Delivery of Warrants. (a) On the date hereof, the Borrower shall issue to the Lenders Warrants to purchase one million (1,000,000) shares of Common Stock (the “Initial Warrants”) in the form annexed hereto as Exhibit D containing an initial Exercise Price (as defined in the Warrants) equal to.
(b) Concurrently with each of the first five Disbursements, the Borrower shall issue to Lenders Warrants to purchase four hundred thousand (400,000) shares of Common Stock in the form annexed hereto as Exhibit D (except that such Warrants shall not contain Section 8(d) of the Initial Warrants), containing an initial Exercise Price equal to the then prevailing Exercise Price under the Initial Warrant (or if such Warrants are no longer outstanding, such amount as would have constituted the Exercise Price under the Initial Warrants had such Warrants still been outstanding).
(c) Concurrently with each of the Disbursements, the Borrower shall issue to the lenders Warrants to purchase eight hundred thousand (800,000) shares of Common Stock in the form annexed hereto as Exhibit D (except that such Warrants shall not contain Section 8(d) of the Initial Warrants) at an initial Exercise Price equal to 120% of the average of the Volume Weighted Average Price (as defined in subsection (d) below) of the Common Stock for each of the twenty (20) trading days beginning with the trading day following receipt by the Borrower of a Disbursement Request.
(d) As used herein, the “Volume Weighted Average Price” for the Common Stock as of any date means the daily volume weighted average price (based on a Trading Day from 9:30 a.m. to 4:00 p.m. (New York time)) of the Common Stock on the NASDAQ Global Select Market (“NASDAQ”) as reported by Bloomberg Financial L.P. using the AQR function or an equivalent, reliable reporting service mutually acceptable to and hereafter designed by Deerfield Private Design and the Borrower (“Bloomberg”) or, if NASDAQ is not the principal trading market for the Common Stock, the volume weighted average sale price of the Common Stock on the principal trading market for the Common Stock on the principal securities exchange or trading market where the Common Stock is listed or traded as reported by Bloomberg, or, if no volume weighted average sale price is reported for the Common Stock, then the last closing trade price of the Common Stock as reported by Bloomberg, or, if no last closing trading price is reported for the Common Stock by Bloomberg, the average of the bid prices of any m...
Delivery of Warrants. During the course of the Financing there will be two separate issuances of Warrants as described below:
Delivery of Warrants. 3.1 Upon payment of the purchase price for the Note, this agreement shall constitute the Warrants registered in Purchaser's name.
Delivery of Warrants. Holder agrees that it is delivering the Warrants to Five Oaks concurrently herewith to be held for cancellation, or in the event that the Warrants have been lost, stolen or destroyed, an affidavit of loss related to the Warrants.
Delivery of Warrants. The Investor shall deliver to the Company the Investor Warrants for cancellation within five Trading Days after the Closing Date.
Delivery of Warrants. (a) On the first Disbursement Date, the Borrower shall issue to the Lenders Warrants to purchase 1,500,000 shares of Common Stock at an initial Exercise Price (as defined in the Warrants) of $10.34.
(b) Concurrently with each of the second, third and fourth Disbursements, the Borrower shall issue to Lenders (i) Warrants to purchase one million (1,000,000) shares of Common Stock in the form annexed hereto as Exhibit D at an initial Exercise Price equal to 125% of the average Volume Weighted Average Price (as defined in subsection (c) below) of the Common Stock for the fifteen (15) Trading Days following receipt by the Borrower of a Disbursement Request.
(c) As used herein, the “Volume Weighted Average Price” for any security as of any date means the volume weighted average sale price (based on a Trading Day from 9:30 a.m. to 4:00 p.m. (New York time)) on The NASDAQ Global Market (“NASDAQ”) as reported by, or based upon data reported by, Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and hereafter designated by holders of a majority in interest of the Warrants and the Borrower (“Bloomberg”) or, if NASDAQ is not the principal trading market for such security, the volume weighted average sale price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or, if no volume weighted average sale price is reported for such security, then the last closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory Authority or in the “pink sheets” by the National Quotation Bureau, Inc. If the Volume Weighted Average Price cannot be calculated for such security for such date in the manner provided above, the volume weighted average price shall be the fair market value as mutually determined by the Borrower and the Holders of a majority in interest of the Warrants being Exercised for which the calculation of the volume weighted average price is required in order to determine the Exercise Price of such Warrants. “Trading Day” shall mean any day on which the Common Stock is traded for any period on NASDAQ, or on the principal securities exchange or other securities market on which the Common Stock is then being traded.
Delivery of Warrants. Upon the applicable Closing Date after delivery of the Purchase Price in accordance with Section 1.3, the Purchaser shall become irrevocably entitled to receive the Warrants purchased hereunder.
Delivery of Warrants. The Warrants will be issued in certificated form. Upon receipt by the Company of the funds due it from the Escrow Agent pursuant to Section 3.3 above, the Company shall direct the delivery of the Warrants to the Investor by overnight courier at the address provided by the Investor on the Signature Page.
Delivery of Warrants. Upon renaming of the Debentures as Senior Notes and termination of the conversion rights, the Company shall deliver to each holder of the Senior Notes warrants (the "Warrants"), detachable at any time at the election of the holder, which shall entitle the holder to purchase shares of Company's Common Stock. The Warrants (1) shall be in the form of Exhibit B to this Agreement; (2) shall require payment of $6.50 per share in cash upon exercise (subject to adjustment as set forth in the Warrants); (3) shall expire if not exercised before the close of business on February 3, 2000; and (4) shall be exercisable to purchase 167,400 shares, a number of shares equal to the number of shares into which the Debentures could have been converted on the date when they are renamed as Senior Notes and amended. The Warrants shall be treated for all purposes as if they had been issued when the Debentures were issued and shall represent the same right to acquire shares of common stock as were established in the Debentures. The intended substantive effect of the renaming of the Debentures as Senior Notes, the amendment of the Senior Notes, and the delivery of the Warrants is (i) to separate the right to purchase the Company's common shares, currently attached to the Debentures, into a security that may be separately held, (ii) to extend the period to exercise the Warrants from the maturity date of the Debentures to February 3, 2000, and (iii) to reduce the price of the common shares issuable upon exercise of the Warrants from $11.9474 per share to $6.50 per share.
