Common use of Date of Settlement Clause in Contracts

Date of Settlement. All offers 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 third business day after the date of acceptance of such offer, unless the Company and the purchaser agree to settlement (a) on any other 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. Instruction from Company to Trustee for Preparation of Securities, Preparation and Delivery of Securities by Trustee and Receipt of Payment Therefor: After receiving the Sale Information from the Agent, the Company will communicate such Sale Information to the Trustee by telephone (confirmed in writing) or by facsimile transmission or other acceptable written means. The Trustee will prepare each Security and appropriate receipts that will serve as the documentary control of the transaction. Each Security will be represented by either a Global Security (as defined below) delivered to the Trustee, as agent for The Depository Trust Company ("DTC"), and recorded in the book-entry system maintained by DTC (a "Book-Entry Security") or a certificate delivered to the holder thereof or a person designated by such holder (a "Certificated Security"). Except as set forth in the Prospectus, as amended or supplemented, an owner of a Book-Entry Security will not be entitled to receive a Certificated Security.

Date of Settlement. The receipt by the Company of immediately available funds in payment for a Security shall constitute "settlement" with respect to such Security. All offers 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 third business day after the date of acceptance of such offer, unless the Company Company, the appropriate Agent and the purchaser agree to settlement (a) on any other 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, provided that such day shall be a business day. Instruction from Company to Trustee for Preparation of Securities, Preparation and Delivery of Securities by Trustee and Receipt of Payment Therefor: After receiving the Sale Information from the Agent, the Company will communicate such Sale Information to the Trustee by telephone (confirmed in writing) or by facsimile transmission or other acceptable written means. The Trustee will prepare each Security and appropriate receipts that will serve as the documentary control of the transaction. Each Security will be represented by either a Global Security (as defined below) delivered to the Trustee, as agent for The Depository Trust Company ("DTC"), and recorded in the book-entry system maintained by DTC (a "Book-Entry Security") or by a certificate certificate(s) issued as a registered Security or Securities delivered to the holder thereof or a person person(s) designated by such holder holder(s) (a "Certificated Security"). Except as set forth in the Prospectus, as amended or supplemented, an owner of a Book-Entry Security will not be entitled to receive a Certificated Security.28 -28-