Investment Commitment. (i) The closing of this Agreement (the “Commitment Closing”) shall be deemed to occur when this Agreement has been duly executed by both Investor and the Company, and the other Conditions to the Commitment Closing set forth in Section 2.2(b) have been met. On the date of the Commitment Closing, the Company shall issue the Warrant to Investor. (ii) The Commitment Fee is payable by the Company to Investor in consideration of Investor’s commitment to fund the investment contemplated by this Agreement. The Commitment Fee is earned in full on the Effective Date and shall be paid on the date the Registration Statement is declared effective, in shares of registered Common Stock valued at 90% of the volume-weighted average price for the Common Stock for the five trading days immediately preceding the Commitment Closing. Notwithstanding the foregoing, if for any reason whatsoever the Commitment Fee has not been paid in full by the six-month anniversary of the Effective Date, then it shall be paid by the Company on such date, in cash, by wire transfer of immediately available funds to the account specified by Investor.
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Sources: Preferred Stock Purchase Agreement (International Stem Cell CORP), Preferred Stock Purchase Agreement (International Stem Cell CORP)