Common use of DRS Settlement Clause in Contracts

DRS Settlement. Subject to compliance with Rule 15c2-4 of the Exchange Act, in connection with purchases using DRS Settlement, the Dealer Manager or Soliciting Dealer, as applicable, will promptly deposit any checks received from subscribers in an escrow account maintained by the Escrow Agent. When the Dealer Manager’s or a Soliciting Dealer’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and check were initially received from the subscriber, the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the Subscription Agreement and check to the Escrow Agent by the end of the next business day following receipt of the check and Subscription Agreement. When, pursuant to the Dealer Manager’s or the Soliciting Dealer’s internal supervisory procedures, final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting Dealer, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end of the next business day following the receipt of the Subscription Agreement and check. The Final Review Office will, by the end of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent. If any Subscription Agreement is rejected by the Dealer Manager or the Company, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 business days from the date of rejection. If accepted, the funds will be transferred into the Company’s general account by the Escrow Agent on the next closing date. The Company will provide investors a confirmation of their purchase subsequent to closing, and will generally admit stockholders on a semimonthly basis.

DRS Settlement. Subject to compliance with Rule 15c2-4 of the Exchange Act, in connection with purchases using DRS Settlement, the Dealer Manager or Soliciting DealerSelling Agent, as applicable, will promptly deposit any checks received from subscribers in an escrow account maintained by the Escrow Agent. When the Dealer Manager’s or a Soliciting DealerSelling Agent’s internal supervisory procedures are conducted at the site at which the Subscription Agreement and check were initially received from the subscriber, the Dealer Manager or Soliciting DealerSelling Agent, as applicable, shall transmit the Subscription Agreement and check to the Escrow Agent by the end noon of the next business day following receipt of the check and Subscription Agreement. When, pursuant to the Dealer Manager’s or the Soliciting DealerSelling Agent’s internal supervisory procedures, final internal supervisory procedures are conducted at a different location (the “Final Review Office”), the Dealer Manager or Soliciting DealerSelling Agent, as applicable, shall transmit the check and Subscription Agreement to the Final Review Office by the end noon of the next business day following the receipt of the Subscription Agreement and check. The Final Review Office will, by the end noon of the next business day following its receipt of the Subscription Agreement and check, forward both the Subscription Agreement and check to the Escrow Agent. If any Subscription Agreement is rejected by the Dealer Manager or the CompanyFund, then the Subscription Agreement and check will be returned to the rejected subscriber within 10 45 business days from the date of rejectionreceipt by the Fund of the Subscription Agreement. If accepted, the funds will be transferred into the CompanyFund’s general account by the Escrow Agent on the next closing date. The Company Fund will provide investors a confirmation of their purchase subsequent to closing, and will generally admit stockholders on a semimonthly basis. A sale of a share of Preferred Stock shall be deemed by the Fund to be completed if and only if (i) the Fund has received payment of the full purchase price of each purchased share of Preferred Stock, from an investor who satisfies the minimum purchase requirements set forth in the Registration Statement as determined by the Selling Agent, or the Dealer Manager, as applicable, in accordance with the provisions of this Agreement, which minimum purchase requirement may be waived in the Fund’s sole discretion, (ii) the Fund has accepted such subscription, and, if using DRS Settlement, a properly completed and executed Subscription Agreement, and (iii) such investor has been admitted as a stockholder of the Fund. In addition, such investor is required to represent and warrant in the Subscription Agreement or, if placing an order through a registered representative not through a Subscription Agreement in connection with a DTC Settlement, to the registered representative, that the investor has received a copy of the Prospectus and has had sufficient time to review the Prospectus.