Common use of Exercise by Surrender of Warrant Clause in Contracts

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined below) of the Common Stock less the Exercise Price, and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. (a) In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined belowin Section 8.1 (vi) hereof) of the Common Stock less the Exercise Price, Price and the denominator of which is such Market Price. . (b) Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) Holders of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 12 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof 3(a) and in lieu of any cash payment required thereunder, the Holder(s) Holders of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 3(a) in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3(c) below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. (a) In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined belowin Section 8.1 (vi) hereof) of the Common Stock less the Exercise Price, Price and the denominator of which is such Market Price. . (b) Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater. 4.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section SECTION 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section SECTION 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in SECTION 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 SECTION 12 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. (a) In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) Holder of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined belowin Section 8.1 (vi) hereof) of the Common Stock less the Exercise Price, Price and the denominator of which is such Market Price. . (b) Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the arithmetic average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. (a) In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined belowin Section 8.1 (vi) hereof) of the Common Stock less the Exercise Price, Price and the denominator of which is such Market Price. . (b) Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices Price for each of the five ten trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater. 4.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of of: (x) the number of shares Shares as to which the Warrants are being exercised exercised, multiplied by (y) a fraction, the numerator of which is the Market Price (as defined below) of the Common Stock Shares less the Exercise Price, Price of the Shares and the denominator of which is such the Market PricePrice per Share. Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either either: (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), or (ii) as the average of the Market Prices Price for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greaterresults in a greater Market Price.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the aggregate Market Price (as defined below) of the such Common Stock less the aggregate Exercise PricePrice therefor, and the denominator of which is such aggregate Market PricePrice of the Common Stock. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the aggregate Market Price (as defined below) of the Common Stock such Shares less the aggregate Exercise PricePrice therefor, and the denominator of which is the aggregate Market Price of such Market PriceShares. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date on which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) a Holder of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 12 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of -------------------------------- payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined below) of the Common Stock less the Exercise Price, and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 12 hereof (the "Notice Date"), or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) a Holder of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section manner 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 12 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) Holders of the Warrants shall have the right at any time and from time to time during the exercise term of the Warrants to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock Shares equal to the product of (x) the number of shares Shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined in Section 3.3 below) of the Common Stock Shares less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of -------------------------------- payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants shall have the right at any time and from time to time to exercise the Warrants in full or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 in exchange for the number of shares of Common Stock equal to the product of (x) the number of shares as to which the Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined below) of the Common Stock less the Exercise Price, and the denominator of which is such Market Price. Solely for the purposes of this paragraph, Market Price shall be calculated either (i) on the date which the form of election attached hereto is deemed to have been sent to the Company pursuant to Section 13 hereof (the "Notice Date"), or (ii) as the average of the Market Prices for each of the five trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greater.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in Section 3.1 hereof and in lieu of any cash payment required thereunder, the Holder(s) of the Warrants Holder shall have the right at any time and from time to time to exercise the Warrants in full whole or in part by surrendering the Warrant Certificate in the manner specified in Section 3.1 hereof in exchange for the that number of shares of Common Stock equal to the product of (x) the number of shares as to which the such Warrants are being exercised multiplied by (y) a fraction, the numerator of which is the Market Price (as defined belowhereinafter defined) of the Common Stock less the Exercise Price, Price and the denominator of which is such Market Price. Solely for the purposes of this paragraphSection 3.2, Market Price shall be calculated either (i) on the date on which the form Form of election attached hereto Election to Purchase annexed to such Warrant Certificate as to such exercise is deemed to have been sent to the Company pursuant to Section 13 14 hereof (the "Notice Date"), ) or (ii) as the average of the Market Prices for each of the five consecutive trading days immediately preceding the Notice Date, whichever of (i) or (ii) is greaterresults in a higher Market Price.