{"component": "clause", "props": {"groups": [{"size": 58, "samples": [{"hash": "9pTQkB5CHKT", "uri": "/contracts/9pTQkB5CHKT#initial-closing-date", "label": "Mortgage Sale Agreement", "score": 33.3793907166, "published": true}, {"hash": "jRLErxuUMNh", "uri": "/contracts/jRLErxuUMNh#initial-closing-date", "label": "Mortgage Sale Agreement", "score": 32.4716300964, "published": true}, {"hash": "2j5JFkh5Log", "uri": "/contracts/2j5JFkh5Log#initial-closing-date", "label": "Mortgage Sale Agreement", "score": 31.4960823059, "published": true}], "snippet": "(a) A meeting has taken place on the Initial Closing Date at the offices of \u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587 LLP, \u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587 \u2587\u2587\u2587 at which the Seller delivered to the Mortgages Trustee or its representative the following documents:\n(i) two originals of the power of attorney dated as at the Initial Closing Date and substantially in the form set out in Schedule 5 hereto, duly executed by the Seller;\n(ii) a duly executed assignment of all applicable insurance contracts dated as at the Initial Closing Date and in the form of the Assignment of Insurance Contracts substantially in the form set out in Schedule 8;\n(iii) a certificate of a duly authorised officer of the Seller dated as at the Initial Closing Date attaching a copy of the board minute of the Seller authorising its duly appointed representatives to agree the sale of the Portfolio and authorising execution and performance of this Agreement, the Servicing Agreement, the other Transaction Documents to which the Seller is a party (in any capacity) and all of the documentation to be entered into pursuant to this Agreement and confirming that the resolutions referred to therein are in full force and effect and have not been amended or rescinded as at the date of the certificate;\n(iv) a duly executed assignment and assignation of rights against third parties comprised in the Initial Portfolio dated as at the Initial Closing Date and in the form of the Assignment of Third Party Rights substantially in the form set out in Schedule 7;\n(v) a solvency certificate from an authorised signatory of the Seller dated the Initial Closing Date in a form acceptable to the Mortgages Trustee, Funding 1 and the Funding 1 Security Trustee (each acting reasonably);\n(vi) an updated, complete and accurate list of the Loans and their Related Security in the Initial Portfolio which may be provided in a document stored upon electronic media (including, but not limited to, a CD-ROM) in a form acceptable to the Mortgages Trustee, Funding 1 and the Funding 1 Security Trustee (each acting reasonably);\n(vii) a Scottish Declaration of Trust in respect of the Scottish Loans and their Related Security in the Initial Portfolio in the form set out in Schedule 13 and with the annexure thereto duly completed, duly executed by the Seller, the Mortgages Trustee and Funding 1; and\n(viii) a duly executed data transfer agreement.\n(b) The parties hereto acknowledge that completion on the Initial Closing Date of the sale to the Mortgages Trustee of all of the Seller's rights, titles, interests and benefits in and to the Loans and their Related Security comprised in the Initial Portfolio subject to the terms and provisions of the Mortgages Trust Deed shall occur as indicated in this Clause 3, provided that the matters described in Clause 6 and Clause 7.4 shall not occur until the relevant time indicated in Clause 6 or, as applicable, Clause 7.4.\n3.2 The Seller undertakes that from the Initial Closing Date until the perfection of the sale in accordance with Clause 6, the Seller shall hold the Title Deeds and Customer Files relating to the Portfolio that are in its possession or under its control or held to its order to the order of the Mortgages Trustee.\n3.3 The Seller shall, as soon as reasonably practicable after the sale of the Initial Portfolio on the Initial Closing Date procure that the interest of the Mortgages Trustee is noted by the relevant insurers in relation to each Seller Insurance Policy (applicable at such time).