Common use of Extension Payments Clause in Contracts

Extension Payments. If the Closing has not occurred by expiration of the IPO Processing Period, then Buyer may unilaterally extend the Closing Date for up to an additional six (6) weeks (each an “Extended Closing Date”) by paying HRSI an amount of Ten Thousand And No/00 Dollars ($10,000) per week (the “Extension Payments”). In that case, Buyer must wire each Extension Payment to HRSI by each Extended Closing Date in order to extend Closing another week. However, if any of HRSI, the Company, and/or Stockholder are in material breach of any of their respective representations, warranties, covenants or obligations, and the Closing has not occurred, Buyer shall be entitled to extend the Closing Date without having to make Extension Payments until such material breach is cured (also, an “Extended Closing Date”). In addition, if the Securities and Exchange Commission (“SEC”) will not declare the IPO effective until audited December 31, 2013 financial statements for HRSI are provided to the SEC, then HRSI, the Company and Stockholder, agree to cooperate and work with the Auditor to prepare and deliver those financial statements to the Auditor as promptly as is commercially reasonable, so long as the Buyer continues to pay a weekly Extension Payment through the Extended Closing Date, as partial consideration for delivery of those financial statements to the Auditor.