Draw Down Warrants Sample Clauses
Draw Down Warrants. (a) If the Threshold Price is set between $1.00 and $10.00 for any Draw Down Pricing Period, the Company shall issue to the Purchaser on the next applicable Settlement Date for any such period, a warrant (a "Draw Down Warrant") to purchase 30% of that number of Shares purchased by the Purchaser during such Draw Down Pricing Period. Each such Draw Down Warrant shall have a three-year exercise period and an exercise price equal to 120% of the average purchase price per share paid by the Purchaser during such Draw Down Pricing Period (based on the aggregate amount paid by the Purchaser on such Settlement Date and the number of Shares purchased).
(b) If the Threshold Price is set below $1.00 for any Draw Down Pricing Period, the Company shall issue a Draw Down Warrant to the Purchaser on the next applicable Settlement Date for the purchase of 100% of that number of Shares purchased by the Purchaser during such Draw Down Pricing Period. Each such Draw Down Warrant shall have a three-year exercise period and an exercise price equal to 100% of the average purchase price per share paid by the Purchaser during such Draw Down Pricing Period (based on the aggregate amount paid by the Purchaser on such Settlement Date and the number of Shares purchased).
(c) No Draw Down Warrants shall be issued by the Company if the Threshold Price is set above $10.00. No Draw Down Warrant shall be issued by the Company to the Purchaser until such time as the Company is required to issue a Draw Down Warrant to purchase more than 250,000 shares of Common Stock in the aggregate.
(d) If the VWAP has been greater than $4.00 for ten (10) consecutive trading days during the Investment Period, the Company, at its option, shall have one (1) right to call ("Call Notice") 40% of the outstanding Draw Down Warrants that have an exercise price equal to or less than $1.00, which Draw Down Warrants shall expire within five (5) trading days after the Company delivered the Call Notice to the Purchaser.
Draw Down Warrants. In the event of an Advance in any amount, the Borrower shall issue a Common Stock Purchase Warrant (the “Draw Down Warrant”) in usual and customary form and content reasonably (including anti-dilution provisions) acceptable to Lender for a purchase price of $5,000 (the “Drawn Down Warrant Purchase Price”), within five (5) business days after an Advance, entitling the Lender to purchase all or some of 16,000,000 shares of the Borrower’s Common Stock at any time and from time to time during a period ending on the twentieth anniversary of this Agreement at a price of two dollars ($2.00) per share, when and if such shares are authorized for issuance by the stockholders of Borrower (the “Draw Down Warrant Share Authorization”). The Company shall use its best efforts to obtain the Draw Down Warrant Share Authorization on or before the second anniversary of the Advance. In the event the stockholders of Borrower to not timely effect a Draw Down Warrant Share Authorization, the Borrower may put the Draw Down Warrant to the Lender, in whole but not in part, for a price equal to the sum of (i) the Draw Down Warrant Purchase Price and (ii) 8% per annum times the Draw Down Warrant Purchase Price, compounded annually from the issue date.