Common use of Completed Sale Clause in Contracts

Completed Sale. A sale of a Common Share shall be deemed by the Company to be completed for purposes of Section 3(d) if and only if (i) the Dealer Manager or Soliciting Dealer, as applicable, has received a properly completed and executed subscription agreement, together with payment of the full purchase price of each purchased Common Share, from an investor who satisfies the applicable suitability standards and minimum purchase requirements set forth in the Registration Statement as determined by the Soliciting Dealer, or the Dealer Manager, as applicable, in accordance with the provisions of this Agreement, (ii) the Company has accepted such subscription, and (iii) such investor has been admitted as a stockholder of the Company. In addition, no sale of Common Shares shall be completed until at least five business days after the date on which the subscriber receives a copy of the Prospectus. The Dealer Manager hereby acknowledges and agrees that the Company, in its sole and absolute discretion, may accept or reject any subscription, in whole or in part, for any reason whatsoever or no reason, and no selling commission or dealer manager fee will be paid to the Dealer Manager with respect to that portion of any subscription which is rejected. As used in this Agreement, “business day” means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Completed Sale. A sale of a Common Preferred Share shall be deemed by the Company to be completed for purposes of Section 3(d5(d) if and only if (i) the Dealer Manager or Soliciting Dealer, as applicable, Company has received a properly completed and executed subscription agreement, together with payment of the full purchase price of each purchased Common SharePreferred Share and, in the case Direct Registration Service is used for settlement, a properly completed and executed subscription agreement from an investor who satisfies the applicable suitability standards and minimum purchase requirements set forth in the Registration Statement Prospectus as determined by the Soliciting Dealer, or the Dealer Manager, as applicable, in accordance with the provisions of this Agreement, (ii) the Company or its agent has accepted such subscription, and (iii) such investor has been admitted as a stockholder of the Company. In addition, no sale of Common Preferred Shares shall be completed until at least five business days after the date on which the subscriber receives a copy of the Prospectus. The Dealer Manager hereby acknowledges and agrees that the Company, in its sole and absolute discretion, may accept or reject any subscription, in whole or in part, for any reason whatsoever or no reason, and no selling commission or dealer manager fee will be paid to the Dealer Manager with respect to that portion of any subscription which is rejected. As used in this Agreement, “business day” means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York York, the State of Texas or the State of California are authorized or obligated by law or executive order to close.

Completed Sale. A sale of a Common Preferred Share shall be deemed by the Company to be completed for purposes of Section 3(d5(d) if and only if (i) the Dealer Manager or Soliciting Dealer, as applicable, Company has received a properly completed and executed subscription agreement, together with payment of the full purchase price of each purchased Common SharePreferred Share and, in the case Direct Registration Service is used for settlement, a properly completed and executed subscription agreement from an investor who satisfies the applicable suitability standards and minimum purchase requirements set forth in the Registration Statement Prospectus as determined by the Soliciting Dealer, or the Dealer Manager, as applicable, in accordance with the provisions of this Agreement, (ii) the Company or its agent has accepted such subscription, and (iii) such investor has been admitted as a stockholder of the Company. In addition, no sale of Common Preferred Shares shall be completed until at least five business days after the date on which the subscriber receives a copy of the Prospectus. The Dealer Manager hereby acknowledges and agrees that the Company, in its sole and absolute discretion, may accept or reject any subscription, in whole or in part, for any reason whatsoever or no reason, and no selling commission or dealer manager fee will be paid to the Dealer Manager with respect to that portion of any subscription which is rejected. As used in this Agreement, “"business day” " means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York York, the State of Texas or the State of California are authorized or obligated by law or executive order to close.

Completed Sale. A sale of a Common Share Unit shall be deemed by the Company to be completed for purposes of Section 3(d5(d) if and only if (i) the Dealer Manager or Soliciting Dealer, as applicable, Company has received a properly completed and executed subscription agreement, together with payment of the full purchase price of each purchased Common ShareUnit and, in the case Direct Registration Service is used for settlement, a properly completed and executed subscription agreement from an investor who satisfies the applicable suitability standards and minimum purchase requirements set forth in the Registration Statement as determined by the Soliciting Dealer, or the Dealer Manager, as applicable, in accordance with the provisions of this Agreement, (ii) the Company or its agent has accepted such subscription, and (iii) such investor has been admitted as a stockholder of the Company. In addition, no sale of Common Shares Units shall be completed until at least five business days after the date on which the subscriber receives a copy of the Prospectus. The Dealer Manager hereby acknowledges and agrees that the Company, in its sole and absolute discretion, may accept or reject any subscription, in whole or in part, for any reason whatsoever or no reason, and no selling commission or dealer manager fee will be paid to the Dealer Manager with respect to that portion of any subscription which is rejected. As used in this Agreement, “business day” means any day other than a Saturday, Sunday or a day on which banking institutions in the State of New York York, the State of Texas or the State of California are authorized or obligated by law or executive order to close.