Common use of Actions at Initial Closing Clause in Contracts

Actions at Initial Closing. At the Initial Closing, the following actions shall take place, all of which shall be deemed to have occurred simultaneously, and no action shall be deemed to have been completed or any document delivered until all such actions have been completed and all required documents have been delivered: (a) The Investor shall: (i) pay and deliver or cause to be paid and delivered $8,500,000 in U.S. dollars by wire transfer of immediately available funds to the bank account designated by the Company; and (ii) deliver to the Company the Registration Rights Agreement, executed by a duly authorized officer of the Investor. (b) The Company shall: (i) allot and issue to the Investor the Initial Closing Shares, and deliver to the Investor one or more duly executed share certificate(s) representing the Initial Closing Shares registered in the name of the Investor (the original copies of which shall be delivered to the Investor as soon as practicable within ten (10) Business Days following the date of the Initial Closing); (ii) deliver to the Investor a certified true copy of the register of members of the Company evidencing the Initial Closing Shares being owned by the Investor at the Initial Closing; (iii) deliver to the Investor the Registration Rights Agreement, executed by a duly authorized officer of the Company; (iv) a certificate, dated as of the date of the Initial Closing, signed by a duly authorized officer of the Company, confirming that the conditions to the Initial Closing set forth in Article VII hereof have been satisfied; and (v) deliver to the Investor a copy of the resolutions adopted by the Board approving this Agreement and other Transaction Documents and matters relating to the Initial Closing.