Common use of The Initial Closing Clause in Contracts

The Initial Closing. Subject to the satisfaction or waiver of the conditions set forth in Section 5 of this Agreement, the purchase and sale of the Notes and the Warrants will take place at the offices of the Company on July 30, 2012, or at such other time and place as the Company and the Lender who have agreed to purchase a majority of the aggregate Principal Amount mutually agree upon (which time and place are referred to as the “Initial Closing”). At the Initial Closing, each Lender will deliver to the Company, as payment in full for the Note to be purchased by such Lender at the Initial Closing, the amount set forth opposite such Lender’s name on the Schedule of Lenders by (a) a check payable to the Company’s order, (b) wire transfer of funds to the Company, or (c) any combination of the foregoing. At the Initial Closing, the Company will deliver to each Lender a duly executed Note in the Principal Amount set forth opposite such Lender’s name on the Schedule of Lenders and a duly executed Warrant to acquire up to the maximum number of shares of Warrant Stock applicable to such Lender.

The Initial Closing. Subject to the satisfaction or waiver of the conditions set forth in Section 5 of this Agreement, the purchase and sale of the Notes and the Warrants will take place at the offices of the Company on July 30June xx, 20122013, or at such other time and place as the Company and the Lender who have agreed to purchase a majority of the aggregate Principal Amount mutually agree upon (which time and place are referred to as the “Initial Closing”). At the Initial Closing, each Lender will deliver to the Company, as payment in full for the Note to be purchased by such Lender at the Initial Closing, the amount set forth opposite such Lender’s name on the Schedule of Lenders by (a) a check payable to the Company’s order, (b) wire transfer of funds to the Company, or (c) any combination of the foregoing. At the Initial Closing, the Company will deliver to each Lender a duly executed Note in the Principal Amount set forth opposite such Lender’s name on the Schedule of Lenders and a duly executed Warrant to acquire up to the maximum number of shares of Warrant Stock applicable to such LenderLenders.