Common use of Acceptance and Purchase Clause in Contracts

Acceptance and Purchase. Any Offering will be subject to delivery of the Securities and their acceptance by you and any other Underwriters, may be subject to the approval of all legal matters by counsel and the satisfaction of other conditions, and may be made on the basis of reservation of the Securities or an allotment against subscription. You will advise us by telegram, telex, or other form of written communication (“Written Communication”) of the particular method and supplementary terms and conditions (including, without limitation, the information as to prices and offering date referred to in Section 3(b) of any Offering in which we are invited to participate. To the extent such supplementary terms and conditions are inconsistent with any provision herein, such terms and conditions shall supersede any such provision. Unless otherwise indicated in any such Written Communication, acceptances and other communications by us with respect to any Offering should be sent to Popular Securities, Inc., Popular Center, 000 Xxxxx Xxxxxx Avenue. Hato Rey, Puerto Rico 00918, Attention: President, and PaineWebber Incorporated of Puerto Rico, American International Plaza, Penthouse Floors, 000 Xxxxx Xxxxxx Avenue, Hato Rey, Puerto Rico 00918, Attention: Executive Vice President and Chief Operating Officer. You reserve the right to reject any acceptance in whole or in part. Payment for the Securities purchased by us is to be made at such office as you may designate, at the public offering price, or, if you shall so advise us, at such price less the concession to dealers or at the price set forth or indicated in a Written Communication, on such date as you shall determine, on one day’s prior notice to us, by certified or official bank check in New York Clearing House funds payable to the order of PaineWebber Incorporated of Puerto Rico and/or Popular Securities, Inc., against delivery of certificates evidencing such Securities. If payment is made for the Securities purchased by us at the public offering price, the concession to which we shall be entitled will be paid to us upon termination of the provisions of Section 3(b) with respect to such Securities. Unless we promptly give you written instructions otherwise, if transactions in the Securities may be settled through the facilities of the Depository Trust Company, payment for and delivery of the Securities purchased by us will be made through such facilities if we are a member, or if we are not a member, settlement may be made through our ordinary correspondent who is a member.