Late Issuance Clause Samples
The Late Issuance clause defines the consequences and procedures that apply when a required document, certificate, or approval is not provided by the agreed deadline. Typically, this clause outlines the steps the responsible party must take to remedy the delay, such as notifying the other party and providing the missing item within a specified grace period. It may also specify penalties, suspension of obligations, or other remedies available to the non-breaching party. The core function of this clause is to manage the risks and disruptions caused by late delivery of essential documents, ensuring that both parties understand their rights and obligations in such situations.
Late Issuance. Upon conversion of this Convertible Debenture, in whole or in part, if the Holder does not receive the Common Shares within three (3) trading days after the conversion of this Convertible Debenture (a “Late Issuance”), the Corporation shall pay to the Holder the greater of (i) one thousand dollars (CAD$1,000) per trading day of delay in the delivery of the Common Shares, and (ii) an amount equal to the difference (if positive) between the closing price of the Common Shares four (4) trading days after the conversion of this Convertible Debenture and the closing price of the Common Shares on the trading day immediately prior to the date on which the relevant Common Shares are effectively issued to the Holder, for each new Common Share which was issued upon the relevant conversion of the Debentures. Notwithstanding the foregoing, if, prior to the delivery of the relevant Common Shares to the Holder, an Event of Default occurs of the type described in clause (ii) of the definition thereof and the Holder elects to require the Corporation to immediately to pay in cash all or any of this Convertible Debenture in respect of such Late Issuance in accordance with Section 2.1(b), then the Corporation shall pay to the Holder the amount calculated in accordance with this Section 2.6, up to and including the date the Holder’s notice to the Corporation of its redemption election is to be delivered pursuant to Section 2.1(b) concurrently with the redemption payment for the amount of the Outstanding Principal of this Convertible Debenture so redeemed. The Corporation shall pay any payments incurred under this section in immediately available funds upon demand.
Late Issuance. Upon exercise of the right to subscribe and purchase Warrants Shares as provided herein, in whole or in part, if the Holder does not receive the Common Shares within ten
Late Issuance. Upon conversion of the Debentures or exercise of the Warrants, if the Investor does not receive the relevant Common Shares within three (3) trading days after the date of such conversion or exercise (as applicable, a Late Issuance), the Corporation shall pay to the Investor the greater of (i) one thousand dollars ($1,000) per trading day of delay in the delivery of the Common Shares; and (ii) an amount equal to the difference (if positive) between the closing price of the Common Shares four (4) trading days after the date of such conversion or exercise, as applicable, and the closing price of the Common Shares on the trading day immediately prior to the date on which the relevant Common Shares are issued to the Investor, for each new Common Share which was issued upon the relevant conversion of the Debentures or the relevant exercise of the Warrants, as applicable. Notwithstanding the foregoing, if, prior to the delivery of the relevant Common Shares to the Investor, an Event of Default occurs of the type described in clause (ii) of the definition thereof and the Investor elects to require the Corporation to immediately redeem in cash all or any of its Debentures subject to the conversion in respect of such Late Issuance in accordance with Section 2.2(d), then the Corporation shall pay to the Investor the amount calculated in accordance with this Section 2.2(e), up to and including the date the Investor’s notice to the Corporation of its redemption election is to be delivered pursuant to Section 2.2(d) concurrently with the redemption payment for the Debentures so redeemed. The Corporation shall pay any payments incurred under this section in immediately available funds upon demand.
Late Issuance. Upon exercise of the right to subscribe and purchase Warrants Shares as provided herein, in whole or in part, if the Holder does not receive the Common Shares within ten (10) trading days (a “Late Issuance”), the Corporation shall pay to the Holder the greater of (i) one thousand dollars (US$1,000) per trading day of delay in the delivery of the Common Shares, and (ii) an amount equal to the difference (if positive) between the closing price of the Common Shares eleven (11) trading days after delivery of the executed Subscription Form and the closing price of the Common Shares on the trading day immediately prior to the date on which the relevant Common Shares are effectively issued to the Holder, for each new Common Share which was issued upon the relevant exercise of the right to subscribe and purchase Warrants Shares. For the purpose of this Section 17 only, “trading day” has the meaning specified in the Subscription Agreement.
