Common use of CALL OF WARRANTS BY COMPANY Clause in Contracts

CALL OF WARRANTS BY COMPANY. The Company may issue a call of this Warrant ("Call Notice") at any time after the Effective Registration Date, but prior to the expiration of this Warrant, by written notice to Warrant Holder, provided only that the Closing Price (hereinafter defined) of the Company's Common Stock has theretofore equalled or exceeded Forty-Five Cents ($0.45) per Share for ten (10) consecutive Trading Days after the Effective Registration Date. This Warrant shall expire and become null and void thirty (30) days after the issuance of the Call Notice. The Warrant Holder may exercise this Warrant and purchase some or all of the Shares then subject to this Warrant within said thirty (30)-day period, but may not thereafter exercise this Warrant or purchase any of the Shares. If the Warrant is not exercised within said thirty (30) day period, the Company will have the right to redeem any or all outstanding and unexercised Warrants at a redemption price of $0.001 per Warrant. For purposes of this Section 7.3, "Closing Price" means (a) if the Common Stock is then listed on an established stock exchange or exchanges, the average bid and ask price per share for each Trading Day on the principal exchange on which the Common Stock is traded, as reported in The Wall Street Journal; or (b) if the Common Stock is not then listed on an exchange, the price per share for the Common Stock in the over-the-counter market as quoted on NASDAQ (either National Market System or Small Cap Issues or the OTC Electronic Bulletin Board), for each Trading Day, as reported in The Wall Street Journal. If the Common Stock is not then listed on an exchange or quoted on NASDAQ or the OTC Electronic Bulletin Board, the Common Stock shall be deemed to have a Closing Price of less than Forty-Five Cents ($0.45) per share on such Trading Day. For purposes of this Section 7.3, the term "Trading Day" shall mean a day on which the New York Stock Exchange is open for trading.

CALL OF WARRANTS BY COMPANY. The Company may issue a call of this Warrant ("Call Notice") at any time after the Effective Registration Date, but prior to the expiration of this Warrant, by written notice to Warrant Holder, provided only that the Closing Price (hereinafter defined) of the Company's Common Stock has theretofore equalled or exceeded FortyThirty-Five Three and three-fourths Cents ($0.450.3375) per Share for ten (10) consecutive Trading Days after the Effective Registration Date. This Warrant shall expire and become null and void thirty (30) days after the issuance of the Call Notice. The Warrant Holder may exercise this Warrant and purchase some or all of the Shares then subject to this Warrant within said thirty (30)-day period, but may not thereafter exercise this Warrant or purchase any of the Shares. If the Warrant is not exercised within said thirty (30) day period, the Company will have the right to redeem any or all outstanding and unexercised Warrants at a redemption price of $0.001 0.0001 per Warrant. For purposes of this Section 7.3, "Closing Price" means (a) if the Common Stock is then listed on an established stock exchange or exchanges, the average bid and ask price per share for each Trading Day on the principal exchange on which the Common Stock is traded, as reported in The Wall Street Journal; or (b) if the Common Stock is not then listed on an exchange, the price per share for the Common Stock in the over-the-counter market as quoted on NASDAQ (either National Market System or Small Cap Issues or the OTC Electronic Bulletin Board), for each Trading Day, as reported in The Wall Street Journal. If the Common Stock is not then listed on an exchange or quoted on NASDAQ or the OTC Electronic Bulletin Board, the Common Stock shall be deemed to have a Closing Price of less than FortyThirty-Five Three and three-fourths Cents ($0.450.3375) per share on such Trading Day. For purposes of this Section 7.3, the term "Trading Day" shall mean a day on which the New York Stock Exchange is open for trading.