Common use of Failure to Obtain Effectiveness of Registration Statements Clause in Contracts

Failure to Obtain Effectiveness of Registration Statements. In the event the Company fails for any reason to obtain the effectiveness of a Registration Statement within the time period set forth in Section 1.1(b), the Company shall pay to the Investors, collectively, within three Trading Days of the date by which such Registration Statement was required to have been declared effective, each Investor's Proportionate Share of the sum of $122,000 in immediately available funds into an account designated by the Investor. The Company will also pay to the Finders, collectively, the sum of $25,000 during the same time and in the same manner. Such payment shall be made by wire transfer of immediately available funds.

Failure to Obtain Effectiveness of Registration Statements. In the event the Company fails for any reason to obtain the effectiveness of a Registration Statement within the time period set forth in Section 1.1(b), the Company shall pay to the Investors, collectively, within three Trading Days of the date by which such Registration Statement was required to have been declared effective, each Investor's Proportionate Share of the sum of $122,000 100,000 in immediately available funds into an account designated by the Investor. The Company will also pay to the Finders, collectively, the sum of $25,000 during the same time and in the same manner. Such payment shall be made by wire transfer of immediately available funds.

Failure to Obtain Effectiveness of Registration Statements. In the event the Company fails for any reason to obtain the effectiveness of a Registration Statement within the time period set forth in Section 1.1(b), the Company shall pay to the Investors, collectivelyInvestor, within three Trading Days of the date by which such Registration Statement was required to have been declared effective, each Investor's Proportionate Share of the sum of $122,000 10,000 in immediately available funds into an account designated by the Investor. The Company will also pay ; provided, however, that such amount shall not be payable with respect to the Finders, collectively, postponement of the sum effectiveness of $25,000 during a Registration Statement (or use of the same time and in the same mannerunderlying prospectus) pursuant to Section 1.1(f). Such payment shall be made by wire transfer of immediately available funds.

Failure to Obtain Effectiveness of Registration Statements. In the event the Company fails for any reason to obtain the effectiveness of a Registration Statement within the time period set forth in Section 1.1(b), the Company shall pay to the Investors, collectively, within three Trading Days of the date by which such Registration Statement was required to have been declared effective, each Investor's Proportionate Share of the sum of $122,000 25,000 in immediately available funds into an account designated by the Investor. The In such event, the Company will also pay to the FindersWarrant Recipients, collectively, the sum of $25,000 during 15,000 at the same time and in the same manner. Such payment payments shall be made by wire transfer of immediately available funds.

Failure to Obtain Effectiveness of Registration Statements. In the event the Company fails for any reason to obtain the effectiveness of a Registration Statement within the time period set forth in Section 1.1(b), the Company shall pay to the Investors, collectivelyInvestor, within three Trading Days of the date by which such Registration Statement was required to have been declared effective, each Investor's Proportionate Share of the sum of $122,000 10,000 in immediately available funds into an account designated by the Investor. The Company will also pay ; provided, however, that such amount shall not be payable with respect -------- ------- to the Finders, collectively, postponement of the sum effectiveness of $25,000 during a Registration Statement (or use of the same time and in the same mannerunderlying prospectus) pursuant to Section 1.1(f). Such payment shall be made by wire transfer of immediately available funds.