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 sections 3.1 and 3.2 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 and at the place specified in section 3.1 as payment of the aggregate Purchase Price per share for the Warrants to be exercised. The number of Warrants to be surrendered in payment of the aggregate Purchase Price for the Warrants to be exercised shall be determined by multiplying the number of Warrants to be exercised by the Purchase Price per share, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this paragraph, Market Price shall be calculated as the average of the Market Prices for each of the ten (10) trading days preceding the date which the form of election attached hereto is deemed to have been sent to the Company.

Exercise by Surrender of Warrant. In addition to the method of payment set forth in sections Sections 3.1 and 3.2 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 Warrants in the manner and at the place specified in section Section 3.1 as payment of the aggregate Purchase Price per share for the Warrants to be exercisedPrice. The number of Warrants to be surrendered in payment of the aggregate Purchase Price for the Warrants Warrant to be exercised shall be determined by multiplying the number of Warrants to be exercised by the Purchase Price per sharePrice, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this paragraph, Market Price shall be calculated as the average of the Market Prices for each of the ten (10) trading days preceding the date which the form of election attached hereto is deemed to have been sent to the CompanyCompany ("Notice Date").

Exercise by Surrender of Warrant. In addition to the method of payment set forth in sections SECTION 3.1 and 3.2 and in lieu of any cash payment required thereunder, the holder(sHolder(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 and at the place specified in section SECTION 3.1 as payment of the aggregate Purchase Price per share for the Warrants to be exercisedExercise Price. The number of Warrants to be surrendered in payment of the aggregate Purchase Exercise Price for the Warrants to be exercised shall be determined by multiplying the number of Warrants to be exercised by an amount equal to the Purchase Market Price (as hereafter defined) per share less the Exercise Price per shareshare of Common Stock, and then dividing the product thereof by an amount equal to the Market Price (as defined below)per share. Solely for the purposes of this paragraph, Market Price shall be calculated as the average of the Market Prices for each of the ten (10) five trading days preceding the date on which the form of election attached hereto is deemed to have been sent to the CompanyCompany pursuant to SECTION 13 hereof (the "Notice Date").

Exercise by Surrender of Warrant. In addition to the method of payment set forth in sections Sections 3.1 and 3.2 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 and at the place specified in section Section 3.1 as payment of the aggregate Purchase Price per share for the Warrants to be exercisedPrice. The number of Warrants to be surrendered in payment of the aggregate Purchase Exercise Price for the Warrants to be exercised shall be determined by multiplying the number of Warrants to be exercised by the Purchase Price per sharePrice, and then dividing the product thereof by an amount equal to the Market Price (as defined below). Solely for the purposes of this paragraph, Market Price shall be calculated as the average of the Market Prices for each of the ten (10) trading days preceding the date which the form of election attached hereto is deemed to have been sent to the CompanyCompany ("Notice Date").