Default Warrants. In the event that the registration statement required to be filed pursuant to Section 2 hereof shall either (a) not be filed within 30 days from the date hereof (the "Filing Default date"), or (b) not be declared effective by the SEC within 90 days from the date hereof or, if earlier, within 5 days after the date on which the Company shall receive clearance from the SEC to request acceleration of the effectiveness of such registration statement (the "Registration Default Date"), the Company shall issue and deliver, free of charge and without cost, to each of the Holders (i) within 10 days of the Filing Default Date and/or the Registration Default Date, as applicable, warrants, in the form annexed hereto as Exhibit A, to purchase a number of shares of Common Stock equal to 5% of the number of shares of Common stock purchased by each such Holder (or such Holder's predecessor in interest) in the Offering and (ii) within 10 days of the last date of each additional 30-day period in which such registration statement shall not have been filed and/or declared effective by the SEC, additional warrants, in the form annexed hereto as Exhibit A, to purchase a number of shares of Common Stock equal to 5% of the number of shares of Common Stock purchased by each such Holder (or such Holder's predecessor in interest) in the Offering. The exercise price of such warrants, as well as the number of shares of Common Stock for which each of such warrants shall initially be exercisable, shall be appropriately adjusted, in the same manner as set forth in Section 6 of such warrants, to reflect dilutive events which shall occur after the date hereof and prior to the issuance of such warrants. Any and all shares of Common Stock issued by the Company upon the exercise of any warrants delivered pursuant to this Section 8 shall constitute "Registrable Securities," and the Company shall be required to register them under the Securities Act in accordance with the provisions of this Agreement.
Default Warrants. 3 SECTION 2A. Reset of Exercise Price of Initial Warrants................................ 3 (a) Series A Warrants.......................................................... 3 (b) Series B Warrants.......................................................... 3
Default Warrants. If the Series B Notes (including all accrued and unpaid interest and fees thereon) are not paid in full on or prior to September 30, 1998, then commencing on September 30, 1998 and on the last day of each calendar month thereafter until such time as the Series B Notes shall have been so paid in full, the Company will deliver to the holders of the Series B Notes Default Warrants for 32,000 Common Shares. If the Series A Notes (including all accrued and unpaid interest and fees thereon) are not paid in full on or prior to December 31, 1998, then commencing on December 31, 1998 and on the last day of each calendar month thereafter until such time as the Series A Notes shall have been so paid in full, the Company will deliver to the holders of the Series A Notes Default Warrants for 70,000 Common Shares.
Default Warrants. If the Company fails to pay the interest and principal on the Notes on or before March 15, 2003 then, on March 16, 2003, and, unless all interest and principal on the Notes has been paid by such date, on each June 16, September 16, December 16 and March 16 thereafter, the Company shall issue to each Purchaser (or its designee reasonably acceptable to the Company) class A warrants ("Default Warrants") to purchase a number of shares of Common Stock equal to the quotient of (i) the outstanding principal amount of Notes held by such Purchaser, divided by (ii) thirty (30), at an exercise price of $2.50 per share of Common Stock, subject to adjustment for stock splits, reverse stock splits and similar recapitalizations.
Default Warrants. The Default Warrants will grant the Investors the right to purchase up to a number of shares of the Company's Common Stock equal to 50% of the outstanding common. Warrants with respect to at least 25% of the Company's outstanding Common Stock will be issued at the Initial Closing, provided that the Funding Amount is not less than $250,000. Warrants with respect to an additional 25% of the Company's outstanding common stock will be issued at the next Closing at which the Funding Amount, together with all other Funding Amounts, exceeds $1,000,000. Default Warrants shall be allocated among the Investors on a pro rata basis based upon each Investor's Funding Amount. For these purposes "outstanding Common Stock" will include all outstanding Common Stock of the Company and Common Stock equivalents that are convertible into and exercisable for common stock of the Company at the then current market price or an exercise price not more that 20% above the then current market price.
Default Warrants. PDMC agrees and acknowledges that each of the Amsterdam Default Warrant, the Amsterdam Series A Default Warrant, the Lapoxx Xxxault Warrant and the Lapoxx XXX Xxxault Warrant (collectively, the "Default Warrants") has been effective since January 1, 1997 and that no further action whatsoever is required in order to render the Default Warrants, or any of them, effective. PDMC further agrees that, effective immediately and without need for further action, the "Exercise Price", as such term is defined in each of the Default Warrants, is reduced from Ten United States Cents ($0.10) per Share (as such term is defined in the Default Warrants) to One United States Cent ($0.01)