Late Issuance. Upon conversion of the Debentures and the exercise of the Warrants, in whole or in part, if the Investor does not receive a copy of the DRS advice reflecting the issuance of the relevant Common Shares to be issued with respect to the conversion of such Debentures and/or exercise of such Warrants within two (2) Business Days following the delivery of a Conversion Notice or Warrant Exercise Notice (as applicable, a “Late Issuance”), the Corporation shall pay to the Investor the greater of (i) one thousand dollars ($1,000) per Business Day of delay in the delivery of the DRS advice with respect to the relevant Common Shares; and (ii) for each Common Share issued upon the conversion of the Debentures or the exercise of the Warrants, as applicable, an amount equal to the difference (if positive) between
(a) the closing price of the Common Shares two (2) Business Days after the date of delivery of the Conversion Notice or Warrant Exercise Notice, as applicable, and (b) the closing price of the Common Shares on the Business Day immediately prior to the date on which the DRS advice with respect to the relevant Common Shares is received by the Investor. Notwithstanding the foregoing, in connection with a Late Issuance, if, prior to the delivery to the Investor of the DRS advice with respect to the relevant Common Shares, an Event of Default occurs of the type described in clause (ii) of the definition thereof and the Investor elects to require the Corporation to immediately redeem in cash all or any of its Debentures in respect of such Late Issuance in accordance with Section 2.3.4, then the Corporation shall pay to the Investor the amount calculated in accordance with this Section 2.3.5, up to and including the date the Investor’s notice to the Corporation of its redemption election is to be delivered in accordance with the terms of the Debentures concurrently with the redemption payment for the Debentures so redeemed. The Corporation shall pay any payments incurred under this section in immediately available funds upon demand.
Late Issuance. Upon conversion of Debentures, if the holder does not receive the relevant Common Shares within five (5) trading days (a Late Issuance), the Corporation shall pay to the holder the greater of (i) one thousand dollars ($1,000) per trading day of delay in the delivery of the Common Shares; and (ii) an amount equal to the difference (if positive) between the closing price of the Common Shares six (6) trading days after the Conversion Notice date and the closing price of the Common Shares on the trading day immediately prior to the date on which the relevant Common Shares are issued to the holder, for each new Common Share which was issued upon the relevant conversion of the Debentures. Notwithstanding the foregoing, if, prior to the delivery of the relevant Common Shares to the holder, an Event of Default occurs of the type described in clause
Late Issuance. Upon exercise of the Warrants, in whole or in part, if the Holder does not receive a copy of the DRS advice reflecting the issuance of the relevant Warrant Shares to be issued with respect to the exercise of such Warrants within two (2) Business Days following the delivery of an Exercise Notice (a “Late Issuance”), the Company shall pay to the Holder the greater of (i) one thousand dollars ($1,000) per business day of delay in the delivery of the DRS advice with respect to the relevant Warrant Shares; and (ii) for each new Warrant Share which was issued upon the relevant exercise of the Warrants, an amount equal to the difference (if positive) between
(a) the closing price of the Common Shares two (2) business days after the date of delivery of the Exercise Notice, and (b) the closing price of the Common Shares on the business day immediately prior to the date on which the DRS advice with respect to the relevant Common Shares is received by the Holder. The Corporation shall pay any payments incurred under this section in immediately available funds upon demand. For the purpose of this Section 18 only, “business day” shall mean a day during which the CSE (or such other recognized stock exchange where the Common Shares are then normally listed and traded) are open for business; provided that “business day” shall not include any day: (i) on which the Common Shares are scheduled to trade on such market(s) for less than 5.5 hours (for the avoidance of doubt, any day during which there would be no effective trading would still be considered as a “business day” if the lack of trading is not due to a suspension requested by the Company or the stock exchange); or (ii) on which the Common Shares are suspended from trading at the request of the Company or the stock exchange during the final hour of trading on such market(s), unless such day is otherwise designated as a “business day” in writing by the Holder.