Termination for Monetary Default Sample Clauses

Termination for Monetary Default. Upon the Purchaser’s failure to pay any Installment following receipt of a Funding Request and after expiration of the Grace Period, the Company shall have the right, in addition to all other legal and equitable rights, to deliver to the Purchaser a notice of Termination Notice for Monetary Default (“Notice of Monetary Default”). Upon delivery of a Notice of Monetary Default, the Company shall cancel on its books and records; and the Purchaser shall surrender for cancellation, certificates in the name of the Purchaser representing ten percent (10%) of: (i) the aggregate number of Shares previously issued upon exercise of any Warrants and delivered to the Purchaser upon payment towards the Purchase Price; (ii) the aggregate number of Warrant Shares previously issued to the Purchaser; and (iii) the aggregate number of Warrants issued and delivered to the Purchaser that have not been exercised. The Purchaser shall deliver these Shares and Warrants within five (5) days of the delivery of Notice to do so. The books and records of the Company and its transfer agent shall reflect the foregoing cancellations, whether or not the Purchaser duly surrenders such certificates for cancellation in accordance with this Section 1.5(a). Any certificates held by the Purchaser which should have been surrendered for cancellation, but were not, shall be null and void. The Purchaser shall also forfeit ten percent (10%) of Purchaser’s rights to receive Additional Shares pursuant to any Fully Diluted Calculation.
Sample 1
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Termination for Monetary Default. Upon Isaac’s failure to pay any Installment following receipt of a Funding Request and after expiration of the Grace Period, the Company shall have the right, in addition to all other legal and equitable rights, to deliver to Xxxxx a Notice of Monetary Default. Upon delivery of a Notice of Monetary Default, the Company shall cancel on its books and records, and Xxxxx shall surrender for cancellation, certificates in the name of the Xxxxx representing ten percent of: (i) the aggregate number of all Shares previously issued to Xxxxx or for which Xxxxx is entitled to issuance based on a prior Installment; (ii) the aggregate number of all Warrant Shares previously issued to Xxxxx; and (iii) the aggregate number of all Warrants issued to Xxxxx that have not been exercised, or for which Xxxxx is entitled to issuance based on a prior Installment. Xxxxx shall deliver the certificates representing said Shares, Warrant Shares and Warrants within five days of the delivery of a Notice of Monetary Default. The books and records of the Company and its transfer agent shall be modified to reflect the foregoing cancellations, whether or not Xxxxx duly surrenders such certificates for cancellation in accordance with this Section 1.5(a). Any certificates held by Xxxxx that should have been surrendered for cancellation, but were not, shall be null and void effective upon delivery of the Notice of Monetary Default.
Sample 1

Related to Termination for Monetary Default

  • Non-Monetary Default Failure in the performance of any of the agreements, conditions, covenants, provisions or stipulations contained in the Loan Documents which is not cured within one hundred twenty (120) days from written notice thereof from the Lender to the Borrower.

  • Termination for Default 6.2.2.1. In the event that either party commits a material breach of its obligations under this Agreement and fails to cure that breach within ninety (90) days after receiving written notice thereof, the other party may terminate this Agreement immediately upon written notice to the party in breach.

  • Monetary Default In the event of a monetary default for which Borrower is given a cure period, Lender shall give Borrower written notice of the Event of Default and Borrower shall be given an opportunity to cure the default within the applicable cure period.

  • Termination by Default If the Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act (12 U.S.C. Section 1813(x)(1)), all obligations under this Agreement shall terminate as of the date of default, but vested rights of the parties shall not be affected.

  • Termination Upon Event of Default If Foothill terminates this Agreement upon the occurrence of an Event of Default, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Foothill's lost profits as a result thereof, Borrower shall pay to Foothill upon the effective date of such termination, a premium in an amount equal to the Early Termination Premium. The Early Termination Premium shall be presumed to be the amount of damages sustained by Foothill as the result of the early termination and Borrower agrees that it is reasonable under the circumstances currently existing. The Early Termination Premium provided for in this Section 3.7 shall be deemed included in the Obligations.

  • Notice of Termination Event Upon the occurrence of a Termination Event, the Company shall deliver written notice to the Purchase Contract Agent, the Collateral Agent and the Securities Intermediary within a reasonable amount of time and to the extent permitted by law.

  • Default Termination (a) Any material failure by Manager or Owner (a "Defaulting Party") to perform its respective duties or obligations hereunder (other than a default by Owner under Section 4 of this Agreement), which material failure is not cured within thirty (30) calendar days after receipt of written notice of such failure from the non-defaulting party, shall constitute an event of default hereunder; provided, however, the foregoing shall not constitute an event of default hereunder in the event the Defaulting Party commences cure of such material failure within such thirty (30) day period and diligently prosecutes the cure of such material failure thereafter but in no event shall such extended cure period exceed ninety (90) days from the date of receipt by the non-defaulting party of written notice of such material default; provided further, however, that in the event such material failure constitutes a default under the terms of the Loan Documents and the cure period for such matter under the Loan Documents is shorter than the cure period specified herein, the cure period specified herein shall automatically shorten such that it shall match the cure period for such matter as specified under the Loan Documents. In addition, following notice to Manager of the existence of any such material failure by Manager, Owner shall have the right to cure any such material failure by Manager, and any sums so expended in curing shall be owed by Manager to such curing party and may be offset against any sums owed to Manager under this Agreement.

  • Notice of Termination Events or Unmatured Termination Events A statement of the chief financial officer or chief accounting officer of the Seller setting forth details of any Termination Event or Unmatured Termination Event and the action which the Seller proposes to take with respect thereto.

  • Termination Event; Notice The Purchase Contracts and all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive and the obligation of the Company to pay any Purchase Contract Payments (including any deferred or accrued and unpaid Purchase Contract Payments), if the Company shall have such obligation, and the rights and obligations of Holders to purchase Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, prior to or on the Purchase Contract Settlement Date, a Termination Event shall have occurred.

  • Termination Upon Default Upon the occurrence of an Event of Default (as defined below) by either party and the failure of such party to cure such default after notice and opportunity to cure as provided by Section 6.3 below, the nondefaulting party may terminate this Agreement at any time.

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