Common use of Exercise Default Clause in Contracts

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of the Company (including without limitation a failure by the Company to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise Default"), 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 for the Warrant Shares which are the subject of such Exercise Default multiplied by (iii) the lower of twenty four percent (24%) and the ---------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of the Company (including without limitation a failure by the Company to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise DefaultEXERCISE DEFAULT"), 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 for the Warrant Shares which are the subject of such Exercise Default multiplied by MULTIPLIED BY (iii) the lower of twenty four percent (24%) and the ---------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of the Company (including without limitation a failure by the Company to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise -------- Default"), the Company shall pay to the Holder payments ("Exercise Default ------- ---------------- -------- Default Payments") in the amount of (i) (N/365) multiplied by (ii) the aggregate ---------------- ---------- -------- ------------- Exercise Price for the Warrant Shares which are the subject of such Exercise Default multiplied by (iii) the lower of twenty four percent (24%) and the ---------- ------------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of that the Company fails for any reason (including without limitation a failure other than by the Company operation of Section 4 below) to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice accordance with Section 2 above on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise Default"), ---------------- such Holder shall notify the Company by facsimile of such Exercise Default (a "Default Notice"). If, after the Holder has sent a Default Notice to the --------------- Company, the Company has not delivered such certificates and such failure continues for three (3) business days following the Delivery Date, the Company shall pay to the such Holder payments ("Exercise ---------------- -------- Default Payments") in the amount of (ix) (N/365) ------------------------- multiplied by (iiy) the aggregate ---------------- ---------- Exercise Price for the Warrant ------------- Shares which are the subject of such Conversion Default on the five (5) Trading Days occurring immediately prior to (but not including) the applicable Exercise Default Date multiplied by (iiiz) the lower of twenty twenty-four percent (24%) and the ---------- maximum ------------- rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the such Holder. Amounts payable under this subparagraph Section 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day business day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of that the Company fails for any reason (including without limitation a failure other than by the Company operation of paragraph 4 below) to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice accordance with subparagraph (a) above on or before the Delivery Date therefor (an "Exercise -------- Default"), such Holder shall notify the Company by facsimile of such Exercise ------- Default (a "Default Notice"). If, after the Holder has sent a Default Notice to -------------- the Company, the Company has not delivered such certificates and such failure continues for ten three (103) Business Days (an "Exercise Default")business days following the Delivery Date, the Company shall pay to the such Holder payments ("Exercise ---------------- -------- Default Payments") in the amount of ------------------------- (i) (N/365) multiplied by (ii) the aggregate ---------------- ---------- Exercise Price for the Warrant ------------- Shares which are the subject of such Conversion Default on the five (5) Trading Days occurring immediately prior to (but not including) the applicable Exercise Default Date multiplied by (iii) the lower of twenty twenty-four percent (24%) and the ---------- maximum ------------- rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the such Holder. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day business day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of that the Company fails for any reason (including without limitation a failure other than by the Company operation of paragraph 4 below) to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise Default"), such Holder shall notify the Company by facsimile of such Exercise Default (a "Default Notice"). If, after the Holder has sent a Default Notice to the Company, the Company has not delivered such certificates, and such failure continues for three (3) business days following the Delivery Date, the Company shall pay to the such Holder payments ("Exercise ---------------- -------- Default Payments") in the amount of (i) (N/365) multiplied by (ii) times the aggregate ---------------- ---------- Exercise Price for the number of Warrant Shares which are the subject of such Exercise Default Default, multiplied by (ii) (x) the average Closing Sale Price for the Warrant Shares on the five (5) Trading Days occurring immediately prior to (but not including) the applicable Exercise Date minus (y) the aggregate Exercise Price therefor multiplied by (iii) the lower of twenty twenty-four percent (24%) and the ---------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the earlier to occur of (A) the date on which all of such Warrant Shares are issued and delivered to such Holder and (B) the Holderdate on which a Withdrawal Notice (as defined below) is delivered to the Company. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day business day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of the Company (including without limitation a failure by the Company to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise Default"), 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 for the Warrant Shares which are the subject of such Exercise Default multiplied by (iii) the lower of twenty four percent (24%) and the ---------- ------------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day of the calendar month immediately following the calendar month in which such amount has accrued.

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of that the Company fails for any reason (including without limitation a failure other than by the Company operation of paragraph 4 below) to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise Default"), such Holder shall notify the Company by facsimile of such Exercise Default (a "Default Notice"). If, after the Holder has sent a Default Notice to the Company, the Company has not delivered such certificates, and such failure continues for three (3) business days following the Delivery Date, the Company shall pay to the such Holder payments ("Exercise ---------------- -------- Default Payments") in the amount of (i) (N/365) multiplied by (ii) times the aggregate ---------------- ---------- Exercise Price for the number of Warrant Shares which are the subject of such Exercise Default Default, multiplied by (ii) (x) the average Closing Sale Price for the Warrant Shares on the five (5) Trading Days occurring immediately prior to (but not including) the applicable Exercise Date minus (y) the aggregate Exercise Price therefor multiplied by (iii) the lower of twenty twenty-four percent (24%) and the ---------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the earlier to occur of (A) the date on which all of such Warrant Shares are issued and delivered to such Holder and (B) the Holderdate on which a Withdrawal Notice (as defined below) is delivered to the Company. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day business day of the calendar month immediately following the calendar month in which such amount has accrued.. 4 (b) [intentionally omitted]

Exercise Default. In the event that, as a result of any action or ---------------- failure to act on the part of the Company (including without limitation a failure by the Company to have a sufficient number of shares of Common Stock authorized and reserved for issuance pursuant to exercise of the Warrants), the Company does not deliver to a Holder certificates representing the number of Warrant Shares specified in the applicable Exercise Notice on or before the Delivery Date therefor and such failure continues for ten (10) Business Days (an "Exercise Default"), the Company shall pay to the Holder payments ("Exercise ---------------- -------- Default Payments") in the amount of (i) (N/365) multiplied by (ii) the aggregate ---------------- ---------- Exercise Market Price for the Warrant Shares (calculated as of the first day of such Exercise Default) which are the subject of such Exercise Default multiplied by (iii) the lower of twenty twenty-four percent (24%) and the ---------- maximum rate permitted by applicable law, where "N" equals the number of days elapsed between the original Delivery Date for such Warrant Shares and the date on which all of such Warrant Shares are issued and delivered to the Holder. Amounts payable under this subparagraph 3(a) shall be paid to the Holder in immediately available funds on or before the fifth (5th) Business Day of the calendar month immediately following the calendar month in which such amount has accrued.