Common use of Effectiveness of Exercise Clause in Contracts

Effectiveness of Exercise. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 3(a) above. At such time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise as provided in Section 3(d) below shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificates.

Effectiveness of Exercise. Each Any exercise of this Warrant shall be deemed to have been effected effective immediately prior to the before close of business on the business day on which this Warrant shall all of the conditions of Section 3 have been surrendered met (the "Effective Date"). On the Effective Date of any exercise, (a) the Holder shall be entitled to receive the Company as provided in Section 3(anumber of Warrant Shares indicated on the Subscription for that exercise, and (b) above. At such time, the person or persons in whose name or names any certificate or certificates for Warrant Stock shall Shares are to be issuable issued upon such exercise as provided in Section 3(d) below shall be deemed for all corporate purposes to have become the holder or holders of record of such Warrant Shares (the Warrant Stock represented by such certificates"Shareholder").

Effectiveness of Exercise. Each The exercise of this Warrant shall be ------------------------- deemed to have been effected immediately prior to the close of business on the day Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 3(a) above. At 1.1 hereof, and at such time, time the person Person or persons Persons in whose name or names any certificate or certificates for Warrant shares of Common Stock or Preferred Stock (or Other Securities) shall be issuable upon such exercise as provided in Section 3(d) below 1.4 hereof shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificatesthereof.