TRANCHE CLOSINGS; CLOSING AND OTHER DELIVERIES. 2.1 Tranche A Closing. Provided that the conditions to Closing, as set forth in Article V have been satisfied or waived, the initial closing hereunder pursuant to which the Company shall issue and sell and the Investors shall purchase the U.S. dollar amount in Shares set forth opposite the Investors’ respective names on Schedule I attached hereto under the heading “Tranche A Investor Commitments” (the “Tranche A Closing”), shall take place as soon as reasonably practicable, but in no case later than three Business Days (as defined below) following: (i) the Company’s delivery of written notice to the Investors of the Company’s receipt of the first 10 angiograms of patients enrolled in the Company’s eMesh I clinical feasibility trial (the “Feasibility Trial”) using the Company’s surgical implant technique approved by the United States Food and Drug Administration (“FDA”) in March 2014 (the “New Technique”), and (ii) the agreement of the Company and Investors that have committed to purchase a majority of the Shares to be sold at the Tranche A Closing (the “Majority Investors”) that the condition set forth in Section 5.1(a) has been satisfied or waived. Notwithstanding the foregoing, the obligation of the Investors to purchase Shares at the Tranche A Closing shall terminate if the Tranche A Closing has not occurred by November 30, 2015.
