Common use of Date of Settlement Clause in Contracts

Date of Settlement. The receipt by the Company of immediately available funds in exchange for an authenticated Certificated Security delivered to the relevant Agent and, if applicable, such Agent’s delivery of such Certificated Security against receipt of immediately available funds, shall constitute “settlement” with respect to such Security. All offers of Certificated Securities solicited by a Selling Agent or made by a Purchasing Agent and accepted by the Company will be settled on a date (the “Settlement Date”) which is the fifth Business Day after the date of acceptance of such offer, unless the Company and the purchaser agree to settlement (a) on another Business Day after the acceptance of such offer or (b) with respect to an offer accepted by the Company prior to 10:00 a.m., New York City time, on the date of such acceptance. For sales by the Company of Certificated Securities to a Purchasing Agent or through a Selling Agent (unless otherwise specified pursuant to a Terms Agreement), Settlement Procedures “A” through “F” set forth above shall be completed on or before the respective times in New York City set forth below: Settlement Procedure Time A 2:00 p.m. on the Business Day before Settlement Date B 3:00 p.m. on the Business Day before Settlement Date C-D 12:00 noon on Settlement Date E 12:00 noon on Settlement Date F 5:00 p.m. on Settlement Date If the Settlement Date is the date of acceptance by the Company of the offer to purchase Certificated Securities, Settlement Procedure “B” will be given by the Company by 11:00 a.m., New York City time. The Company shall not use any proceeds advanced by a Selling Agent to acquire securities prior to the Selling Agent receiving the Certificated Securities from the Company.

Date of Settlement. The receipt by the Company of immediately available funds in exchange for an authenticated Certificated Security delivered to the relevant Agent and, if applicable, such Agent’s delivery of such Certificated Security against receipt of immediately available funds, shall constitute “settlement” with respect to such Security. All offers of Certificated Securities solicited by a Selling Agent or made by a Purchasing Agent and accepted by the Company will be settled on a date (the “Settlement Date”) which is the fifth Business Day after the date of acceptance of such offer, unless the Company and the purchaser agree to settlement (a) on another Business Day after the acceptance of such offer or (b) with respect to an offer accepted by the Company prior to 10:00 a.m., New York City time, on the date of such acceptance. For sales by the Company of Certificated Securities to a Purchasing Agent or through a Selling Agent (unless otherwise specified pursuant to a Terms Agreement), Settlement Procedures “A” through “F” set forth above shall be completed on or before the respective times in New York City set forth below: Settlement Procedure Time A 2:00 p.m. on the Business Day before Settlement Date B 3:00 p.m. on the Business Day before Settlement Date C-D 12:00 noon on Settlement Date E 12:00 noon on Settlement Date F 5:00 p.m. on Settlement Date If the Settlement Date is the date of acceptance by the Company of the offer to purchase Certificated Securities, Settlement Procedure “B” will be given by the Company by 11:00 a.m., New York City time. The Company shall not use any proceeds advanced by a Selling Agent to acquire securities prior to the Selling Agent receiving the Certificated Securities from the Company.