Common use of Subsequent Tranches Clause in Contracts

Subsequent Tranches. Subject to the terms and conditions set forth herein, the Closing of each Subsequent Tranche shall occur on such date as the Company may request in writing to the Lead Investor upon no less five (5) Business Days’ notice; provided that: (i) thirty (30) days shall have elapsed since the funding of the immediately prior Tranche; (ii) as of the Closing Date of such Subsequent Tranche, the Registration Condition shall have been met in respect of the Investor Shares underlying the Notes issued in any each prior Tranche; (iii) as of the Closing Date of such Subsequent Tranche, the outstanding Aggregate Principal Amount of all the Notes issued in each prior Tranche shall be less than $2,000,000.00; (iv) for each Trading Day in the 30-calendar day period immediately preceding such Closing Date the daily traded volume of the Common Shares on the Trading Market shall be in excess of $500,000.00; and (v) the Shareholder Approval shall have been obtained. Each of the foregoing conditions, may be waived by the Investors participating in the applicable Tranche with the approval of the Requisite Holders.