Common use of Failure to Deliver Warrant Shares Clause in Contracts

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor (an "Exercise Default"), and such default continues for five (5) Business Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default Payments") in the amount of (i) (N/365) multiplied ------------------------- ---------- by (ii) the aggregate Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by (iii) the lower of ------------- fifteen percent (15%) and the maximum rate permitted by applicable law (the "Default Interest Rate"), where "N" equals the number of day --------------------- elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason (other than as a result of the Holder's failure to pay the aggregate Exercise Price for the Warrant Shares being purchased or to deliver the original Warrant to the Company) to deliver to the Holder the number of Warrant Shares specified in the applicable a duly tendered Exercise Notice on or before the Delivery Date therefor (an "Exercise Default"), and such default continues for five (5) Business Days ---------------- following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default ---------------- Payments") in the amount of (i) (N/365) multiplied ------------------------- ---------- by (ii) the aggregate -------- ------------- Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by (iii) the lower of ------------- fifteen percent (15%) and the ------------- maximum rate permitted by applicable law (the "Default Interest Rate"), --------------------- where "N" equals the number of day --------------------- days elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each the calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor (an "Exercise DefaultEXERCISE DEFAULT"), and such default continues for five (5) Business Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default PaymentsEXERCISE DEFAULT PAYMENTS") in the amount of (i) (N/365) multiplied ------------------------- ---------- by MULTIPLIED BY (ii) the aggregate Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by MULTIPLIED BY (iii) the lower of ------------- fifteen percent (15%) and the maximum rate permitted by applicable law (the "Default Interest RateDEFAULT INTEREST RATE"), where "N" equals the number of day --------------------- days elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each the calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor (an "Exercise DefaultEXERCISE DEFAULT"), and such default continues for five (5) Business Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default PaymentsEXERCISE DEFAULT PAYMENTS") in the amount of (i) (N/365) multiplied ------------------------- ---------- by MULTIPLIED BY (ii) the aggregate Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by MULTIPLIED BY (iii) the lower of ------------- fifteen percent (15%) and the maximum rate permitted by applicable law (the "Default Interest RateDEFAULT INTEREST RATE"), where "N" equals the number of day --------------------- days elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor (an "Exercise Default"), and such default continues for five (5) Business ---------------- Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default Payments") in the amount of (i) (N/365) multiplied ------------------------- ---------- by (ii) the aggregate Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by (iii) the lower of ------------- fifteen percent (15%) and the maximum rate permitted by applicable law (the "Default Interest Rate"), where "N" equals the number of day days --------------------- elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each the calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason (other than as a result of the Holder’s failure to deliver the original Warrant to the Company or to pay the aggregate Exercise Price for the Warrant Shares being purchased) to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor (an "“Exercise Default"”), and such default continues for five (5) Business Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("“Exercise Default Payments"”) in the amount of (i) (N/365) multiplied ------------------------- ---------- by (ii) the aggregate Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by (iii) the lower of ------------- fifteen percent (15%) and the maximum rate permitted by applicable law (the "“Default Interest Rate"”), where "“N" ” equals the number of day --------------------- days elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor therefore (an "Exercise Default"), and ---------------- such default continues for five seven (57) Business Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default Payments") in the amount of (i) ------------------------- (N/365) multiplied ------------------------- ---------- by (ii) the aggregate Exercise Price of the Warrant Shares -------------- which are -- the subject of such Exercise Default multiplied by (iii) the lower of ------------- fifteen percent (15%) and the maximum rate permitted by applicable law (the "Default Interest Rate"), where "N" equals the number of day --------------------- days elapsed between ----------------------- the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each the calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).

Failure to Deliver Warrant Shares. (a) In the event that the Company fails for any reason (other than as a result of the Holder's failure, in the case of a Cash Exercise (as defined below), to pay the aggregate Exercise Price for the Warrant Shares being purchased) to deliver to the Holder the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor (an "Exercise Default"), and such default continues for five (5) Business Days following delivery of a written notice of such default by the Holder to the Company, the Company shall pay to the Holder payments ("Exercise Default Payments") in the amount of (i) (N/365) multiplied ------------------------- ---------- by (ii) the aggregate Exercise Price of the Warrant Shares which are -- the subject of such Exercise Default multiplied by (iii) the lower of ------------- fifteen twelve percent (1512%) and the maximum rate permitted by applicable law or by the applicable rules or regulations of any Governmental Agency (the "Default Interest Rate"), where "N" equals the number of day --------------------- days elapsed between the original Delivery Date of such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the fifth (5th) Business Day of each calendar month following the calendar month in which such amount has accrued. the Holder from the sale of the Warrant Shares issued by the Company pursuant to such exercise).