Common use of Cash Damages for Non-Delivery of Preferred Share Certificates Clause in Contracts

Cash Damages for Non-Delivery of Preferred Share Certificates. If on or before the Share Delivery Date in connection with a conversion of a Purchaser’s Shares the Company shall fail to issue and deliver a new Preferred Share Certificate representing the number of Shares to which such Purchaser is entitled following conversion of less than all of the Shares represented by such Preferred Share Certificate, then, in addition to all other available remedies which such Purchaser may pursue hereunder, under the Articles and under any of the other Transaction Documents (including any indemnification pursuant thereto), and provided that such Purchaser shall have provided the Company with notice in writing of such failure(s) within seven (7) Business Days of the Share Delivery Date, then, the Company shall pay damages to such Purchaser for each day after the date which is the Share Delivery Date that a new Preferred Share Certificate is not delivered in an amount equal to 1% of the product of (A) the number of Common Shares issuable upon conversion of the Shares represented by such Preferred Share Certificate as of the Share Delivery Date and (B) the Closing Sale Price of the Common Shares on the Share Delivery Date.