Common use of The Initial Closing Clause in Contracts

The Initial Closing. The closing of the separate initial ------------------- purchases and sales of the Class A Common (the "Initial Closing") shall take --------------- place at the offices of ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ at 8:30 a.m. on November 27, 1996, or at such other place or on such other date as may be mutually agreeable to the Company and the Investors (the "Initial Closing Date"), but in no event shall -------------------- the Initial Closing Date be later than November 30, 1996. At the Initial Closing, the Company shall deliver to each Investor stock certificates evidencing the Class A Common to be purchased by such Investor, registered in such Investor's name, upon such Investor's delivery to the Company of either of the following: (i) in the case of an Institutional Investor, a cashier's or certified check or wire transfer of immediately available funds to an account designated by the Company (collectively, "Cash"), in the aggregate ---- amount of such Institutional Investor's Initial Contribution, or (ii) in the case of an Executive Investor, canceled Company notes (as well as documentation acceptable in good faith to the Institutional Investors sufficient to demonstrate such amounts were loaned to the Company) in the aggregate amount of $6,000, together with Cash, or if so specified opposite such Executive Investor's name on the Schedule of Investors, a combination of Cash and a ninety-day promissory note in the form of Exhibit 3 attached hereto (such Executive Investor's "Note") in the --------- ---- proportion specified opposite such Executive Investor's name on the Schedule of Purchasers, in an aggregate amount equal to such Executive Investor's Initial Contribution minus $6,000. Each Executive Investor's ----- Note (including any such Notes issued at Subsequent Closings, as defined below) shall be secured by a pledge of all Company securities owned by such Executive Investor (including any such securities acquired hereafter at any time that such Note is outstanding, but excluding shares of Class C Common pledged to an Institutional Investor pursuant to a Vesting Agreement), and in connection therewith, such Executive Investor will enter into a pledge agreement in the form of Exhibit 4 attached hereto (the "Executive Investor --------- ------------------ Stock Pledge Agreement"). ----------------------