Common use of Mechanics of Tranche Closing Clause in Contracts

Mechanics of Tranche Closing. (i) Each of the Company and Investor shall deliver all documents, instruments and writings required to be delivered by either of them pursuant to Section 2.3(e) of this Agreement at or prior to each Tranche Closing. Subject to such delivery and the satisfaction of the conditions set forth in Section 2.3(d) as of the Tranche Closing Date, the closing of the purchase by Investor of Preferred Shares shall occur by 5:00 p.m. Eastern time, on the date which is ten (10) Trading Days following (and not counting) the Tranche Notice Date (each a “Tranche Closing Date”) at the offices of Investor. (ii) With respect to that portion of the Warrant that is automatically exercised on the Tranche Notice Date (which exercise shall be documented by Investor sending the Exercise Delivery Documents to the Company in accordance with Section 1.1 of the Warrant), the Company shall send Investor an electronic copy of its share issuance instructions to the Transfer Agent and shall cause the requisite number of Warrant Shares in accordance with the provisions of Section 2.3(d)(vii) above to be credited to Investor’s account with DTC as DWAC Shares by 12:00 p.m. Eastern time on the Trading Day after such Tranche Notice Date. If DWAC shares are not timely credited pursuant to this Section 2.3(f)(ii), then the Tranche Closing Date shall be extended by one Trading Day for each Trading Day that such timely credit of DWAC Shares is not made. (iii) On or before each Tranche Closing Date, Investor shall deliver to the Company, in cash or immediately available funds, the Tranche Purchase Price to be paid for such Tranche Shares. (iv) The closing (each a “Tranche Closing”) for each Tranche shall occur on the date that both (i) the Company has delivered to Investor all Required Tranche Documents, and (ii) Investor has delivered to the Company the Tranche Purchase Price.

Mechanics of Tranche Closing. (i) Each of the Company and Investor shall deliver all documents, instruments and writings required to be delivered by either of them pursuant to Section 2.3(e) of this Agreement at or prior to each Tranche Closing. Subject to such delivery and the satisfaction of the conditions set forth in Section 2.3(d) as of the Tranche Closing Date, the closing of the purchase by Investor of Preferred Shares shall occur by 5:00 p.m. Eastern time, on the date which is ten (10) 10 Trading Days following (and not counting) the Tranche Notice Date (each a “Tranche Closing Date”) at the offices of Investor. (ii) With respect to that If any portion of the Warrant that is automatically exercised by Investor on or after the Tranche Notice Date and prior to or on the Tranche Notice Closing Date (which exercise shall be documented effected by Investor sending the Exercise Delivery Documents to the Company in accordance with Section 1.1 of the Warrant), the Company shall send Investor an electronic copy of its share issuance instructions to the Transfer Agent and shall cause the requisite number of Warrant Shares in accordance with the provisions of Section 2.3(d)(vii) above to be credited to Investor’s account with DTC as DWAC Shares by 12:00 no later than 5:30 p.m. Eastern time on the Trading Day after such Tranche Notice Datethe date the Company receives the Exercise Delivery Documents from Investor. If DWAC shares are not timely credited pursuant to this Section 2.3(f)(ii) by 12:00 p.m. on the Trading Day after the date the Company receives the Exercise Delivery Documents (and including the circumstance where the Warrant Shares are credited as DWAC Shares by 5:30 p.m. Eastern Time on such Trading Day), then the Tranche Closing Date shall be extended by one Trading Day for each Trading Day that such timely credit of DWAC Shares is not made.made by 12:00 p.m. (iii) On or before each Tranche Closing Date, Investor shall deliver to the Company, in cash or immediately available funds, the Tranche Purchase Price to be paid for such Tranche Shares. (iv) The closing (each a “Tranche Closing”) for each Tranche shall occur on the date that both (i) the Company has delivered to Investor all Required Tranche Documents, and (ii) Investor has delivered to the Company the Tranche Purchase Price.

Mechanics of Tranche Closing. (i) Each of the Company and Investor shall deliver all documents, instruments and writings required to be delivered by either of them pursuant to Section 2.3(e) of this Agreement at or prior to each Tranche Closing. Subject to such delivery and the satisfaction of the conditions set forth in Section 2.3(d) as of the Tranche Closing Date, the closing of the purchase by Investor of the Debentures or the Preferred Shares shall occur by 5:00 p.m. Eastern time, on the date which is ten (10) Trading Days following (and not counting) the Tranche Notice Date (each a “Tranche Closing Date”) at the offices of Investor. (ii) With respect to that (A) If any portion of the Warrant that is automatically exercised by Investor on or after the Tranche Notice Date and prior to or on the Tranche Notice Closing Date (which exercise shall be documented effected by Investor sending the Exercise Delivery Documents to the Company in accordance with Section 1.1 of the Warrant), the Company shall send Investor an electronic copy of its share issuance instructions to the Transfer Agent and shall cause the requisite number of Warrant Shares in accordance with the provisions of Section 2.3(d)(vii) above to be credited to Investor’s account with DTC as DWAC Shares (or, if the Company is not then DWAC eligible, delivered to Investor in original certificated form bearing no restrictive legend) by 12:00 5:00 p.m. Eastern time on the Trading Day after such Tranche Notice Datethe date the Company receives the Exercise Delivery Documents from Investor. If DWAC shares are not timely credited pursuant to this Section 2.3(f)(ii2.3(f)(ii)(A), then the Tranche Closing Date shall be extended by one Trading Day for each Trading Day that such timely credit of DWAC Shares is not made. (iii) On or before each ; provided, that if timely credit was not made because the Company is not DWAC eligible and has delivered certificated shares instead of DWAC Shares, then the Tranche Closing Date, Investor Date shall deliver to the Company, in cash or immediately available funds, the Tranche Purchase Price to be paid for such Tranche Shares. (iv) The closing (each a “Tranche Closing”) extended by one Trading Day for each Tranche shall occur on Trading Day required for Investor to receive the date that both (i) the Company has delivered to Investor all Required Tranche Documents, certificated shares and (ii) Investor has delivered to the Company the Tranche Purchase Priceconvert such certificated shares into electronic form.

