscription Receipt Agent hereby acknowledges receipt from Scotia, on behalf of the Underwriters, NBF of a wire transfer of funds in the aggregate amount of $1,495,043,700 30,000,000 and confirms that such funds have been deposited in a segregated account in the name of the Corporation designated as the “Baytex Energy Corp. — "Bellatrix Exploration Ltd. – Subscription Receipts”", or as otherwise directed by the Corporation and the Co-Lead UnderwritersUnderwriter, and the Subscription Receipt Agent will retain such amount in accordance with the terms of this Agreement pending payment of such amount in accordance with the terms of this Agreement. (b) The Corporation hereby acknowledges that the amount received by the Subscription Receipt Agent pursuant to Section Subsection 2.1(a) in accordance with the Corporation’s direction to the Co-Lead Underwriters, represents payment in full by the Underwriters of the Subscription Price for 38,433,000 25,000,000 Subscription Receipts and irrevocably directs the Subscription Receipt Agent to retain such amounts in accordance with the terms of this Agreement pending payment of such amount in accordance with the terms of this Agreement.