\n3.4 Subject to fulfilment of the conditions referred to in Clauses 2.2 and 3.1, the Seller was paid the Initial Purchase Price of \u00a32,505,373,309 by CHAPS transfer (or as the Seller otherwise directed) by the Mortgages Trustee on the Initial Closing Date.", "snippet_links": [{"key": "the-initial-closing-date", "type": "clause", "offset": [33, 57]}, {"key": "the-mortgages-trustee", "type": "definition", "offset": [173, 194]}, {"key": "two-originals", "type": "clause", "offset": [246, 259]}, {"key": "the-power-of-attorney", "type": "clause", "offset": [263, 284]}, {"key": "at-the-initial-closing", "type": "clause", "offset": [294, 316]}, {"key": "set-out", "type": "definition", 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Initial Master Transaction Agreement. The Master Transaction Agreement, dated July 25, 1997, as amended, between Lyondell and Millennium, providing for the execution of various agreements concerning the Partnership and the Initial Assets.", "snippet_links": [{"key": "the-closing", "type": "clause", "offset": [27, 38]}, {"key": "initial-master-transaction-agreement", "type": "definition", "offset": [49, 85]}, {"key": "as-amended", "type": "definition", "offset": [191, 201]}, {"key": "the-execution", "type": "clause", "offset": [250, 263]}, {"key": "various-agreements", "type": "clause", "offset": [267, 285]}, {"key": "the-partnership", "type": "definition", "offset": [297, 312]}, {"key": "initial-assets", "type": "clause", "offset": [321, 335]}], "hash": "a94d6a77b7fd898bb97410b1ad345ee7", "id": 8}, {"size": 42, "samples": [{"hash": "aSLNFS183Vj", "uri": "/contracts/aSLNFS183Vj#initial-closing-date", "label": "Securities Purchase Agreement (Mills Corp)", "score": 18.0, "published": true}, {"hash": "63gblOy1Jzt", "uri": "/contracts/63gblOy1Jzt#initial-closing-date", "label": "Securities Purchase Agreement (Mills Corp)", "score": 18.0, "published": true}], "snippet": "The obligation of the Company to issue and sell the Initial Preferred Shares to Buyer at the Initial Closing is subject to the satisfaction, at or before the Initial Closing Date, of each of the following conditions, provided that these conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion:\n(i) Buyer shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.\n(ii) Buyer shall have delivered to the Company the Purchase Price (less the amounts withheld pursuant to Sections 4(h) and 4(i)) for the Initial Preferred Shares being purchased by Buyer at the Initial Closing by wire transfer of immediately available funds pursuant to the wire instructions provided by the Company.\n(iii) the Ownership Limit Waiver Agreement, including the certificate attached thereto, shall be been delivered to the Company executed by Buyer in the form attached hereto as EXHIBIT F (the \"OWNERSHIP LIMIT WAIVER\").\n(iv) the representations and warranties of Buyer, including those made pursuant to the Ownership Limit Waiver Agreement, shall be true and correct as of the date when made and as of the Initial Closing Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such date), and Buyer shall have performed, satisfied and complied with the covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by Buyer at or prior to the Closing Date.", "snippet_links": [{"key": "obligation-of-the-company", "type": "clause", "offset": [4, 29]}, {"key": "to-issue", "type": "clause", "offset": [30, 38]}, {"key": "initial-preferred-shares", "type": "definition", "offset": [52, 76]}, 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the Transaction Documents, and delivered the same to such Buyer.\n(ii) The Certificate of Determination, shall have been filed with the Secretary of State of the State of California, and a copy thereof certified by such Secretary of State shall have been delivered to such Buyer.\n(iii) The Common Stock shall be authorized for quotation on the Nasdaq National Market or listed on AMEX or NYSE, and shall not have been suspended from trading on or delisted from such exchanges (except for a voluntary suspension of not more than one day due to a business announcement by the Company) nor shall delisting or suspension by such exchanges have been threatened (except as set forth in the letter to the Company dated February 8, 1999 from the Nasdaq Stock Market, Inc.) either (A) in writing by such exchanges or (B) by falling below the minimum listing maintenance requirements of such exchanges and all of the Conversion Shares and the Warrant Shares issuable upon conversion or exercise of the Initial Preferred Shares and the related Warrants, as the case may be, to be sold at the Initial Closing shall be listed upon the Nasdaq National Market, AMEX or NYSE.