Common use of Effect of Late Registration Clause in Contracts

Effect of Late Registration. If the Registration Statement has not been declared effective by the Required Effective Date, then the Company will make cash payments to each Investor as partial compensation for such delay (the "LATE REGISTRATION PAYMENTS"). The Late Registration Payments will be equal to 1% of the purchase price paid for the Common Shares purchased by such Investor and not previously sold by such Investor for the first 30 days after the Required Effective Date. The Late Registration Payments will be paid to the Initial Investors in cash within five business days after the earlier of (i) the end of the 30-day period following the Required Effective Date or (ii) the effective date of the Registration Statement. Nothing herein limits any Investor's right to pursue actual damages for the Company's failure to file a Registration Statement or to have it declared effective by the SEC on or prior to the Required Effective Date in accordance with the terms of this Agreement.

Effect of Late Registration. If the Registration Statement has not been declared effective by the Required Effective Date, then the Company will make cash payments to each Investor as partial compensation for such delay (the "LATE REGISTRATION PAYMENTSLate Registration Payments"). The Late Registration Payments will be equal to 12% of the purchase price paid for the Common Shares purchased by such Investor and not previously sold by such Investor for the first 30 days after the Required Effective Date. The Late Registration Payments will be prorated on a daily basis during the 30 day period and will be paid to the Initial Investors in cash within five business days after the earlier of (i) the end of the 30-day period 30 days following the Required Effective Date or (ii) the effective date of the Registration Statement. Nothing herein limits any Investor's right to pursue actual damages for the Company's failure to file a Registration Statement or to have it declared effective by the SEC on or prior to the Required Effective Date in accordance with the terms of this Agreement.

Effect of Late Registration. If the Registration Statement has not been declared effective by the Required Effective Date, then the Company will make cash payments to each Investor as partial compensation for such delay (the "LATE REGISTRATION PAYMENTSLate Registration Payments"). The Late Registration Payments will be equal to 1% of the purchase price paid for the Common Shares purchased by such Investor and not previously sold by such Investor for the first 30 days each 30-day period after the Required Effective Date. The Late Registration Payments will be prorated on a daily basis during each 30 day period and will be paid to the Initial Investors in cash within five business days after the earlier of (i) the end of the each applicable 30-day period following the Required Effective Date or (ii) the effective date of the Registration Statement. Nothing herein limits any Investor's right to pursue actual damages for the Company's failure to file a Registration Statement or to have it declared effective by the SEC on or prior to the Required Effective Date in accordance with the terms of this Agreement.

Effect of Late Registration. If the Registration Statement has not been declared effective by the Required Effective Date, then the Company will make cash payments to each Investor as partial compensation for such delay (the "LATE REGISTRATION PAYMENTSLate Registration Payments"). The Late Registration Payments will be equal to 1% of the purchase price paid for the Common Shares purchased by such Investor and not previously sold by such Investor for the first 30 days each 30-day period after the Required Effective Date. The Late Registration Payments will be prorated on a daily basis during each 30 day period and will be paid to the Initial Investors Investor in cash within five business days after the earlier of (i) the end of the each applicable 30-day period following the Required Effective Date or (ii) the effective date of the Registration Statement. Nothing herein limits any Investor's right to pursue actual damages for the Company's failure to file a Registration Statement or to have it declared effective by the SEC on or prior to the Required Effective Date in accordance with the terms of this Agreement.