(i) Definition of gross proceeds.
For purposes of paragraph (d)(1) of this section only, GROSS PROCEEDS means gross proceeds as defined in paragraph (c)(3) of this section, as modified to refer to “18 months” in paragraph (c)(3)(iii) of this section in lieu of “6 months.”
(ii) Estimated earnings.
For purposes of determining compliance with the first two spending periods under paragraph (d)(1)(i) of this section, the amount of investment proceeds included in gross proceeds of the issue is determined based on the issuer’s reasonable expectations on the issue date.