Common use of Certificates; Legends Clause in Contracts

Certificates; Legends. Units shall be issued in non certificated form; provided, however, that, at the request of any Member, the Managing Member shall cause the Company to issue one or more certificates to such Member representing in the aggregate the Units held by such Member. If any Unit certificate is issued, then such certificate shall bear a legend substantially in the following form: This certificate evidences Units representing a membership interest in Realty Capital Securities, LLC and shall be a security within the meaning of Article 8 of the Uniform Commercial Code. The membership interest in Realty Capital Securities, LLC represented by this certificate is subject to restrictions on transfer set forth in the Second Amended and Restated Limited Liability Company Agreement of Realty Capital Securities, LLC dated as of [ ], 2013, among Realty Capital Securities, LLC and each of the Members from time to time party thereto, as the same may be amended from time to time.

Certificates; Legends. Units shall be issued in non certificated form; provided, however, that, at the request of any Member, the Managing Member shall cause the Company to issue one or more certificates to such Member representing in the aggregate the Units held by such Member. If any Unit certificate is issued, then such certificate shall bear a legend substantially in the following form: This certificate evidences Units representing a membership interest in Realty Capital Securities, LLC and shall be a security within the meaning of Article 8 of the Uniform Commercial Code. The membership interest in Realty Capital Securities, LLC represented by this certificate is subject to restrictions on transfer set forth in the Second Amended and Restated Limited Liability Company Agreement of Realty Capital Securities, LLC dated as of [ ]June 10, 2013, among Realty Capital Securities, LLC and each of the Members from time to time party thereto, as the same may be amended from time to time.

Certificates; Legends. Units shall be issued in non certificated form; provided, however, that, at the request of any Member, the Managing Member shall cause the Company to issue one or more certificates to such Member representing in the aggregate the Units held by such Member. If any Unit certificate is issued, then such certificate shall bear a legend substantially in the following form: This certificate evidences Units representing a membership interest in Realty Capital Securities, LLC and shall be a security within the meaning of Article 8 of the Uniform Commercial Code. The membership interest in Realty Capital Securities, LLC represented by this certificate is subject to restrictions on transfer set forth in the Second Third Amended and Restated Limited Liability Company Agreement of Realty Capital Securities, LLC dated as of [ ]February 11, 2013, 2014 among Realty RCS Capital SecuritiesHoldings, LLC and each of the Members from time to time party thereto, as the same may be amended from time to time.