Common use of Interim Closing Payment Clause in Contracts

Interim Closing Payment. Subject to the terms and conditions of this Agreement, the Company hereby agrees to sell to you and issue to you or your nominee, and you agree to purchase from the Company (i) for the amount set forth to the right of your name under the heading "Interim Subordinated Notes Investment" on Exhibit A.2 which is attached hereto and made a part hereof, that principal amount of Subordinated Notes and (ii) for the amount set forth to the right of your name under the heading "Interim Series A Preferred Stock Investment" on Exhibit A.2 which is attached hereto and made a part hereof, the number of shares of Series A Stock set forth under the heading "Interim Series A Preferred Stock Purchased" (collectively, the "Interim Investment"). Each Investor's Interim Investment shall be paid by wire transfer of funds against delivery of certificates evidencing the shares of Series A Stock and the issuance of Subordinated Notes to be purchased by such Investor at the Interim Closing registered in such Investor's name or that of a nominee as such Investor may direct. The Interim Closing shall be effected at the offices of Shereff, Friedman, Hoff▇▇▇ & ▇ood▇▇▇, ▇▇P, or at such other place as shall be agreed upon by the parties, five months after the Initial Closing (the "Interim Closing") subject to the satisfaction of the terms and conditions set forth in Section 5.2 of this Agreement.