\n(iv) The representations and warranties of the Company shall be true and correct as of the date when made and as of the Initial Closing Date as though made at that time (except for representations and warranties that speak as of a specific date) and the Company shall have performed, satisfied and complied with the covenants, agreements and conditions required by the Transaction Documents or the Certificate of Determination to be performed, satisfied or complied with by the Company at or prior to the Initial Closing Date. Such Buyer shall have received a certificate, executed by the Chief Executive", "snippet_links": [{"key": "the-obligation", "type": "clause", "offset": [0, 14]}, {"key": "initial-preferred-shares", "type": "definition", "offset": [55, 79]}, {"key": "at-the-initial-closing", "type": "clause", "offset": [80, 102]}, {"key": "subject-to-the", "type": "clause", "offset": [106, 120]}, {"key": "the-initial-closing-date", "type": "clause", "offset": [148, 172]}, {"key": "provided-that", "type": "clause", "offset": [211, 224]}, {"key": "these-conditions", "type": "clause", "offset": [225, 241]}, {"key": "sole-benefit", "type": "clause", "offset": [263, 275]}, {"key": "such-buyer", "type": "definition", "offset": [297, 307]}, {"key": "at-any-time", "type": "clause", "offset": [308, 319]}, {"key": "sole-discretion", "type": "definition", "offset": [327, 342]}, {"key": "the-company-shall", "type": "clause", "offset": [348, 365]}, {"key": "the-transaction-documents", "type": "clause", "offset": 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Date, subject to the terms of this Agreement.", "snippet_links": [{"key": "common-unitholders", "type": "definition", "offset": [0, 18]}, {"key": "common-units", "type": "definition", "offset": [29, 41]}, {"key": "subscription-agreement", "type": "clause", "offset": [65, 87]}, {"key": "pursuant-to", "type": "clause", "offset": [88, 99]}, {"key": "agree-to", "type": "clause", "offset": [133, 141]}, {"key": "aggregate-purchase-price", "type": "definition", "offset": [171, 195]}, {"key": "equal-to", "type": "definition", "offset": [196, 204]}, {"key": "commitment-to-the-company", "type": "clause", "offset": [242, 267]}, {"key": "by-the-company", "type": "clause", "offset": [285, 299]}, {"key": "the-initial-closing-date", "type": "clause", "offset": [322, 346]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [363, 386]}], "hash": "9385c292e3f031ef20e3e574caef2330", "id": 7}, {"size": 10, "samples": [{"hash": "fO8DvO9yimG", "uri": 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If Qualifying Subscriptions have been received for at least $3,000,000 of Units on or before the Minimum Offering Termination Date, the Managing Member shall notify the Escrow Agent and by instructions (which may accompany such notice or be provided subsequently) given at least 2 business days in advance, shall specify the \"Initial Closing Date\" (which must be not more than 10 days after the Minimum Offering Termination Date), the approximate amount of Qualifying Subscriptions for the Fund to be accepted as of such Initial Closing Date, the identity of the subscribers whose subscriptions are anticipated to be accepted as of the Initial Closing Date, and the approximate amount of the Proceeds to be paid to the Fund and to each Participating Broker, respectively. On the Initial Closing Date, the Escrow Agent, upon telephonic notice from the Managing Member and the Dealer Manager that all contingencies for payment have been satisfied as required by Rule 15c2-4 under the Act (which notice the Managing Member shall promptly confirm in writing) shall pay to the Fund and each Participating Broker the amounts specified by such notice, and shall additionally pay to the Fund the interest earned on such Proceeds for disbursement to subscribers pursuant to Section 5 hereof.", "snippet_links": [{"key": "the-term", "type": "clause", "offset": [0, 8]}, {"key": "qualifying-subscriptions", "type": "definition", "offset": [10, 