Termination for Monetary Default Sample Clauses
Termination for Monetary Default. 8.2.1 If the Company is in breach of the terms governing the payment of any fees or other amounts due hereunder to Radial (each, a “Monetary Default”), Radial may (i) upon five (5) Business Days prior written notice, cease performing any or all Services hereunder until Company cures the Monetary Default, and/or (ii) upon fifteen (15) days prior written notice, terminate this Agreement in the event the Monetary Default remains unpaid as of such termination effective date. Any such termination shall not be deemed to limit any other remedies available to Radial.
8.2.2 A Monetary Default shall be deemed to be cured upon payment of any fees or other amounts due hereunder, except that where there have been three (3) or more instances of Monetary Default, in addition to paying all fees or other amounts due hereunder, in order to cure such Monetary Default, Company must also (i) issue to Radial an Irrevocable Letter of Credit with a bank reasonably acceptable to Radial in an amount sufficient to cover six (6) months of estimated ▇▇▇▇▇▇▇▇ that provides for Radial to draw proceeds sufficient to cover current ▇▇▇▇▇▇▇▇ without any separate approval, or (ii) provide a cash deposit to Radial (to be held in an imprest fund) sufficient to cover six (6) months of estimated ▇▇▇▇▇▇▇▇ and which may be drawn on by Radial in its reasonable discretion to satisfy current ▇▇▇▇▇▇▇▇ as they come due. In no event will be Company receive the benefit of any performance related remedies based on ▇▇▇▇▇▇’s performance during any period of Monetary Default.
8.2.3 During any period that Radial is in physical possession of the Company’s inventory or other assets, Company acknowledges that Radial’s warehouseman's lien covers storage, transportation, insurance, labor or other charges, present or future, in relation to the products, and for expenses necessary for the preservations of the merchandise or reasonably incurred in their sale. In addition to other rights and remedies available to Radial, following termination for Monetary Default, Radial has the right, after reasonable notice to Company, to sell, or otherwise dispose of Company’s merchandise or other assets in any manner Radial may think fit to satisfy its lien.
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.
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 ▇▇▇▇▇ a Notice of Monetary Default. Upon delivery of a Notice of Monetary Default, the Company shall cancel on its books and records, and ▇▇▇▇▇ shall surrender for cancellation, certificates in the name of the ▇▇▇▇▇ representing ten percent of: (i) the aggregate number of all Shares previously issued to ▇▇▇▇▇ or for which ▇▇▇▇▇ is entitled to issuance based on a prior Installment; (ii) the aggregate number of all Warrant Shares previously issued to ▇▇▇▇▇; and (iii) the aggregate number of all Warrants issued to ▇▇▇▇▇ that have not been exercised, or for which ▇▇▇▇▇ is entitled to issuance based on a prior Installment. ▇▇▇▇▇ 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 ▇▇▇▇▇ duly surrenders such certificates for cancellation in accordance with this Section 1.5(a). Any certificates held by ▇▇▇▇▇ that should have been surrendered for cancellation, but were not, shall be null and void effective upon delivery of the Notice of Monetary Default.