Termination of Investment Obligation. (a) The obligation of the Investor to purchase shares of Common Stock shall terminate permanently (including with respect to a Closing Date that has not yet occurred) in the event that (i) there shall occur any stop order or suspension of the effectiveness of the Registration Statement for an aggregate of thirty (30) Trading Days during the Commitment Period, for any reason other than deferrals or suspensions in accordance with the Registration Rights Agreement as a result of corporate developments subsequent to the Effective Date that would require such Registration Statement to be amended to reflect such event in order to maintain its compliance with the disclosure requirements of the Securities Act or (ii) the Company shall at any time fail to comply with the requirements of Section 6.2, 6.3 or 6.5 or (iii) the Registration Statement shall not have become effective by December 1, 2000. (b) The obligation of the Company to sell Put Shares to the Investor shall terminate if the Investor fails to honor any Put Notice within two (2) Trading Days of the Closing Date scheduled for such Put, or otherwise becomes in breach of any material representation, warranty, covenant or other obligation under this Agreement including, without limitation, all exhibits attached hereto, and the Company notifies Investor of such termination. Upon such termination, the Company shall maintain the Registration Statement in effect for such reasonable period, not to exceed forty-five (45) days, as the Investor may request in order to dispose of any remaining Put Shares. Such termination shall be in addition to, and not exclusive of, any other remedy which the Company may have against the Investor for any such default, breach or violation of this Agreement, in law or at equity.
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Samples: Private Equity Line of Credit Agreement (Worldwide Wireless Networks Inc), Private Equity Line of Credit Agreement (Worldwide Wireless Networks Inc), Private Equity Line of Credit Agreement (Worldwide Wireless Networks Inc)
Termination of Investment Obligation. (a) The obligation of the Investor to purchase shares of Common Stock shall terminate permanently (including with respect to a Closing Date that has not yet occurredoccur-red) in the event that (i) there shall occur any stop order or suspension of the effectiveness of the Registration Statement for an aggregate of thirty (30) Trading Days during the Commitment Period, for any reason other than deferrals or suspensions in accordance with the Registration Rights Agreement as a result of corporate developments subsequent to the Effective Date that would require such Registration Statement to be amended to reflect such event in order to maintain its compliance with the disclosure requirements of the Securities Act or (ii) the Company shall at any time fail to comply in any material respect with the requirements of Section 6.2, 6.3 or 6.5 or (iii) the Registration Statement shall not have become effective by December 1August 31, 2000.
(b) The obligation of the Company to sell Put Shares to the Investor shall terminate if the Investor fails to honor any Put Notice within two (2) Trading Days of the Closing Date scheduled for such Put, or otherwise becomes in breach of any material representation, warranty, covenant or other obligation under this Agreement including, without limitation, all exhibits attached hereto, and the Company notifies Investor of such termination. Upon such termination, the Company shall maintain may immediately withdraw the Registration Statement Statement, and the Purchaser shall return to the Company for cancellation a pro-rata portion of the Warrants, based upon that portion of the $5,000,000 Commitment Amount that has not been previously honored. After the Purchaser has accepted and paid for Puts totaling up to $300,000 in effect for the aggregate, such reasonable period, not to exceed forty-five (45) days, as the Investor may request in order to dispose of any remaining Put Shares. Such termination shall be in addition to, and not exclusive of, any other the Company's sole remedy which for the Company may have against the Investor for any such default, breach or violation of this Agreement, in law or at equityInvestor's failure to honor a Put.
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Samples: Private Equity Line of Credit Agreement (Cytrx Corp)
Termination of Investment Obligation. (a) The obligation of the Investor to purchase shares of Common Stock shall terminate permanently (including with respect to a Closing Date that has not yet occurred) in the event that (i) there shall occur any stop order or suspension of the effectiveness of the Registration Statement for an aggregate of thirty (30) Trading Days during the Commitment Period, for any reason other than deferrals or suspensions in accordance with the Registration Rights Agreement as a result of corporate developments subsequent to the Effective Date that would require such Registration Statement to be amended to reflect such event in order to maintain its compliance with the disclosure requirements of the Securities Act or (ii) the Company shall at any time fail to comply with the requirements of Section 6.2, 6.3 or 6.5 or (iii) the Registration Statement shall not have become effective by December 1October 31, 20002000 or (iv) the Company is unable to issue additional Puts because is did not get shareholder approval to increase authorized number of shares of Common Stock it may issue.
(b) The obligation of the Company to sell Put Shares to the Investor shall terminate (i) if the Investor fails to honor any Put Notice within two (2) Trading Days of the Closing Date scheduled for such Put, or otherwise becomes in breach of any material representation, warranty, covenant or other obligation under this Agreement including, without limitation, all exhibits attached hereto, and the Company notifies Investor of such termination. Upon such termination, the Company shall maintain the Registration Statement in effect for such reasonable period, not to exceed forty-five (45) days, as the Investor may request in order to dispose of any remaining Put Shares. Such termination shall be in addition to, and not exclusive of, any other the Company's sole remedy which for the Company may have against the Investor for any such default, breach or violation of this Agreement, in law or at equityInvestor's failure to honor a Put.
Appears in 1 contract
Samples: Private Equity Line of Credit Agreement (Focus Enhancements Inc)