Commitment Warrant Sample Clauses
A Commitment Warrant clause serves to guarantee that a party has the authority and intention to fulfill the obligations outlined in an agreement. In practice, this clause requires the warranting party to affirm that they are legally empowered to enter into the contract and that all necessary internal approvals have been obtained. By including this clause, the agreement ensures that both parties can rely on the validity and enforceability of the commitments made, thereby reducing the risk of disputes over authority or capacity to contract.
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Commitment Warrant. (a) In consideration for the Backstop Commitment, and contingent upon closing the Rights Offering (but regardless of whether all or any portion of the Backstop Commitment is funded), the Company will issue to the Backstop Investor the right to purchase a minimum of 750,000 shares of Common Stock (the “Commitment Warrant”). The Commitment Warrant will have an exercise price equal to $1.50 , will have a term of five (5) years and will not be exercisable for a period of 180 days of the date of this Agreement. The Commitment Warrant will otherwise be substantially in the form of warrants issued by the Company to the Backstop Investor pursuant to the Warrant Exercise Agreement. The form of Commitment Warrant is attached hereto as Exhibit A and incorporated herein by this reference.
(b) In the event the Backstop Investor determines, in its sole discretion, to fund more than $6 million pursuant to this Agreement, as determined by the Backstop Investor in its sole discretion, the Company will increase the Commitment Warrant Shares by that number of shares equal to 12.5% of funding amount in excess of $6 million.
Commitment Warrant. Exercise Price is equal to one hundred and twenty percent (120%) of the lower of: (i) the lowest closing VWAP of the fifteen (15) trading days immediately preceding the First Closing Notice; or (ii) the lowest closing VWAP of the fifteen (15) trading days immediately preceding the signing of the Term Sheet, having regard for any adjustments made in accordance with the terms of the Commitment Warrants and provided that under no circumstances shall the Commitment Warrant Exercise Price be less than the minimum price permitted under applicable law or the rules of any exchange on which the Common Shares are listed for trading, which is presently the CSE;
Commitment Warrant. In partial consideration hereof, contemporaneously herewith, the Company shall issue and deliver to Investor a warrant (the "Commitment Warrant") in the form attached hereto as Exhibit U, or such other form as agreed upon by the parties, to purchase 500,000 shares of Common Stock. The Commitment Warrant shall be immediately exercisable in accordance with its terms, conditions and limitations, and shall have a term beginning on the date of issuance and ending on date that is five (5) years thereafter. The Warrant Shares shall be registered for resale pursuant to the Registration Rights Agreement. The Investment Commitment Opinion of Counsel shall cover the issuance of the Commitment Warrant and the issuance of the common stock upon exercise of the Commitment Warrant. Notwithstanding any Termination or Automatic Termination of this Agreement, regardless of whether or not the Registration Statement is or is not filed, and regardless of whether or not the Registration Statement is approved or denied by the SEC, the Investor shall retain full ownership of the Commitment Warrant as partial consideration for its commitment hereunder.
Commitment Warrant. Borrower shall issue Lender a fully vested five-year warrant (the “Commitment Warrant”) at the Closing in the form of Exhibit B attached hereto, to purchase 500,000 shares of Common Stock at an exercise price per share equal to the average of the Common Stock’s closing price on The Nasdaq Capital Market for the 20 trading-day period ending February 6, 2009, or $1.376 per share.
Commitment Warrant. In consideration of the Facility B Commitment, the Borrower agrees to grant to the Bank on the Closing Date warrants to purchase 55,000 shares of the common stock of the Borrower on the terms and conditions set forth in the Warrantholders Rights Agreement and as evidenced by the Warrants.
Commitment Warrant. Exercise Price is equal to one hundred and twenty percent (120%) of the lowest closing VWAP of the ten (10) trading days immediately preceding the First Closing Date (rounded down to the nearest 1/100th), provided that under no circumstances shall the Commitment Warrant Exercise Price be less than the minimum price permitted under applicable law or the rules of any exchange on which the Common Shares of the Corporation are listed for trading;
Commitment Warrant. On the Execution Date, the Company shall issue to the Investor, a four (4) year warrant ("COMMITMENT WARRANT") to purchase 500,000 Shares with an exercise price equal to the lesser of (x) 110% of the average closing bid price for the thirty (30) Trading Days immediately preceding the Execution Date or (y) 110% of the closing bid price on the 180th calendar day following the Execution Date (or the next Trading Day if such date is not a Trading Day) or (z) 110% of the closing bid price on the 365th calendar day following the Execution Date (or the next Trading Day if such date is not a Trading Day). The Warrant will be exercisable anytime after its issuance and will be exercisable on a cash basis only. Any portion of the Warrant that is exercised will not be entitled to a reset at a lower price. The Common Stock underlying the Commitment Warrant shall be included in the Registration Statement.