Common use of Second Tranche Clause in Contracts

Second Tranche. The closing of the second tranche of the Initial Closing shall take place on or before March 14, 2013. The Board of Directors of the Company shall give written notice thereof to all Investors specifying therein the date of the closing of such second tranche (the “Second Tranche Notice”), which second tranche closing shall be held no less than fifteen (15) days after the Second Tranche Notice has been deemed to have been given pursuant hereto (but in no event later than March 14, 2013). The total amount sold in the second tranche of the Initial Closing shall be equal the amounts set forth on Schedule A except, if decided by a unanimous vote of the Board of Directors that a lesser amount should be called in the second tranche of the Initial Closing in which case the difference between the said amounts and the total amounts on Schedule A will be applied to the closing of the third tranche of the Initial Closing.