One Percent (1%) Penalty Sample Clauses

One Percent (1%) Penalty. In the event the Registration Statement referred to in Section 5.1 above is not declared effective by the SEC on or before the expiration of 180 days after the Closing Date (or the next business day thereafter if the 180th day falls on a Saturday, Sunday or legal holiday), the Company agrees to pay to the Subscriber. as liquidated damages and not as a penalty, an amount equal to one percent (1%) of the product of (a) the number of shares of Series 17 Preferred then outstanding times (b) $1,000, payable in cash or in shares of Common Stock, at the election of the Company. The Company agrees that for each full month thereafter which terminates without the Registration Statement being declared effective by the SEC before 5:00 p.m. Eastern Daylight Savings Time on the last day of such month (or the next business day thereafter if such day is a Saturday, Sunday or legal holiday), the Company shall pay to the Subscriber a penalty in an amount equal to one percent (1%) of the product of (a) the number of shares of Series 17 Preferred then outstanding times (b) $1,000, payable in cash or in shares of Common Stock, at the election of the Company. If the Company elects to deliver such payment in Common Stock of the Company, the number of shares of Common Stock to be issued to the Subscriber shall be determined by dividing the amount of the payment by the average closing bid price of the Company's Common Stock as reported on the NASDAQ, or if the Common Stock is not listed for trading on the NASDAQ but is listed for trading in a national securities exchange, the average closing price of the Common Stock as quoted in such national securities exchange, for the five (5) trading days immediately prior to the date on which the damages are imposed. 6.
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Related to One Percent (1%) Penalty

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