Common use of Events of Failure Definition of Black Scholes Value Clause in Contracts

Events of Failure Definition of Black Scholes Value. (a) Definition. The occurrence of each of the following shall be considered to be an “Event of Failure.” (i) A “Delivery Failure” shall be deemed to have occurred if the Company fails to deliver Exercise Shares pursuant to this Warrant to the Holder within any applicable Delivery Period; (ii) A “Legend Removal Failure” shall be deemed to have occurred if the Company fails to issue this Warrant and/or Exercise Shares without a restrictive legend, or fails to remove a restrictive legend, when and as required under Section 2(e) hereof; (iii) A “Transfer Delivery Failure” shall be deemed to have occurred if the Company fails to deliver a Warrant within any applicable Transfer Delivery Period; and (iv) a Registration Failure (as defined below).