Common use of Delivery to Holder Clause in Contracts

Delivery to Holder. Subject to the provisions of Section 3(a) below, if the Registered Holder so requests in writing at any time or from time to time, the Company shall, upon the exercise of this Warrant in whole or in part, immediately instruct the Company's stock transfer agent to deliver via book entry (DTC transfer) to a stock brokerage firm designated in writing by the Registered Holder, for such account as the Registered Holder may designate, the shares of Warrant Stock to which the Registered Holder is entitled. Subject to the provisions of Section 3(a) below, in the absence of a written request for such a book entry transfer, as soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Holder may direct. (i) a certificate or certificates for the number of shares of Warrant Stock to which such Registered Holder shall be entitled, and (ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Registered Holder upon such exercise as provided in Section 1(a) above. The Company shall pay all issue taxes in connection with the issuance and delivery of the Warrant Stock. All shares of Warrant Stock will, upon issuance by the Company in accordance with the terms of this Warrant, be validly issued, fully paid and non-assessable, and free from all taxes and liens (except for any that may be created by the Registered Holder) with respect to the issuance thereof.

Delivery to Holder. Subject to the provisions of Section 3(a) below, if the Registered Holder so requests in writing at any time or from time to time, the Company shall, upon the exercise of this Warrant in whole or in part, immediately instruct the Company's stock transfer agent to deliver via book entry (DTC transfer) to a stock brokerage firm designated in writing by the Registered Holder, for such account as the Registered Holder may designate, the shares of Warrant Stock to which the Registered Holder is entitled. Subject to the provisions of Section 3(a) below, in the absence of a written request for such a book entry transfer, as As soon as practicable after the exercise of this Warrant Warrant, in whole or in part, and in any event within ten three (103) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct.: (i) a certificate or certificates for the such number of shares of Warrant Stock to which such Registered Holder shall be entitledentitled in electronic book entry form (or, if the Company is uneligible to issue shares in such manner or if the Holder so elects, then in certificated form via Federal Express) to the broker dealer or other custodian designated by Holder, and (ii) in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Registered Holder upon such exercise as provided in Section 1(a) above. The . (iii) In the event the Company shall pay all issue taxes in connection with fails to deliver a certificate for the issuance and delivery number of the Warrant Stock. All shares of Warrant Stock willto which such Holder is entitled within three (3) business days after the exercise of this Warrant, upon issuance by the Company Holder shall be entitled to a penalty equaling one percent (1%) of the number of Warrant Stock issuable in accordance with the terms exercise of this Warrant, be validly issued, fully paid and non-assessablethe Warrant for each fifteen (15) calendar day period commencing after such three (3) business day period. It is expressly understood that the foregoing penalty provision is in addition to, and free from all taxes and liens (except for any that may be created by the Registered Holder) with respect not to the issuance thereofexclusion of, any and all remedies available to the Holder as set forth herein and in the Purchase Agreement and, that the foregoing is a liquidated damages provision designed to reduce or eliminate costly dispute resolution process and that the same is fair and reasonable.