Mechanics of Tranche Closing. (i) Each of the Company and Investor shall deliver all documents, instruments and writings required to be delivered by either of them pursuant to Section 2.3(e) of this Agreement at or prior to each Tranche Closing. Subject to such delivery and the satisfaction of the conditions set forth in Section 2.3(d) as of the Tranche Closing Date, the closing of the purchase by Investor of Preferred Shares shall occur by 5:00 p.m. Eastern time, on the date which is ten (10) Trading Days following (and not counting) the Tranche Notice Date (each a “Tranche Closing Date”) at the offices of Investor. (ii) With respect to that If any portion of the Warrant that is automatically exercised by Investor on or after the Tranche Notice Date and prior to or on the Tranche Notice Closing Date (which exercise shall be documented effected by Investor sending the Exercise Delivery Documents to the Company in accordance with Section 1.1 of the Warrant), the Company shall send Investor an electronic copy of its share issuance instructions to the Transfer Agent and shall cause the requisite number of Warrant Shares in accordance with the provisions of Section 2.3(d)(vii) above to be credited to Investor’s account with DTC as DWAC Shares (or, if the Company is not then DWAC eligible, delivered to Investor in original certificated form bearing no restrictive legend) by 12:00 p.m. Eastern time on the Trading Day after such Tranche Notice Datethe date the Company receives the Exercise Delivery Documents from Investor. If DWAC shares are not timely credited pursuant to this Section 2.3(f)(ii), then the Tranche Closing Date shall be extended by one Trading Day for each Trading Day that such timely credit of DWAC Shares is not made; provided, that if timely credit was not made because the Company is not DWAC eligible and has delivered certificated shares instead of DWAC Shares, then the Tranche Closing Date shall be extended by one Trading Day for each Trading Day required for Investor to receive the certificated shares and convert such certificated shares into electronic form. (iii) On or before each Tranche Closing Date, Investor shall deliver to the Company, in cash or immediately available funds, the Tranche Purchase Price to be paid for such Tranche Shares. (iv) The closing (each a “Tranche Closing”) for each Tranche shall occur on the date that both (i) the Company has delivered to Investor all Required Tranche Documents, and (ii) Investor has delivered to the Company the Tranche Purchase Price.

Mechanics of Tranche Closing. (i) Each of the Company and Investor shall deliver all documents, instruments and writings required to be delivered by either of them pursuant to Section 2.3(e) of this Agreement at or prior to each Tranche Closing. Subject to such delivery and the satisfaction of the conditions set forth in Section 2.3(d) as of the Tranche Closing Date, the closing of the purchase by Investor of the Debentures or the Preferred Shares shall occur by 5:00 p.m. Eastern time, on the date which is ten (10) Trading Days following (and not counting) the Tranche Notice Date (each a “Tranche Closing Date”) at the offices of Investor. (ii) (A) With respect to that portion of the Warrant that is automatically exercised on the Tranche Notice Date (which exercise shall be documented by Investor sending the Exercise Delivery Documents to the Company in accordance with Section 1.1 of the Warrant), the Company shall send Investor an electronic copy of its share issuance instructions to the Transfer Agent and shall cause the requisite number of Warrant Shares in accordance with the provisions of Section 2.3(d)(vii) above to be credited to Investor’s account with DTC as DWAC Shares (or, if the Company is not then DWAC eligible, delivered to Investor in original certificated form bearing no restrictive legend) by 12:00 5:00 p.m. Eastern time on the Trading Day after such Tranche Notice Date. If DWAC shares are not timely credited pursuant to this Section 2.3(f)(ii2.3(f)(ii)(A), then the Tranche Closing Date shall be extended by one Trading Day for each Trading Day that such timely credit of DWAC Shares is not made. (iii) On or before each ; provided, that if timely credit was not made because the Company is not DWAC eligible and has delivered certificated shares instead of DWAC Shares, then the Tranche Closing Date, Investor Date shall deliver to the Company, in cash or immediately available funds, the Tranche Purchase Price to be paid for such Tranche Shares. (iv) The closing (each a “Tranche Closing”) extended by one Trading Day for each Tranche shall occur on Trading Day required for Investor to receive the date that both (i) the Company has delivered to Investor all Required Tranche Documents, certificated shares and (ii) Investor has delivered to the Company the Tranche Purchase Priceconvert such certificated shares into electronic form.