Additional Class B Warrants Sample Clauses

Additional Class B Warrants. (a) If Taylor Madison does not file the Registration Statement within forty-five days after the date of the Closing (i) for the initial thirty (30) day period, Taylor Madison shall issue to the each Purchaser, as liquidated damages, additional Class B Warrants equal to 1.5% of the sum of: (y) the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock into Common Stock, and (z) the number of shares of Common Stock issuable upon exercise of the Class B Warrants originally issued on the date of this Agreement, and (ii) for each subsequent 30-day period, Taylor Madison shall issue to each Purchaser, as liquidated damages, additional Class B Warrants equal to 1.5% of the sum of:: (y) the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock, and (ii) the number of shares of Common Stock issuable upon exercise of the Class B Warrants originally issued on the date of this Agreement; provided, however, in no event shall the maximum number of Class B Warrants issued pursuant to this Section 3.2(a) exceed nine percent (9.0%) of the Common Stock issuable upon conversion of the Series A Preferred Stock and upon exercise of the Class B Warrants originally issued on the date of this Agreement. (b) If Taylor Madison's Registration Statement is not declared effective within one hundred twenty (120) days after the date of the Closing (or one hundred fifty (150) days if extended, as provided in Section 3.1 above), (i) for the initial thirty (30) day period, Taylor Madison shall issue to the each Purchaser, as liquidated damages, additional Class B Warrants equal to 1.5% of the sum of (y) the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock into Common Stock, and (z) the number of shares of Common Stock issuable upon exercise of the Class B Warrants originally issued on the date of this Agreement, and (ii) for each subsequent 30-day period, Taylor Madison shall issue to each Purchaser, as liquidated damages, additional Class B Warrants equal to 1.5% of the sum of: (y) the number of shares of Common Stock issuable upon conversion of the Series A Preferred Stock, and (z) the number of shares of Common Stock issuable upon exercise of the Class B Warrants originally issued on the date of this Agreement; provided, however, in no event shall the maximum number of Class B Warrants issued pursuant to this Section 3.2(b) exceed nine percent (9.0%) of the Common Stock issuab...