Standby Purchase Commitment. (a) On the date of the filing of the Registration Statement, the Standby Purchaser shall purchase from FLMHC at a price of up to $2,000,000, and FLMHC shall issue to the Standby Purchaser, the Exchangeable Note, and FLMHC shall deliver to the Standby Purchaser the original Exchangeable Note executed by FLMHC. The Standby Purchaser shall pay the purchase price for the Exchangeable Note to FLMHC by a wire transfer of immediately available funds as and when Advances (as defined in the Exchangeable Note) are requested in accordance with the terms thereof, to an account designated by FLMHC.
Appears in 4 contracts
Samples: Stock Purchase Agreement, Standby Stock Purchase Agreement (Federal Life Group, Inc.), Standby Stock Purchase Agreement (Federal Life Group, Inc.)