34]}, {"key": "refer-to", "type": "clause", "offset": [42, 50]}, {"key": "received-by", "type": "definition", "offset": [85, 96]}, {"key": "the-managing-member", "type": "definition", "offset": [97, 116]}, {"key": "of-units", "type": "clause", "offset": [251, 259]}, {"key": "offering-termination-date", "type": "clause", "offset": [285, 310]}, {"key": "the-escrow-agent", "type": "definition", "offset": [345, 361]}, {"key": "in-advance", "type": "clause", "offset": [475, 485]}, {"key": "days-after", "type": "definition", "offset": [560, 570]}, {"key": "the-subscribers", "type": "clause", "offset": [739, 754]}, {"key": "the-initial-closing-date", "type": "clause", "offset": [812, 836]}, {"key": "to-the-fund", "type": "definition", "offset": [892, 903]}, {"key": "participating-broker", "type": "clause", "offset": [916, 936]}, {"key": "telephonic-notice", "type": "clause", "offset": [1004, 1021]}, {"key": "the-dealer-manager", "type": "definition", "offset": [1051, 1069]}, {"key": "for-payment", "type": "clause", "offset": [1093, 1104]}, {"key": "as-required-by", "type": "clause", "offset": [1125, 1139]}, {"key": "under-the-act", "type": "clause", "offset": [1152, 1165]}, {"key": "in-writing", "type": "definition", "offset": [1223, 1233]}, {"key": "pay-to", "type": "definition", "offset": [1241, 1247]}, {"key": "interest-earned", "type": "definition", "offset": [1368, 1383]}, {"key": "pursuant-to-section-5", "type": "clause", "offset": [1433, 1454]}], "hash": "0190c7338e30724594ece6ee344ba5ba", "id": 10}], "next_curs": "Cl0SV2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjkLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih1pbml0aWFsLWNsb3NpbmctZGF0ZSMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"parents": [["the-closings", "THE CLOSINGS"], ["conditions-to-the-companys-obligation-to-sell", "Conditions to the Companys Obligation to Sell"], ["conditions-to-each-buyers-obligation-to-purchase", "Conditions to Each Buyers Obligation to Purchase"], ["purchase-and-sale-of-notes-and-warrants", "Purchase and Sale of Notes and Warrants"], ["representations-and-warranties", "REPRESENTATIONS AND WARRANTIES"]], "size": 365, "children": [["purchase-price", "PURCHASE  PRICE"], ["insurance", "INSURANCE"], ["initial-closing-and-conditions-precedent", "INITIAL CLOSING AND CONDITIONS PRECEDENT"], ["documents", "DOCUMENTS"], ["effect-of-payment-of-initial-purchase-price", "EFFECT   OF  PAYMENT  OF  INITIAL  PURCHASE  PRICE"]], "title": "Initial Closing Date", "id": "initial-closing-date", "related": [["initial-closing", "Initial Closing", "Initial Closing"], ["subsequent-closing", "Subsequent Closing", "Subsequent Closing"], ["subsequent-closings", "Subsequent Closings", "Subsequent Closings"], ["first-closing", "First Closing", "First Closing"], ["additional-closing", "Additional Closing", "Additional Closing"]], "related_snippets": [], "updated": "2026-04-05T05:59:45+00:00", "also_ask": ["What negotiation leverage does the Initial Closing Date provide to each party?", "Which essential terms must be defined to avoid ambiguity in the Initial Closing Date clause?", "What are the main risks if the Initial Closing Date is missed or delayed?", "How does the Initial Closing Date compare to similar provisions in standard industry agreements?", "What factors do courts consider when determining the enforceability of an Initial Closing Date clause?"], "drafting_tip": "Specify the exact Initial Closing Date to prevent confusion; include conditions for extension to address unforeseen delays; define consequences of missing the date to ensure enforceability.", "explanation": "The Initial Closing Date clause defines the specific date on which the parties intend to complete the initial closing of a transaction, such as the transfer of assets or shares. This clause typically sets a calendar date or a method for determining the date, and may outline conditions that must be satisfied before closing can occur. By establishing a clear timeline for when the initial closing will take place, this clause helps coordinate the parties\u2019 obligations and ensures that all preparatory steps are completed in a timely manner, thereby reducing uncertainty and facilitating a smooth transaction process."}, "json": true, "cursor": ""}}