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 and in lieu of any cash payment required thereunder, the Holder(s) 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 hereof. The number of shares of Class A Common Stock to be issued pursuant to this SECTION 3.2 shall be equal to the difference between (a) the number of shares of Class A Common Stock in respect of which the Warrants are exercised and (b) a fraction, the numerator of which shall be the number of shares of Class A Common Stock in respect of which the Warrants are exercised multiplied by the Exercise Price and the denominator of which shall be the Market Price (as defined in SECTION 3.3 hereof) of the shares of Class A 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 ("Notice Date") or (ii) as the average of the Market Prices for each of the five trading days 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 Section 3.1 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 hereof. The number of shares of Class A Common Stock to be issued pursuant to this SECTION Section 3.2 shall be equal to the difference between (a) the number of shares of Class A Common Stock in respect of which the Warrants are exercised and (b) a fraction, the numerator of which shall be the number of shares of Class A Common Stock in respect of which the Warrants are exercised multiplied by the Exercise Price and the denominator of which shall be the Market Price (as defined in SECTION Section 3.3 hereof) of the shares of Class A 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 14 hereof ("Notice Date") or (ii) as the average of the Market Prices for each of the five trading days 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 Section 3.1 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 hereof. The in exchange for the number of shares of Class A Common Stock equal to be issued pursuant to this SECTION 3.2 shall be ------- the quotient derived from dividing the numerator (x) an amount equal to the difference between (aA) the sum of (1) the number of shares of Class A Common Stock in respect of Preferred Shares as to which the Warrants are being exercised and multiplied by the per Preferred Share Market Price, (b2) a fraction, the numerator of which shall be the number of shares of Class A Common Stock in respect of Conversion Shares as to which the Warrants are being exercised multiplied by the per Conversion Share Market Price and (3) the number of Common Shares as to which the Warrants are being exercised multiplied by the per Common Share Market Price, and (B) the sum of the number of Warrants which are being exercised multiplied by the Exercise Price and as then in effect, by the denominator of which shall be (y) the per share Market Price (as defined in SECTION 3.3 hereof) of the shares of Class A 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 14 hereof ("Notice Date") or (ii) as the average of the Market ------- Prices for each of the five trading days 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 Section 3.1 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 hereof. The number of shares of Class A Common Stock to be issued pursuant to this SECTION Section 3.2 shall be equal to the difference between (a) the number of shares of Class A Common Stock in respect of which the Warrants are exercised and (b) a fraction, the numerator of which shall be the number of shares of Class A Common Stock in respect of which the Warrants are exercised multiplied by the Exercise Price and the denominator of which shall be the Market Price (as defined in SECTION Section 3.3 hereof) of the shares of Class A 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 ("Notice Date") or (ii) as the average of the Market Prices for each of the five trading days 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 Section 3.1 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 hereof. The number of shares of Class Series A Common Stock Preferred to be issued pursuant to this SECTION Section 3.2 shall be equal to the difference between (a) the number of shares of Class Series A Common Stock Preferred in respect of which the Warrants are exercised and (b) a fraction, the numerator of which shall be the number of shares of Class Series A Common Stock Preferred in respect of which the Warrants are exercised exercised, multiplied by the Exercise Price and the denominator of which shall be the Market Price (as defined in SECTION Section 3.3 hereof) of the shares of Class Series A Common StockPreferred. 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 ("Notice Date") or (ii) as the average of the Market Prices for each of the five trading days 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 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 hereof. The number of shares of Class A Common Stock to be issued pursuant to this SECTION 3.2 shall be equal to the difference between (a) the number of shares of Class A Common Stock in respect of which the Warrants are exercised and (b) a fraction, the numerator of which shall be the number of shares of Class A Common Stock in respect of which the Warrants are exercised multiplied by the Exercise Price and the denominator of which shall be the Market Price (as defined in SECTION 3.3 hereof) of the shares of Class A 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 14 hereof ("Notice Date") or (ii) as the average of the Market Prices for each of the five trading days preceding the Notice Date, whichever of (i) or (ii) is greater.